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The Emerging Talent Deficiency: Addressing Workforce Challenges and Retention Strategies

Explore the impact of the aging workforce, talent shortage, and millennial turnover on organizations. Discover effective strategies to attract, develop, and retain talent in today's competitive job market.

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The Emerging Talent Deficiency: Addressing Workforce Challenges and Retention Strategies

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  1. The Emerging Talent Deficiency John Pembroke CUES President/CEO

  2. Pop Quiz Who is this man?

  3. Vince Lombardi NFL Hall of Fame 5 NFL Championships including Super Bowls I and II NFL Coach of the Year as a rookie coach Super Bowl Trophy named after him

  4. Vince Lombardi “Perfection is not attainable, but if we chase perfection we can catch excellence.”

  5. TALENT MAKES A DIFFERENCE

  6. Talent Does Make a Difference

  7. Talent Does Make a Difference 2017 Pete Crear Lifetime Achievement Award Recipient William “Bill” Bynum CEO Hope Credit Union

  8. Comprised of a regional credit union (Hope Credit Union), loan fund (Hope Enterprise Corporation) and policy center (Hope Policy Institute). Provides financial services, advocates for private and public resources, and shapes policies benefitting nearly 1 million residents in poor regions of Arkansas, Louisiana, Mississippi and Tennessee. Since 1994, HOPE has generated over $2 billion in financing and related services for the unbanked and underbanked, entrepreneurs, homeowners, nonprofit organizations, health care providers and other community development purposes. 

  9. Talent Does Make a Difference • CEO • Visionary • Activist • Advocate • Philanthropist • Athlete • Husband/Father/Grandfather Hubert H. Hoosman, Jr. 1957 - 2017

  10. The Emerging Talent Deficiency

  11. The Workforce is Aging U.S. Population Aged 65 and Over Source: U.S. Census Bureau

  12. A Talent Shortage is Coming! Source: Investopedia, “Are We in a Baby Boomer Retirement Crisis?, June 7, 2017

  13. But…It’s Not Just Retirements There is a direct correlation between improved employment rates and employee turnover EMPLOYMENT TURNOVER

  14. U.S Job Growth is Strong Source: ADP Workforce Vitality Index, Q1 2017

  15. Unemployment is Low Source: U.S. Bureau of Labor Statistics

  16. Wages Lag But Are Trending Upward Source: Federal Reserve Bank of Atlanta

  17. …Then There’s Millennials Largest Generation in the Workforce Easy Access to Jobs and Employers 28 month average stay at each job

  18. Millennials…Job Hoppers or Meaning Seekers? They’re not looking for greener grass – they’re looking to grow If they can’t see a path for growth, they’ll leave Millennials want to feel connected to their work – and to disconnect from it Source: ADP Research Institute

  19. The Cost of Turnover • Average turnover costs for a lost employee equals 2 – 3X their annual salary • Lost intellectual capital, client relationships, productivity, and experience • Cost of recruiting in terms of time and dollars • Higher compensation of replacement hire Source: Deloitte

  20. Is Your Credit Union Ready For That?

  21. Hold On To Your Best Employees Provide opportunities for growth Give them a chance to speak their mind R-E-S-P-E-C-T Pay them fair

  22. 70/20/10 Model For Learning & Development 70% On Job Experience 20% Feedback & Coaching 10% Training & Education

  23. 70% - On Job Experience MORE… New responsibilities in existing position Developmental assignments Expanded decision making OVER… Lateral movement Cross-functional involvement UP… Involvement in senior leadership meetings Participate in hiring decisions Participate in Strategic Planning

  24. 20% - Feedback & Coaching Productive One-on-Ones have a strong opening, a progression through strong communication and a conclusion with clear action steps for the Direct Report and for you. Key Components: • Standard agenda • Manager preparation before meeting • File for each Direct Report

  25. Six Conversations • What is expected of me? • What and how should I develop? • How am I doing? • How did I do? • How will I be rewarded? • What’s next for me?

  26. 10% - Training & Education Establish a Formal Professional Development Plan, but step beyond the scope of traditional group training sessions: Videos and webinars Readable content like eBooks or articles written by industry leaders Reimbursement for certifications Reimbursement for career development classes Seminars and panels Group meetings focused on business-related topics

  27. But…Training Models Must Evolve Source: Deloitte University Press. “Learning Employees Take Charge”, 2/29/16 Employees are in the learning driver’s seat. The availability of online courses, videos, and podcasts puts employees, not training departments in charge. Employees know that “the learning curve is the earning curve”, and demand access to dynamic learning opportunities that fit their individual needs and schedules. View employees as customers to be satisfied, rather than as students to be pressured into traditional learning classrooms.

  28. Don’t Forget About Your Board Classic Challenges for the Board • Not understanding the board’s role and responsibilities • Lack of ongoing learning • Getting stuck in one way of thinking • Not asking the hard questions

  29. Add to that… • Keeping up with complexity and flood of information • Attracting new board members • Thinking and acting strategically • Holding meaningful board meetings • Staying current with technology • Evaluating and mitigating key risks • Governing as effectively as possible

  30. Boards Are Becoming More Sophisticated • Now, more than ever credit unions are proactively engaging with and recruiting board members from the professional market • CPAs • Attorneys • Entrepreneurs and business owners • Executives

  31. Board Compensation • 18 states permit direct cash compensation of board members • Recommendations • Continually assess the flow of accountability and authority in your credit union. • Assess the effectiveness of your board and directors on an ongoing basis. • Create and maintain a board skills matrix. • Monitor your governance performance.

  32. The Cost of Neglecting Talent Development • Loss of top employees • Ineffective succession planning • Failed strategic execution • Loss of knowledge/experience • Time and dollars to recruit and train

  33. Talent Development as a Strategic Priority • Focused on and aligned with strategic goals • Includes all levels of the organization • Identifies high-potential employees • Provides a path for growth • Enhances organizational bench strength • Develops successors for key positions • Results in more engaged, and productive employees

  34. Summary The War For Talent is underway and a talent shortage is coming The cost of losing top talent is high Use 70/20/10 to development and keep top employees Don’t forget about your Board of Directors Build talent development into your strategic plan

  35. CUES Can Help Our mission is to educate and develop credit union CEOs, executives, directors and future leaders. CUES is the only organization focused 100% on CU talent development.

  36. Contact Information JOHN PEMBROKE CUES PRESIDENT/CEO 608.288.5318 JOHN@CUES.ORG

  37. Contact CUES

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