the work / life balance sheet asset or liability? investment or overhead? presented by wendy...

The Work / Life Balance Sheet Asset or Liability? Investment or Overhead?

Presented by

Wendy Lundgaard, Director

August 2006

Our discussion:

• Where does Work/ Life fit in HR strategy?

• Work/ Life as a component

• Demographic Facts and broader issues

• Work/ Life Balance Sheet©, getting ROI for the business

• Traps to avoid

• Top 10 tips

Employer Of ChoiceEmployer Of Choice

Attraction &

Retention

Attraction &

Retention

OH&S &WellbeingOH&S &

Wellbeing

HR

Strategy

HR

Strategy

Where does Work/ Life fit?

In early days work/life was a

comfortable fit here


EmployeeEngagementEmployee

Engagement


OH&S & WellbeingOH&S & Wellbeing

Attraction &

Retention

Attraction &

Retention

HR Strategy

HR Strategy

Then Engagement became the dominant driver


Workforce Planning

Workforce Planning


Employee EngagementEmployee

EngagementAttraction

& Retention

Attraction&

Retention

OH&SOH&S

HR Strategy

HR Strategy

In the future, workforce planning reasons will dominate the HR agenda

Work/Life as a Workforce Planning Strategy

Work /LifeBalance

Work /LifeBalance

PerformanceProductivity

PerformanceProductivity

Talent & Succession

Mgt

Talent & Succession

Mgt

Knowledge ManagementKnowledge

ManagementAttraction &Retention

Attraction &Retention

Capability Capability

Age Management(Retirement)

Age Management(Retirement)

Workforce Planning

Workforce Planning

And the inter-relationships are strong, and here is why……………

Linking Work/ Life and Workforce Planning

Expectation of Life from Birth 1920 to 2051

55

60

65

70

75

80

85

90

Years1920-22

Years1932-34

Years1946-48

Years1953-55

Years1960-62

Years1970-72

Years1980-82

Years1990-92

Year1998

Year2005

Year2041

Year2051

Years (2005 and beyond are projections only)ABS: Deaths - 3302.0 - 1920-98

Expectation of Life from Birth (Years)

Females Males

• Ageing workforce and labour market issues will dominate the HR Agenda

Linking Work/ Life and Workforce Planning

Fertility Rates within Australia - 1921 to 2051

1.5

1.8

2.1

2.4

2.7

3

3.3

3.6

Years

1921-25

Years

1932-34

Years

1946-48

Years

1953-55

Years

1960-62

Years

1970-72

Years

1980-82

Years

1990-92

Year

1998

Year

2005

Year

2006-51

Years (from 2006 - 51 are projections only)ABS: Births - 3301.0 - 1998

Fertility Rates

• For the decade 2020 – 2030 new entrants in the labour market will be only 125,000. We currently see 170,000 per annum entering the workforce. (Access Economics, 2001)

More than a demographic issue

• Expectations changing: impact of IT, 24/7, global economy,

• Societal issues: family structures, parenting norms

• Knowledge economy: autonomy in roles, trust

• OH&S remit now = Physical + Psychological

Measuring the Impact

• Is your W/L investment making a difference?

• Can you justify the investment with clear business case & ROI

• What is your Work/life Balance Sheet© NET position?

Work/ Life Balance Sheet Finish in RedRed or BlackBlack??

Assets?• Deliverables

•Clients• Employee engagement

• Knowledge• Culture and Workplace

Practices

Investment?• Responsiveness

• Retention• Competitive advantage

• Managers ability • Employee capability &

committment• Relationships at Work

Overhead?• Program costs

•Overtime• Absenteeism

•Turnover • Recruitment $s

Liability?• Risks

• OH&S – phys & psych• Discrimination• Presenteeism

• Conflict at work• IR/ER & Reputation

Tangible Future

Traps!

• Inadequate Quantitative data

• Inadequate Qualitative data

• HR seen as ‘blocker’ not partner/ driver

• Inadequate support by CEO, Senior Mgt

• Workplace tensions

• Unbalanced employee perceptions: it’s work/LIFE and my rights.

Top 10 tips - building an integrated work/life program

At System Level

1. W/L program part of integrated workforce planning strategy

2. Performance regime measures outcomes not inputs

3. Program goals link clearly to Business Objectives

4. W/L initiatives must be relevant to workforce (demographics, lifecycle)

5. Develop strong metrics base (benchmark pre, post implementation, and on-going reviews)

6. HR & IT policies/ systems support objectives but balance risks (WFH)

Top 10 Tips (continued)

At Cultural Level

7. Managers given specific training in “managing flexibly”

8. Whilst marketing benefits also educate employees on obligations (use case studies, profiles)

9. Culture of Partnership: (reference group to bounce ideas and two-way link with workforce)

10. Report on outcomes, critically review, celebrate success.

Your work/ life program

Will it be a jumble of ‘good ideas’?

Or a planned and well executed approach?

the work / life balance sheet asset or liability? investment or overhead? presented by wendy...

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