More than half of talent acquisition pros say it’s harder to find qualified than it was one year ago per the Talent Forecast Report (TFR.) The largest shortages are found in sales, research and development, and technology jobs. It looks like shortages are spiking contingent workforce demands with 73% of organizations tapping a contingent workforce on a regular or as-needed basis.
In this competitive job market, one must think like a marketer. Using a pull strategy is like luring a thirsty horse to water. Create a recruitment strategy that attracts searchers and aligns with your organization’s culture, values and innovation.
What does top talent looking for?
“Cool companies” are the key. Chris Bolte, CEO of Paysa, reports Google, LinkedIn, Amazon and Salesforce as those organizations that have top talent due to a mix of innovation, compensation and retention. New hires are also looking for different reasons to join a company. Five years ago, salary and benefits were the key reasons for selecting an employer. Today, its company culture say the TFR. Talent pros predict in five years new hires will seek workplace flexibility over all other factors.
In 2015, Deloitte revamped its performance management system after revealing they were spending nearly 2 million hours a year on its review process. Accenture learned that only 25% of the review process was talking with employees vs. about them. Ready to scrap the old review process? Here’s how…
It’s easier to toss something out than to decide what to put in its place. Facebook stuck with a more formal, biannual review process, after an HR audit a few years back, in which ratings are directly tied to pay. The process starts with a self-evaluation, then every employee can nominate three to five peers to review them. Next, managers write up the performance review and come up with a rating by comparing evaluations for employees in similar roles and levels, to “normalize for people who may be hard graders or easy graders,” says Janelle Gale, Facebook’s VP of HR business partners.
Once the rating is in, the manager has no control over compensation, Gale says. Employees get paid a predetermined sum associated with each rating—a system that applies not just to base pay, but also to bonuses and equity. This helps spare employees from getting “black box” ratings by the powers that be, without any say in the matter, Gale explains.
Not everyone is rethinking existing ratings systems, though; some are even adding them for the first time. Education startup Quizlet added them in 2016. Suddenly, employees who’d been around awhile were clamoring for performance reviews, hoping it would add some clarity to their career paths at the company.
“It was pretty shocking for me to hear that people were asking for a formal performance management process and wanted to make sure that their progress and growth in their roles was documented,” Aisha Stephenson, VP of people operations, said. Quizlet’s team had no trouble getting behind the idea, Stephenson explained, but wanted to make sure it wasn’t too “corporate.” So they put in place a combination of self, peer, and manager reviews instead of the standard, once-a-year-by-your-boss model.
2. USE PEER RATINGS
Facebook is hardly alone in turning to peer reviews. Berlin-based education startup CareerFoundry took that idea and ran with it, making its review process exclusively peer-based. After a round of Series-A funding last year, CareerFoundry grew rapidly from about 15 to 50 people, and it was then that employees actually requested reviews. The company’s peer review process occurs twice annually, and reviewers evaluate each other based on six questions. In addition, CEO Raffaela Rein and her cofounder fill out evaluations for all their employees.
Rein has found that people were more inclined to take input from peers seriously. “They are the ones working together every day, so there’s no hiding,” she says. “Sometimes, if only the manager gives feedback, then you only work hard while he’s there.” Facebook has discovered much the same thing. Peer reviewers aren’t obligated to share their input with the person they’re evaluating, but Gale says 70% of employees still choose to do so.
3. DISCONNECT REVIEWS FROM PROMOS & PAY
Not many companies have totally divorced performance reviews from compensation and promotion, but a few have tried to keep them a little more distinct. CareerFoundry conducts “peer promotions” in a process separate from peer performance reviews. Employees simply vote on who they’d most like to see promoted, and while this process has only been in place for the last two quarters, Rein says she’s already promoted the most voted-for nominees—eight in total—without hesitation.
“I think people were like, ‘Wow, we’ll handle that responsibility with honesty and integrity.’ It was very positive,” Rein says. “
Sift Science requires performance reviews to take place at least once a year, but teams can choose to do as many of them as they like whenever they want; the goal is to keep promotions separate from the review process. Health marketing agency Klick Health started doing something similar after CEO Leerom Segal swapped performance reviews for weekly feedback sessions as early as 2013. Promotions and compensation now get addressed individually in yearly meetings.
“Our philosophy is that [promotions] should not happen at any one particular point,” says Sift Science CEO Jason Tan. “It could be driven by a performance review, but it shouldn’t have to be.”
