WINNING THE WAR FOR TALENT - Precast...

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WINNING THE WAR FOR TALENT

Steve Coughran, Coltivar Group LLC.


The War on Talent: A Growing Concern


With stagnant or decreasing productivity and an aging industry

workforce, companies must act to remain viable.


Nearly three million job openings due to baby-boomer

retirement will be available by 2025.

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

90-'94 95-'99 00-'04 05-'09 10-'14 15-'19 20-'24 25-'29

As the contribution to working age population growth slides, industries will struggle to replace workers

Natural Growth Net International Migration

Source: BLS, Moody Analytics

(5 Year

average)


The labor shortage will evoke a war on talent.

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1.7

2.6

1.6

1.3

0.8 0.70.5

0.7 0.8

1.1

1.6

2.0

1.2 1.2 1.1 1.0 1.0 0.9 0.8

0.0

0.5

1.0

1.5

2.0

2.5

3.0

50-'59 60-'69 70-'79 80-'89 90-'99 00-'09 10-'19 20-'29 30-'39 40-50

Annual population and labor force growth rates by decade

Labor force growth rate Population growth rate

Source: BLS

(Percent of growth)


The victors of this war will be

innovative companies with a

strategy for attracting new talent.


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Source: Washington Post



Millennials are the largest generation in the U.S. representing

roughly one-third of the total U.S. population.

1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69 73

U.S. Population Distribution by Age, 2013

Source: Census Bureau

Millions

Age

Homeland

Generation

(2005-Present)

Millennials

(1980-

2004)

Generation X

(1965-1980)Baby

Boomers

(1946-1964)

Silent

Generation

(1928-1945)


As the workforce becomes more educated, job preferences will

continue to shift.

0%

10%

20%

30%

40%

50%

1992 1996 2000 2004 2008 2012 2016

People Ages 25 to 34 By Education Attainment

No Degree Degree

Percent

Source: Current Population Survey; CEA Calculations

The average millennial views manufacturing jobs

as “dreadful, dirty, and dangerous dead ends.”

FACT

Source: Article by Jeff Koeppel in MyStateman


The future of manufacturing requires

unprecedented levels of tech savviness and

strategic thinking.


Manufacturing can lure millennials through well-paid jobs where

skills are learned through apprenticeships, avoiding college debt

and allowing them to live outside expensive cities.


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Instill a Strategic Culture

Photo by Ant Rozetsky

1


By designing and implementing a holistic strategy, companies

will deliver and capture greater value.

Vision and Mission

Statements“We want to change the world”

Company

Values“Innovation, collaboration, excellence”

Short Term

Objectives“Increase profits by 10% from last year”

Purpose

Statement“Be number 1 or 2 in every market in which

we compete, or get out”

Strategic StatementsLow More

High

Degree of Meaningfulness

Degree of

Measurability


Conviction behind the cause is a powerful force that drives

purpose and enables mankind to accomplish the impossible.


Employees need to feel connected to their jobs through an

inspiring purpose and a clear strategy.

Source: Monitoring the Future, 1976-2001; CEA calculations

0%

20%

40%

60%

80%

100%

Time for recreation Contribution to society Children better off Live close to friends andfamily

Find new ways toexperience things

Percent Reporting Life Goals as Being "Quite or Extremely Important"

Baby Boomers Generation X Millennials


Invest in Employee Development


2


The US is not the world leader on prioritizing employee training.


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Leadership Skills People Skills

Technical Skills Business Skills

03 04

01 02

Why training fails and what can we do about it?

Neocortex vs. Limbic System1

Applications based vs. principles based2

Challenging employees3


Developing strategic, innovative employees will empower front

line decision makes and grow company values.

Litt

le “

r’s” B

ig “R’s”

Wal

ls o

f C

ult

ure

Walls o

f Cu

lture

UniqueProcesses &

PrioritiesTo Solve

Problems

Zone of Freedom

Leadership structures dictate the authority managers have to

engage in thinking activities to achieve results within agreed upon

boundaries

Interdependent

Dependent

Independent

Command and control

Individuals operate in siloes

Mutual inquiry and team

collaboration

Power and decision making is distributed

differently among leadership structures


Build Apprenticeship Models


3


In order to get people to stay, we need to understand why

people leave.

Why do people leave their jobs?

Career or Promotional Opportunties Pay/Benefits

Lack of Fit Management or Work Environment

Flexibility/Scheduling Job Security

75% of the reasons people leave are controllable

through management. Gallup Poll 2017


If we succeed in the “5 million apprenticeship challenge,” we

would boost opportunities a hundredfold.


To effectively implement these strategies, companies must retool the talent pool

Considerations

Culture: What is your current culture and how can you become strategic?

Employee Development: How does your company develop current and future employees?

Apprenticeship Models: What innovative programs do you have in place the will

develop strategic and technological capabilities?

Begin with Where You Are Now: What are you doing to lift others?


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Help others along the way

Ph

oto

by:

Ed

ewaa

Fost

er


Want more?Related Coltivar Institute Resources:Related Coltivar Academy Classes:

Connect on LinkedIn

Steve CoughranColtivar GroupEmail: [email protected]

Strategic + Financial ExpertiseStrategy design & implementation support

Financial managementChange managementCorporate workshops

Keynote speakingStrategic Financial Leadership academy

WWOT

Winning the War on

Talent

SIL

Strategic Innovative

Leadership

EIL

Emerging Innovative

Leadership

SD

Strategy Design

BYFIQ

Boosting Your

Financial IQ

www.coltivar.com

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