Talent Management into the Future Bill Ryan HR Director 22 July 2015

Top 10 Talent Risks – Asia Pacific Region (KPMG 2013) 2 1.An insufficient pipeline of future leaders. 2.Salary expectations of candidates with critical skills become too high. 3.A lack of depth of internal candidates for critical roles. 4.The total cost of the workforce becomes unsustainable in relation to current revenues. 5.An insufficient budget for managing and developing talent.

Top 10 Talent Risks – Asia Pacific Region (KPMG 2013) 3 6.The cost of retaining top talent becomes unsustainable. 7.A lack of clarity over which roles are ‘critical’ to deliver business value. 8.Difficulties in recruiting top talent. 9.Difficulties in retaining key people. 10.Skills and capabilities required by the business in the near future are not developed.

Key features of the future workforce 4  Globalised, mobile and connected  Digitally literate; “the internet of things”  4 generations in one workforce  The Hybrid Workforce  Seeking flexibility, growth, engagement, recognition, and opportunities to innovate

The “Knowledge Crunch”

The Flexible Workforce – Generations at Work Baby boomers ( ) Gen X ( ) Gen Y – Millennials (1978 – 1993) Gen Z – Digital Natives ( ) Exiting the workforce but want to stay on part- time; legacy workers Work hard and earn it; place higher value on work flexibility; care for children and ageing parents; want ‘options’ in their career. ‘They want it now’; grew up with the internet; looking for personalised career experience; flexible attitude from their employer. Grown up in digital world; expect fast and easy access in a company; best in teams and flatter structures; real-time collaborative technologies; social networks, instant messaging.

Key mitigations in talent management 7  Rising costs calls for analytic approach  Reinvigorate performance management  Drive diversity and inclusion  Implement succession and capacity planning  Implement strategic workforce planning  Drive connectedness and engagement of top talent  Flatten organisational structures to promote innovation  Drive pro-active recruitment strategies

Questions 8