4. MAKE INFORMAL FEEDBACK MORE MEANINGFUL
Companies that throw out performance reviews don’t always find that informal check-ins lead to fairer, better feedback. “The goal is very admirable,” says Rebecca Zucker, executive coach and partner at leadership development firm Next Step Partners. In theory, she agrees that “feedback shouldn’t be an event in and of itself.” But scrapping reviews doesn’t always lead to effective “ongoing conversations about performance.”
As Zucker explains, giving and receiving good feedback is a skill—one that takes time to develop. Without it, “feedback either doesn’t happen or doesn’t happen well.” Many of the people I spoke to said they hired leadership coaches like Zucker for exactly this reason, knowing that without skillful feedback swapping, replacing formal reviews with informal check-ins wouldn’t make a difference.
Warby Parker is also known for its weekly happiness ratings, where employees rank their happiness during any given week on a scale of zero to 10, a process that forces conversations between managers and employees. “I joke that feedback is a gift,” Warby Parker co-CEO Neil Blumenthal says. “It’s the opposite of revenge—it’s best served hot.”
GP Strategies acquired Emantras to add digital learning assets to the performance management consulting firm. Emantras generates $3 million in annual revenues with capabilities in digital and mobile learning. Emantras will operate as part of GP Strategies' Learning Solutions segment.
Scott Greenberg, GP Strategies' Chief Executive Officer, stated, "The acquisition of Emantras brings us greater technical expertise in the e-learning arena, allowing us to leverage lower cost resources while also enhancing our service offerings to our global customer base. We are delighted to have Emantras, an inventive solutions provider.
Sesh Kumar, Emantras' Founder and Chief Executive Officer, stated, "We are very delighted that our mission to create innovative learning experiences is now going to be delivered to a larger global audience. Being part of GP Strategies allows us to expand and offer their wide range of services along with our award-winning services and solutions to Emantras' existing client base and their global clients."
18 Global Corporate Universities Honored for Excellence at GlobalCCU Awards in Paris, France.
The GlobalCCU Awards Ceremony 2017 (5 April 2017), organized by GlobalCCU, awarded 18 diverse and impressive Corporate Universities that have performed at the highest level of excellence and created value for People, Business and Society.
For the first time in this prestigious contest, two individuals were also honored for services to the learning industry. A truly unique and global event gathering and rewarding learning peers together face to face. Annick Renaud-Coulon, chairman of GlobalCCU, co-chaired the prestigious ceremony with previous Best Overall Corporate University Gold award winners, UniBB in Brazil and DAU from USA and with special guests, Gavin Watson, CEO, Bosasa Group in South Africa and Christian Blanc, former CEO of Air France.
The 2017 GlobalCCU Awards winners by category are:
Best Overall Corporate University
Gold Award: Banco Bradesco SA, (Brazil)
Silver Award: PT Telekomunikasi, (Indonesia)
Bronze Award: Software AG, (Germany)
Best Corporate University–Business Impact
Gold Award: Sberbank Group,(Russia)
Silver Award: Turkcell, (Turkey)
Bronze Award: Petronas, (Malaysia)
Best Corporate University–Culture and Brand
Gold Award: Aditya Birla, (India)
Silver Award: Caixa Econômica Federal, (Brazil)
Bronze Award: EDP, (Portugal)
Best Corporate University-Corporate Responsibility
Gold Award: Bosasa Group of Companies, (South Africa),
Silver Award: Banco Central do Brasil, (Brazil),
Bronze Award: Gas Natural Fenosa, (Spain)
Best Corporate University -Holistic Human and Digital
Gold Award: Defense Acquisition University, DAU, (USA),
Silver Award: Turk Telekom, (Turkey),
Bronze Award: Yapi Kredi, (Turkey)
Best Corporate University-Innovation
Gold Award: Banco do Brasil, (Brazil)
Silver Award: Mobile TeleSystems, (Russia)
Bronze Award: Vale, (Brazil)
Best Corporate University-Leader of the Year
Igor Fernando Ferreira, McDonald’s –Arcos Dorados (Latin America)
Outstanding Services to the Learning Industry –Special Award
Timothy Tobin, Choice Hotels (USA)
Elearning! Magazine was proud to be the official media partner for the event. Catherine Upton, Group Publisher, presented the award for Best Corporate University- Culture and Brand.
