Business Implications of the New Reality 2008: - Stanton Chase ...

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2 Executive Summary The New Reality 2008 The War for Talent has been discussed, examined, quantified, documented and accepted since shortly after McKinsey & Co. coined the phrase almost ten years ago. 1 Now, several forces have brought the intensity and urgency of McKinsey & Co.’s predictions and forecasts to the forefront as the most pressing talent management challenge of 2008. The War for Talent is the theoretical forecast; the New Reality is the all-too-accurate condition currently faced by business leaders. The New Reality is simply the fact that for an organization to survive (and thrive), it must face these challenges head-on. The New Reality is that The War for Talent is not some far-off suggestion for what the future might hold—The War for Talent is real, and it is here. Economic trends and generational issues are the leading causes, but the confluence of these challenges is what has accelerated this talent shortage into the New Reality now facing North American organizations. In fact, many economic trends and generational issues now overlap and affect one another, increasing the impact of these forces. It is obvious that highly talented employees are going to be in short supply sooner rather than later. 2 In response to this, executives and managers across the United States and Canada were queried to determine their thoughts and perceptions in regard to generational gaps, talent shortages and, most importantly, the New Reality. This report focuses on how companies are preparing to fight The War for Talent that is already upon them and how they are coping with this New Reality. It also examines the concerns they have, the effects they have already experienced and their expectations for the future. Most importantly, this report offers an outline of strategies and tactics to thrive and win. Key findings examined in this report include: • Talent acquisition planning is sorely lacking—just 18 percent of respondents report having a plan implemented. • The New Reality affects all levels within organizations. • Identifying and developing leaders within organizations is as important as attracting new, top-flight talent. • Retention is a major challenge for 71 percent of respondents and their organizations. • Levels of awareness and concern are greater in Canada than in the U.S. Likewise, Canadian organizations report being more prepared for the New Reality than do those in the U.S. These findings are based on the “Talent Shortage Survey” conducted by Equation Research on behalf of Stanton Chase International and Birkman, International in Q3, 2007. 1 Fishman, Charles. “The War for Talent.” Fast Company, July 1998. 2 Bersin, Josh. “The War for Talent.” Elearning, Winter 2007. http://www.elearning.b2bmediaco.com/issues/winter07/winter07_featuredstory_2.html
3 Table of Contents The New Reality 2008 Methodology ......................................................................................... 4 Demographics........................................................................................ 4 The New Reality..................................................................................... 6 Perceptions of the New Reality................................................................ 6 Preparations for the New Reality ............................................................. 9 Leadership Development ......................................................................... 12 Value Proposition ............................................................................... 12 Identifying and Developing Leaders.......................................................... 12 The Role of Emotional Intelligence ....................................................... 16 Retaining in the New Reality..................................................................... 17 Thriving in the New Reality and Winning The War for Talent .............................. 18 How to Win.................................................................................... 19
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Business Implications of the New Reality 2008: - Stanton Chase ...

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