1 total package & audits benchmarking and surveys reward online payscales role profiles and job...
TRANSCRIPT
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Total Package & Audits
BenchmarkingAnd Surveys
RewardOnline
Payscales
Role Profiles and Job Evaluation
Role Profiles and Job Evaluation
Performance Management
WorkflowTalent & Career
ManagementL.T.I.
S.T.I.
H.R. and Remuneration Strategy
Employee Value Proposition / Retention
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ttracting and Retaining Top Talent
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Sources
Reuters
Department of Home Affairs
Business Report
Goldfields
Wits Business School
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2
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Globally, the average time
that CEO’s remain with
one company for
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10
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The number of Gold
Mining firms in South
Africa, compared to the
1,600 in China
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40 - 70%
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% of global leaders
eligible for retirement
within the next 5 years
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346
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15 - 20, 000
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The predicted
shortfall of qualified
artisans in South
Africa by 2010.
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>20, 000
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The number of South
Africans who attended this
years Australian emigration
expo.
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35, 000
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The number of positions
which cannot be filled from
within the country because
of the current skills
shortage.
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+/- 150, 000
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The number of people working
in the Financial Sector in South
Africa. At any one time there
are more financial sector job
vacancies worldwide than this.
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4, 000, 000
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Shortfall of qualified
medical practitioners
worldwide
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$2, 400, 000,000,000
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Value of active
construction projects in
the Gulf Co-Operation
Council Countries
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IncentivesAttraction
and Retention
Strategy &Policy
Strategy &Policy
Great Organisations
• Sustain performance
• Engage employees
· Define themselves in the market
Effective Individuals
• Are focused and disciplined
• Are trustworthy
• Possess judgement• Are proactive
Inspired Leaders
• Engender trust
· Clarify purpose
· Unleash talent
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efinition and ontext
“Retain” has two meanings: “to hold or keep in possession”
and “to engage the services of”
The traditional focus in many HR practices has been to hold or
keep rather than to engage a service. High-value employees
and hot skills want to be “engaged” and not “kept”.
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urrent rends
Turnover increasing exponentially (as high as 23% in some industry sectors)
Retention focus shifting from guaranteed remuneration and short term incentives to training and development,
recognition and long term incentives
Targeted approach still the norm
Majority of organisations target the median overall and upper quartile for Hot Skills and High Fliers
Performance linked remuneration becoming more popular/increase in formal performance management
systems (defensible differentiation)
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An increasing number of organisations are offering Long Term Incentives to employees below middle
management in an attempt to attract or retain them
A large number of organisations are paying premiums to various skill categories/job families. Ranges btw 7.5 –
40% (usually dependant on scarcity of skill)
Remuneration more effective at retaining Top to Senior Management. Below senior mgmt, recognition and personal development are becoming increasingly
important
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Yet . . . . . . .
Only 28% of organisations in a recent survey including some of the top
organisations in SA have a formal retention policy/ strategy in place, the majority of which have only implemented this since
2005
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HE EFFECTIVENESS OF PAY IN RETAINING TALENT
• The majority of organisations still use pay as their primary retention vehicle
• The number one reason in Exit Interviews for employees leaving organisations is “for more money”
FLAWED LOGIC
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etention hallenges
1. Offering individualised retention deals to some while still recognising the “B players”
2. Managers not being able to manage staff (usually due to lack of people skills training)
3. Work-Life-Balance options not always practicable
4. Volatility of employment market (scarce skills)
5. Affordability
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ew rends
1. Informal reward and recognition2. Flexible benefits where appropriate3. Talent management strategies4. Sign-on bonuses/loans5. Work from home policies6. Succession planning and knowledge sharing policies7. Tailoring retention options to the employee profiles of the
organisation (profile-fit reward models)8. Above average voluntary benefits to create niche
environment
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ey success factors
1. Involve employees – survey/focus groups2. Communication, Communication, Communication3. Holistic approach but focus on “burning platforms” and
“quick wins”4. Identification of Hot Skills needs to be signed off at
executive level. Foolproof process5. Create higher level of understanding w.r.t. value
employees receive6. Detailed Implementation Plan7. Be seen to be doing something
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ho should qualify?
• “Hot skill” positions in the market
• Turnover – staff attrition• Hiring Cycle
Attraction and retention strategies often target specific roles within an organisation. This enables organisations to attract and
retain key talent critical to the organisational competency.
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ritical kills
Critical for an organisation to sustain business objectives
Essential for business continuity
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carce kills
Supply and demand of skill
Changes over time
Y2K
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igh liers
Identifying consistently outstanding performers
Respect of peers in their field
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In identifying needs, the following questions could serve as a template:
• What are the hot skills that are critical to the organisation?• Who possesses those skills?• What is important to the people who have those skills?• What is needed to continuously develop and transfer
those skills?
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urnover
• Southern Africa norm is around 13% (UK -18% / US – 11%)• Engineering 23%• Professional Services 18%
• High turnover – usually a targeted approach
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urnover
• High turnover – usually a targeted approach
2%
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iring ycle
Good indicator of attraction and retention requirements
72 to 87 days for hot skills
Remove roadblocks if longer
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ompetitive emuneration
• Ticket to the game and to get on the playing field• Remuneration policy quartile?• Must be market-related to prevent it from becoming a
dissatisfier• Anecdotal remarks like “better pay elsewhere” can be
factually dealt withREMEMBER
Obviously, paying competitive rates is critical, but simply throwing money at the problem will not make it go away in the long term.
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lexibility
Ranking by age group
18 – 29 30 – 44 45 – 54 55 or older
Base salary 1 2 1 2
Variable pay 2 4 4 6
Shares 3 5 6 5
Medical aid 5 1 5 3
Retirement funding 6 6 3 1
Deferred compensation 4 3 2 4
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emuneration ptions Market Stance Hot skills treatment Restraint of trade payments Sign-on bonuses/Retention bonuses Sign-on loans Extended pension arrangements Flexibility Short-term incentives Long-term incentives Deferred compensation Rolling or banking of incentives earned
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lternatives to cash
• Alternative (flexible) working arrangements Compressed work week Flexi-time Job sharing Part-time work Flexi-place
• Sabbatical Leave
• Voluntary benefits
• Psychological Contracts
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sychological ontract
From To
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Managers Role in Engagement
© The Corporate Executive Board Company
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The EVP—A Key to Attraction and CommitmentThe EVP drives attraction and commitment in the labour market
Attraction Benefits Commitment BenefitsEVP Attributes
EVP DefinedThe set of attributes that the labour market and employees perceive as
the value they gain through employment in the organisation
Increased Access to TalentOrganisations with competitive EVPs are able to increase their
access to candidates on the labour market by 50%
Lower New-Hire Compensation Premiums
Improving EVP attractiveness reduces new-hire compensation
premiums by up to 50%
Increased Employee Commitment
Organisations with competitive EVPs are able to improve new-hire commitment (performance
and retention) by up to 29%
Three Organisational Barriers to a Competitive EVP
Most EVPs are not aligned with candidate and employee
preferences
Employees do not find the EVP delivered effectively
EVPs are not differentiated from labour market
competitors
© The Corporate Executive Board Company
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The focus in retention strategies has shifted from a one-size-fits-all to customisation. Each employee is motivated by different
factors. Therefore, retention strategies must be targeted to individual employees or
groups of employees
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THANK YOUfor this opportunity
to be with you