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Panel Detail:
Monday, April 27, 2009
2:30 PM - 3:45 PM
Work Force Development: A Differentiator in Hiring and Retaining
Speakers:
Peri Hansen,
Senior Client Partner, Korn/Ferry International
Russ Jackson,
Senior Vice President of Human Resources, Safeway
Carol Lindstrom,
Vice Chairman, Deloitte LLP
Ann Huang Miller,
Chief Attorney Development Officer, Latham & Watkins LLP
Brian Schipper,
Senior Vice President, Human Resources, Cisco Systems Inc.
Moderator:
Felicia Thornton, CEO, