Next Generation Next Destination

SAME OLD TUNE: SUCCESSION PLANNING STILL LAGS

Nearly one-third (31 percent) of companies with more than 1,000 employees said they don’t currently have a succession planning program at their organization. This was reported in a new Career Builders survey. 50 percent of senior management (CEO, CFO, Senior VP, etc.) and 52 percent of those in a vice president position said they do not have a successor for their current role.

Responses when asked what is lacking in their current succession planning program:

•     Not enough opportunities for employees to learn beyond their own roles – 39 percent
•     Process isn’t formalized – 38 percent
•     Not enough investment in training and development – 33 percent
•     Not actively involving employees or seeking their input – 31 percent
•     It only focuses on top executives – 29 percent

Managers also reported that workers’ awareness of and input on their own succession planning is important. Forty-nine percent of employers said employees don’t set up career paths with their managers with timelines and milestones.

Still a top HR priority. Still little positive action.

The neglect of career planning is going to bite as the economy comes back to life and people have more options.  High potential personnel will be waving bye-bye for the places that promise an appealing career path at any age.

 

 

WHERE YOUNG PROFESSIONALS WANT TO WORK

Google is the #1 desired place to work of college graduates with 1-8 years of work experience according to a recent survey. Also in the top 5 are Apple, Walt Disney, the U.S. Department of State and Amazon.com. Universum, a consulting company that helps organizations improve their attractiveness to prospective employees, surveyed 10,306 young professionals.

Almost 25% chose Google from a list of 150 companies. Write-ins were allowed and Facebook received the most of those, followed by the Department of Homeland Security and the United Nations. Also in the top 10 were Microsoft and Teach for America and government agencies NASA, the FBI and the CIA.

What’s behind the choices? Consultants speculate that the government agencies chosen give young people a sense of purpose when many of them are looking to make a difference in the world. Also they are looking for job and financial stability in this economy, the federal government has laid off fewer employees than the private sector. For the private sector companies, the young professionals seem to have selected companies they like as consumers.

Insights for employers: Gen Y/Millennials, when thinking about ideal employment are true to the attributes of their generation, i.e., looking for meaningful work, a sense of purpose, stability and brand names. As employers look for talent, now and as the talent wars resume (as they already have in some industries and occupations), they need to keep these attractors in mind and focus on conveying a sense of purpose other than or in addition to making money, innovation and a brand that conveys one or more of these: fun, coolness, expanding opportunities and new frontiers, stability and a sense of caring for its people.

Phyllis Weiss Haserot     www.pdcounsel.com

 

MANAGEMENT INSIGHTS ON GENDER AND CREATIVITY

The Wall Street Journal weekend edition creates more information overwhelm I didn’t think I needed but am tempted to read. One of the parts I find most intriguing is the Week in Ideas page in the Review section. There are snippets of research studies on a wide range of topics. Here are summaries of two from March 5^th on economics and psychology topics.

Impact of Daughters on CEOs

Perhaps when seeking a position, women might want to include in their preparatory research the gender of a male CEO's children. Those with daughters might be an employer of choice. And perhaps it should be a consideration in succession planning.

Researchers found: Male CEOs who have daughters act to close the gender pay gap at their company.  When the first daughter was also the first child, the effect was even greater: the gap closed by 13% of the gap. No detectable effect was found when a female CEO had a daughter.

[From a working paper “Like Daughter, Like Father: How Women’s Wages Change When CEOs Have Daughters” by Michael S. Dahl, Cristian Dezsa and David Ross]

Creativity Increases When Focused on Someone Else

It might increase your creativity in brainstorming options if you imagine someone else when you are trying to reinvent your career or a new position.

Researchers found: When they are thinking on someone else’s behalf, people are more creative.

Two studies with undergraduate students, one with drawings of aliens and another requiring solving of a brain teaser, both found the students were more successful when the task was done for other people or imagined solving another person’s predicament than if they were solving the same situation with themselves as the victim.

[From a forthcoming article in Personality and Social Psychology Bulletin by Evan Palman and Kyle J. Emich, “Decisions for Others Are more Creative Than Decisions for the Self.”]

Please comment with your thoughts on these studies and others you would like to share.

Phyllis Weiss Haserot         www.pdcounsel.com     

MORE ON REINVENTION OF THE EMPLOYMENT DEAL AND BOOSTING ENGAGEMENT

CFOs were asked, "What perks, if any, is your company offering or planning to offer in 2011 in an effort to attract and retain employees?" (Multiple responses were allowed.)

Results of the survey during the 4^th quarter of 2011 of over 1,400 CFOs of firms with at least 20 employees by Accountemps, a specialized staffing service for temporary accounting, finance, and bookkeeping professionals, indicated that they offered or were planning to offer the following perks 

Subsidized training/education – 29%

Flexible work hours or telecommuting – 24%

Mentoring programs – 24%

Matching gift programs – 13%

Free or subsidized lunch or snacks – 11%

On-site perks such as childcare, dry cleaning, fitness center, cafeteria – 11%

Subsidized transportation – 10%

Subsidized gym membership – 9%

Sabbaticals – 8%

Housing or relocation assistance – 7%

 The focus is on training to increase employee competence – good for the companies and enabling people to be more marketable at the same time – as well as adding convenience to make their lives more manageable, It’s good to see those are high priorities, and it would be even better if the percentages of firms offering these items were higher. We can hope they will rise as they feel more secure about the economy and feel the threat of increased employee mobility.

The Professional Employment Report has the comprehensive results.

Keeping desired employees engaged at any time, and especially when they have more job and career options, will mean in addition to perks, offering what they want the most after reasonable compensation – meaningful and challenging work and fair treatment with opportunity to grow. Employers should not take their eye off that ball.