The Global CCU Forum hosts the global awards program biannually with the next event occurring in 2019. Learn more about Global CCU a www.globalccu.com
By Catherine Upton
At the 2017, Global Council of Corporate Universities Forum in Paris, more than 70 learning leaders across five continents were in attendance all grappling with a series of new challenges. In a roundtable discussion, these leaders candidly revealed their challenges, opportunities and strategies.
Disruption has arrived. Between the digitalization of business, pace of technology and the changing demographics of the workforce, all regions of the world are equally impacted. Learning leaders also struggle with aligning learning to business strategy. Many revealed that training does not have a seat at the c-suite table, contributing to the misalignment. Issues of culture, skills of the team and cost of infrastructure to respond to the digitalization of business were also revealed. Some leaders run one corporate university for multiple business lines, and struggle to meet their unique needs. With all these challenges, the team elected to select the 3 most critical challenges to address potential solutions and strategies.
>>Demographic Shifts within the Workplace
With five generations working within the organization, and millennials soon to reach 40% of the workforce, the leaders conceded that training had to change. But where to start? First, create an inventory of information needs of each segment/demographic. Each group has difference preferences and skillsets. This will provide a framework for development efforts. Providing learning in a variety of modes is important. But, it is important to keep an eye to creating a common purpose for learning. Use more blended learning as well as mentoring with an eye on reverse mentoring whereby millennials can coach boomers in areas of expertise. All this should be accomplished with a succession plan in place.
>> Alignment with Business Strategy
Many learning leaders in attendance shared that their role is not well represented in the corporate suite. To create a line of communication between the c-suite and the corporate university, some leaders host board members on the Corporate University Board. The presence of corporate leaders in learning was an area for improvement. It was important to "Walk the Talk." Other learning leaders considered their role to be as change agent, empowered by the board or corporate suite. Finally, it was recommended that learning align with each business unit by business line. This enables the corporate university to understand the whole business strategy and build programs to execute to these initiatives.
>>Learning's Return on Investment
To begin the process, it was recommended to use Design Thinking. Design thinking is a way to apply design methodologies to any of life's situations. There are four steps: Define the problem, Create and consider multiple options, Refine selected options (multiple times if necessary), and, Pick the winner and execute.
Secondly, it is critical to measure. What matters is measured. If it's not measured, it doesn't matter. Measurements offer a means to compare different options and the cost and benefits. This analysis will allow learning to set a course with impact. Warning, filled seats, hours of training are not effective measurements. Focus on the impact of learning and employee performance.
These types of brainstorming collaborations are the norm at Global Council of Corporate University. They offer an online collaborative community to tap experts and peers for advice. GlobalCCU also provided corporate universities certification programs in performance, compliance and excellence. To learn more visit www.Globalccu.com.
What makes one CEO better than another? McKinsey Group studied 600 CEOs across the Fortune 500 from 2004 to 2014 to identify the secrets of exceptional CEOs. Exceptional CEOs lead organizations that exceeded their industry averages. Some took laggard companies and reinvented them, while others exercised operational disciplines or strategically levers to reinvent their companies. Exceptional CEOs are defined as those that achieve 500% or greater growth in stakeholders returns during their tenure.
There were three distinct strategies exceptional CEOs embrace are:
Strategy 1: Hire External Candidates
The high performing CEO is twice as likely to be an external hire and 1.5 times more likely than the top 25% of high performing CEOs. The external CEO brings ‘fresh blood’ into the company and is more likely to question the status quo and tap strategic levers. Today, 55%of CEOs are internal hires.
Strategy 2: Take Strategic Actions
Sixty percent of exceptional CEOs conducted strategic review of the organization within 24 months of taking the reins regardless of the performance of the company. These leaders are 19% more likely to use cost reductions, the exceptional CEOs were significantly more likely to launch initiatives than the average CEO, thereby building strategic momentum. At the same time, exceptional CEOs are 48% less likely to reorganize the company, 40% less likely to launch new products, and 23% less likely to shuffle management teams.
Strategy 3: Achieve Organizational Balance
According to the study, ‘exceptional CEOs are less likely than the average CEO to undertake organizational redesign or management-team reshuffles in the first two years in office. This could be a function of the strategic game they were playing… since there are only so many initiatives and changes that organizations and people can absorb in a short space of time. Indeed, since the exceptional group contained an above-average proportion of outsider CEOs launching fundamental strategic rethinks, the data may reflect a sequencing of initiatives, with structural change following strategic shifts.’
