Escolar Documentos
Profissional Documentos
Cultura Documentos
...inside..
" Talent Management
" Black sheep in your office
" Mystery of the missing 220 million
" The 7 Day Weekend
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e-Panorama
Talent Management
Whats Not Working By Esther DAmico
Since the CW article narrates similar picture prevailing
at Indian Chemical Companies, excerpts are shared here.
It used to be that recruiting chemists, engineers, mechanics, office personnel, and
other staff to work at a chemical company had a lot to do with offering a competitive
salary and benefits package. But, as retirement looms for the first wave of baby
boomers and the number of technical graduates and skilled craft workers shrinks,
some chemical companies say that that criteria alone is not enough to sustain an
effective workforce. They say the industry is headed for serious labour shortages in
coming years. They say the good news is that they are addressing the problem by
transforming their human resource (HR) practices and work environments. They say
the bad news is that they are in the minority and that most firms still view talent
management as more of an HR function than a corporate strategy, an approach
that will no longer work long term.We are looking at a very difficult situation in the
next few years, says Dan Smith, president and CEO of Lyondell Chemical.
Smith cites a survey by Independent Project Analysis (Ashburn, VA) showing that
35% of the engineering and construction workforce will retire in the next five
years. Our industry stats are very similar, he says. Some of that workforce is only
in their mid-50s and opting for early retirement packages, he adds. Retaining talent
and attracting younger workers are two of the chemical industrys major
challenges, Smith says. However, the people aspects come secondary to many
industry firms, he says.Things are different now than they were 20-30 years ago,
says Nance Dicciani, president and CEO at Honeywell Speciality Materials. People
are looking for a lot more flexibility, they want to be recognised, and the attitude
is not one of Im going to join this company and retire here, Dicciani says. It
is more, Im going to be here as long as I can get something.
The hottest current issue for companies is the multigenerational workforce, in which
the baby boomers make up 45% and the older veterans, about 10% (table). The
statistics are similar between the U.S. and Western Europe, Durkin says. The
Nexters and Xers combined make up 45%, which is what is creating the labour
shortage issue. There arent enough people to replace the boomers and the veterans,
and their expertise and talent leaves with them when they exit the company, she
says. Given those demographics, entry-level hiring is expected to increase by about
17%/year, Durkin says, citing statistics from the National Association of Colleges
and Employers (Bethlehem, PA). The U.S. will have an estimated 10,000 more jobs
than people by 2010, so the challenge is for companies to be very desirable to young
graduates, she says.
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e-Panorama
Working Titles*
Generation
Veterans
Boomers
Xers
Nexters
Birth Dates
1922-46
1946-62
1962-80
1980-00
The values recruits look for include: a corporate culture that stresses social
responsibility and diversity; a way to make a difference in the world; recognition for
a job well done; the ability to learn and grow through professional development and
advancement; flexible work hours that may involve staggered work schedules or
telecommuting; and an environment in which they can have fun with new and
innovative projects. Competitive salary and benefit packages are also still important,
she adds.
This group is more demanding than the boomers were, and they turn over very
quickly. If theres inept management, they will leave; they experiment with careers,
Durkin says. In response, some chemical companies began changing their recruiting
practices a few years ago, she says. Some of the perks these firms offer are longer
vacation times, improved mentoring programs, greater benefits packages, and
increased job training. Criteria for retaining top talent includes creating an
environment in which people can be productive, enjoy their jobs, and want to
continue, says Seifi Ghasemi, chairman and CEO of Rockwood Holdings.
The key for keeping people is not how much you pay thembecause
somebody can always pay them morebut creating a positive, can-do
environment where they are encouraged, Ghasemi says. My job is to
see the things that [stand in the way] of a positive working
environmentno politics and no wasteful meetings. Many firms are
re-educating their senior staff so that it is better able to see the talent
that exists in young people, who are much more global minded and
broader thinking, and have a lot of technical expertise, Durkin says.
Senior staff tends to view them as lazybecause they want to leave at 5
oclock, she says. Thats just not true though; they just want a more
balanced life between work and home, she adds.
Offering greater flexibility may also help to prevent some of the boomers and
veterans from retiring early, Durkin says. The older generation doesnt want to walk
out the door, but it also doesnt want to work 40-60 hours a week anymore, she says.
One option is to provide them with shorter work weeks, let them work at home
sometimes, or at a remote location like Florida or Phoenix in the winter. Lyondell
says it has increased the flexibility of its work schedules. People dont stay loyal
forever, which is something that companies have contributed to with their cutbacks,
Smith says. People today are looking for more of a life outside of work. We
operate process plants world-wide 24/7. There are full work days and extended
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e-Panorama
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e-Panorama
ARE you looking for that black sheep in your company? Keep a close tab on men
in the 35-55 age-group, particularly those in the managerial cadre. And this
includes board members and the CEO of the company. Consulting house KPMG
has sketched the profile of a fraudster in a survey which shows that 70% of all
fraudsters are between 35-55 age-group with 86% holding management positions
and 60% part of the senior management team. The survey has thrown up an
interesting phenomena.
One in every five frauds in Europe was due to financial jugglery while one in
every 10 fraud cases in India was found to be due to false reporting. The most
common fraud in India and the Middle East was corruption followed by theft of
cash and other assets.
The survey highlights three functions where corporate frauds usually take place.
Sales, Finance, operations and in some cases the CEO himself is responsible for
chicanery. These three functions represent 79% of all internal fraudsters.
Suppliers, customers and subcontractors constitute 80% of the external agents
involved in a corporate fraud.
Consultants, followed by joint venture partners are some other external entities
who have been spotted as fraudsters. According to the survey, the most
fraud-prone sectors in India are industrial markets and financial services
information, communication & entertainment, with more than two thirds of the
frauds reported in companies less than Rs 2,850 crore in size.
When it comes to committing fraud, theres a clear gender divide. Men are
distinctly ahead accounting for 85% of all frauds. However, as the survey
cautions, this could be a reflection of the fact that women are under represented in
the managerial ranks.
e-Panorama
Numerous efforts to widen the tax base have failed to give the required results.
In addition, it is perhaps impossible for tax-officers to actually sift through
mountains of data and bring offenders to book. For all the suggestions that come
to mind to put the responsibility of equitable development on every citizen
taking into account his means perhaps the answer is simply this: Expenditure or
consumption tax. If the great Indian middle class can afford to buy cars, spend
lavishly on a wedding, upgrade mobile phones every year and invest in
high-end property to cite but a few examples, then surely it can be taxed for the
same as well.
{excerpts from the article of Shri Harihar Narayanswamy}
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e-Panorama
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e-Panorama
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e-Panorama
::Editorial Committee::
Chairman
Mr. Jayen Mehta, GNFC Ltd.
Members
Mr. Mukesh Mehta, Heubach Colour,
Ms. Sheela Mistry, Insight Associates,
Mr. G.M. Patel, GNFC Ltd.
Dr. M.S. Patel, GNFC Ltd.
ePanorama Advisory committee
Mr. R P Vyas -President,
Mr.Kamlesh Udani -Past President,
Mr.Ashok Panjwani -Vice President,
Mr.K A Shah - Vice President
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