Phyllis Weiss Haserot 

 

DRESS CODE PROFESSIONALISM OVERKILL?

If you are thinking about transitioning into banking or work with that industry, the 43-page new dress code from Swiss bank UBS AG should get your attention. (It immediately drove pursuit of dress code stories by ABC and MSNBC,  judging from media queries I received the day after Elena Berton’s story “Dress to Impress, UBS Tells Its Staff” appeared on the front page of the Wall Street Journal Money & Finance (!) section, Dec. 15, 2011.)

The level of detail for the dress code UBS is testing with Swiss retail banking staff is astounding. The intent is to impress customers using very precise specifications on garments, including their quality, grooming and hygiene to re-establish confidence in the brand. Further this is intended to mend relations with clients. Pardon my skepticism regarding these lofty and important objectives. Isn’t the strategy a bit superficial considering what we think we know about what it takes to re-establish and mend client relations?

In case you are curious about the code, here are some examples of the specifications according to the article:

• Suits only in dark grey, black and navy blue (conveying competence, sobriety, formalism)

REINVENTION: WORKPLACE CULTURES THAT ATTRACT THE NEXT GENERATION

To find out firsthand what Generation Y/Millennials want and expect from the workplace and employers, Human Resources Executive magazine (February 2010 issue) held a roundtable discussion with a group of Wharton School (University of Pennsylvania) seniors. The seven students, class of 2010, have had work experience and internships to draw experience and articulately express opinions from. Here is a summary.

Attributes of an Employer of Choice

Stimulating office culture; Positive impact on the world; Genuineness

Ideal Level of Job Feedback

Direct communication and feedback constantly - a two-way street; Feeling the supervisor is actually invested in the employee; Feeling comfortable giving feedback to a supervisor; Regularly scheduled meetings when total attention is given with all external communication turned off

Significant Learning from Internships

Importance of office politics; I may not be as valued as I expected, but rather am being used as a means to an end; Often not given the "big picture," which would have helped me to contribute more, but people are

ENGAGEMENT MAKES THE MARRIAGE SUCCEED

n      The concept behind the buzzword of the last several years will rise in significance. Focus on “Engagement” Will Replace the Focus on Retention.  That’s because we know that just having bodies in place is not the answer; the goal is increased productivity, which comes from sustained engagement and leads to greater profitability. Herman expects to see a new functional title: Directors of Employee Engagement morphing from Directors of Retention. It may be a new title, but my guess it will incorporate or collaborate with the professional development and employee benefits functions. Firms will increasingly recognize that to raise the quality of the client experience they have to improve the working experience of staff, professional personnel and managers.

 

      Time to go back to striving to be "the employer of choice" and identify what produces long-term engagement.

 

        Phyllis Weiss Haserot      www.pdcounsel.com

REFLECTION - LOOKING TO THE NEW YEAR

It’s a time for reflection.

At the close of a very challenging year for most people, with a deeper sense of uncertainty for individuals and organizations than we can remember in the past, we look forward to positive change in the next few years, including the hope that firms will not be short-sighted and put themselves in a future hole by neglecting their strategic talent management and professional development responsibilities. These are crucial investments, not just nice to do but rather need to do. The new normal won’t be the old normal. Will you and your organization gain the competitive edge with your people and your clients?

 

Wishing you, your families and your colleagues good health, peace, fulfillment and joy in the New Year!

-- Optimistically,

          Phyllis

 

Phyllis Weiss Haserot     www.pdcounsel.com

SUCCESSION PLANNING ASSESSMENT

To start your evaluation, here are 7 questions to answer.

*   What is the secret to effective succession planning and transitioning at your firm?

*   What criteria are used to select successors?

*   Are those criteria transparent to all levels of the firm/organization?

*   In what ways do you involve the client in practice leader or client group succession planning?

*   To what extent do you consider generational difference factors when choosing the next firm or client group leaders? To what extent do you consider personal behavioral style factors?

*   How do you go about considering the younger generations' views on future leadership needs?

*   What have been your biggest challenges about succession planning and transitioning?

In our work we've found that firm/organizations are missing significant issues by failing to address these questions.

Phyllis Weiss Haserot       www.pdcounsel.com

To start your evaluation, here are 7 questions to answer.

*   What is the secret to effective succession planning and transitioning at your firm?

*   What criteria are used to select successors?

*   Are those criteria transparent to all levels of the firm/organization?

*   In what ways do you involve the client in practice leader or client group succession planning?

*   To what extent do you consider generational difference factors when choosing the next firm or client group leaders? To what extent do you consider personal behavioral style factors?

*   How do you go about considering the younger generations' views on future leadership needs?

*   What have been your biggest challenges about succession planning and transitioning?

In our work we've found that firm/organizations are missing significant issues by failing to address these questions.

Phyllis Weiss Haserot       www.pdcounsel.com

BEST PRACTICES TO RETAIN AGE 50+ TALENT

What are company best practices to retain desirable workers over age 50?

*  Training to learn new skills and technology

*  Attitude: Making people feel valued for their knowledge, experience, relationships, maturity and judgment

*  Flexible work arrangements that allow for reduced hours, less travel, work in locations closer to home, short sabbaticals between intensive assignments, job sharing

*  Education benefits to prepare for an encore careeer and for personal development

*  "Snow bird" work arrangements where an individual can work in a facility in a warm climate in the winter, particularly if they have or want a home in a warm climate. (Examples: Borders Books, Home Depot, CVS Pharmacy)

*  Change of primary roles to allow for more mentoring, coaching and capitalizing on the relationships they have developed over the years with clients, referral sources, vendors and suppliers

*  Instituting a  process over a 5 or 10 year period in which they plan for "retirement" and transition in a comfortable way to what comes next

Please comment and add your own ideas and observations.

Phyllis Weiss Haserot   www.pdcounsel.com