Aspiring CEOs can learn much from this study. Think like an outside. Use strategic review process. Stage change over time, not all at once.
Access Over 48 Resources, 20 Free Trials & More.
Inside this Free eBook discover: The Extended Enterprise Learning Advantage Learning by the Numbers Training as a Profit Center Comprehensive Resource Guide of Solutions The Extended Enterprise Resource Guide is your first stop when delivering training to external stakeholders. Download the free Extended Enterprise Learning Resource Guide. Access 48 different platforms, 20 Free Trials and many Free Demo Offers. Download this resource guide at: http://information.2elearning.com/extendedenterpriselearning/
Inside this Guide discover:
The Extended Enterprise Resource Guide is your first stop when deliving training to external stakeholders.
Download the free Extended Enterprise Learning Resource Guide. Access 48 different platforms, 20 Free Trials and many Free Demo Offers.
Date: Wednesday, July 19th, 2017
Time: 10:00am PT/1:00pm ET –11:00am PT/2:00pm ET
Speaker: Dean Pichee, President and CEO of BizLibrary
Host: Krista Brubaker, Content Marketing Specialist, BizLibrary
Does your organization struggle to find a balance between mandatory and elective training?
In this webinar, Dean Pichee will discuss the challenges and benefits of both types of training and discuss how to find the balance you've been trying to achieve.
He'll provide real examples of what has worked for companies in the past and recommendations to help your organization succeed in the future.
Key Learning Objectives:
Presenter: Dean Pichee
Dean Pichee founded BizLibrary in 1996, to provide affordable, high-quality, training resources to small and mid-sized organizations across all industries.
Prior to founding BizLibrary, Dean founded and sold Capital Training Company, a training solutions provider for banks and financial institutions. Before founding Capital Training Company, Pichee served as the Vice President for Bankers Training, also a training provider for the financial training industry.
Dean has served on the board of directors of leading trade associations for learning providers, including the Digital Learning Organization, and its predecessor, Training Media Association. He has also served on the board for the ALS Society of St. Louis. Dean earned a business degree from Washington University.
Host: Krista Brubaker
The basic premise behind MasterClass is that if you really want to learn a subject, you need to learn it from the best. Whether that's Serena Williams on tennis, or James Patterson on writing fiction, or cooking advice from Gordon Ramsay, or vocal training from Christina Aguilera, this new round of funding is set to bring even more renowned instructors to MasterClass, as well as expand its curricula beyond just the Arts.
Currently, MasterClass offers online courses from leaders in their field, charging about $90 for the classes in each topic area. The students who sign up, also have access to the community taking the courses, as well as the instructor, through the posting of questions and then receiving answers from classmates and assistants to the writer.
Venture capitalists see this as a very viable model for online classes going forward, and IVP is now leading a $35 million Series C round as part of the gamble. Investors Sam Lessin and GSV Acceleration have also joined in this round, with NEA, Bloomberg Beta and others once again participating.
Many investors see this as building a modern day "Library of Alexandria" and with today's video technology, we may be able to record these great athletes and intellects for generations to come. One can only imagine if the technology had existed when the likes of Edison, Tesla and Einstein were around, how many other minds they could have impacted through the reach of online video learning and courseware.
David Rogier, the co-founder and CEO says his company wants to add many more classes, beyond just the Arts. “Imagine if Steve Jobs had a class,” said Rogier. Rogier and his team work with the “masters” to produce the video and develop the program. They also have a revenue share model for these celebrity instructors. What will be interesting to watch is if the business community will participate as planned, or whether the top people will produce these videos themselves.
Rogier wouldn’t disclose the number of students who have taken these courses, but he did mention that they are distributed across all income levels, education levels and geographies. Rogier says that for up to 80% of the MasterClass student population, this is their first online class. And then he went on to say that, “We are trying to set a brand new bar of what online education is.”
Look for more great courses to come from MasterClass, and as one of their former students, I can say that I wasn't disappointed. The James Patterson course gave me quite an insight into how his great books were written, and rewritten, and then rewritten yet one more time. But the biggest "ahha's" were not what I expected. It was how he did his book outlines and how he linked all of the chapters together to draw the reader in. That changed how I plan to approach longer works in the future. But the very best thing about that course was that it only cost $90.