The Workforce 2020
Global 27-country twin surveys 5,400 People; 2,700 executives and 2,700 employees conducted by Oxford Economics Oxford Economics, The 2020 Workforce, 2014 SuccessFactors An SAP Company
Five research finding themes The new face of work 1 A Millennial misunderstanding 2 What matters most 3 The leadership cliff 4 5 The learning mandate SuccessFactors An SAP Company
The new face of work
The 2020 workforce will be increasingly flexible Executives say they are increasingly using contingent, intermittent, or consultant employees, which will require 83% them to: Change compensation plans Conduct more training Invest more in HR technology SuccessFactors An SAP Company
Labor shifts executives are most concerned about Globalization of labor supply 51% Millennials entering the workforce 51% Difficulty recruiting 48% employees with base-level skills Increasing number of intermittent/seasonal 43% employees Increasing number of contingent employees* 42% Employee expectations are changing 41% Aging workforce 41% Changing work models 40% (e.g., telecommuting, flex time) Increasing number of consultant employees 39% Difficulty recruiting specialized employees 32% SuccessFactors An SAP Company
Companies are not making progress toward meeting workforce goals The top impediments to making progress are: 34 % 1. Lack of employee Good longevity/loyalty 47 % 2. Lack of adequate Moderate leadership 3. Lack of adequate 19 % technology Slight 4. Lack of skilled talent SuccessFactors An SAP Company
A lack of metrics and tools holds HR back 39% 38% 42% Have ample data to Use quantifiable metrics Know how to extract understand strengths and benchmarking as meaningful insights and potential part of workforce from the data vulnerabilities development strategy available to them SuccessFactors An SAP Company
A millennial misunderstanding SuccessFactors An SAP Company
Millennials are not as different as we think Almost everyone wants training and development Compensation is the most Even Their top important factor retirement priorities plans are only are the same slightly more as non- important to Millennials non-Millennials SuccessFactors An SAP Company
Myth or truth? Importance to job satisfaction Millennials care 01 21% 20% more about making a positive difference in the world Millennials Non Achieving work/life 29% 31% 02 balance is more important to Millennials Millennials Non Learning & growing is more important to 03 32% 10% Millennials than meeting income goals Income Learning SuccessFactors An SAP Company
Millennials do need to be managed differently in terms of feedback and development Millennials want feedback 50% more often than non-Millennials SuccessFactors An SAP Company
What matters most at work SuccessFactors An SAP Company
When it comes to satisfied employees, compensation matters – a lot Competitive compensation Bonuses/merit pay Retirement plans Supplemental training Flexible work location Vacation time Benefit plans Flexible schedule Education 0% 10% 20% 30% 40% 50% 60% 70% Employees who want Employers who offer SuccessFactors An SAP Company
Executives value loyalty more than job performance What executives What employees value as top think employers employee attributes want 1. High level of education 1 4 2. Loyalty & long-term commitment 2 2 3. Ability to learn 3 1 4. Diverse background 4 6 5. Interest in the wider business 5 7 6. Self-directed learner 6 8 7. Willingness to let others lead 7 9 8. Substantial field experience 8 10 9. Leadership ability 9 8 10. Job performance & results 10 3 SuccessFactors An SAP Company
The leadership cliff SuccessFactors An SAP Company
Gaps in leadership capabilities spell trouble for future growth Have the skills to 52% Executives cite a lack of manage talent adequate leadership as the number two Know how to 51% inspire employees impediment to Are prepared to lead building a workforce to 47% a global workforce meet future business objectives. Are able to 44% drive change Can lead a 34% diverse workforce SuccessFactors An SAP Company
Most companies are not cultivating leadership within their organizations 40% 37% 19% 31% Employees Employees Executives Employees who say it is who agree who picked who expect easy for them their company leadership as more feedback to collaborate is committed to a top 3 than they get diversity attribute now SuccessFactors An SAP Company
The development mandate SuccessFactors An SAP Company
For employees, obsolescence is a bigger concern than layoffs 40% Position changing or becoming obsolete 35% Not enough advancement opportunities 31% Inadequate staffing 27% Wage stagnation Technology changes 19% Economic uncertainty 19% Layoffs 18% SuccessFactors An SAP Company
Employees aren’t prepared for the future 50% 34% The skills they Their company have now will is able to give be what’s them the needed in 3 training they years need SuccessFactors An SAP Company
Organizations struggle to develop a learning culture Employees Executives say their company… say their company… Is capable of retaining and sharing 47% 52% institutional knowledge Has a culture of continuous 45% 47% learning 51% 52% Has a formal mentoring program Offers incentives for pursuing 43% 41% further education SuccessFactors An SAP Company
Companies need to provide employees with a path and develop skills for the future 51% 31% We are more We plan for merit-driven than succession and tenure-driven 43% 37% continuity in key roles Long-term loyalty When a senior and retention is an person leaves we important part tend to fill the role of our talent from within the strategy organization 23 SuccessFactors An SAP Company
Key Takeaways Development of employees 01 and leaders will become the new employer differentiator • Learning • Succession planning • Feedback 02 It may be time to rethink our compensation strategies HR should continue to push 03 toward boardroom strategy setting 04 We must prepare for a more diverse, flexible, and contingent workforce SuccessFactors An SAP Company
For more information, go to www.successfactors/workforce2020.com Questions? NAME email other
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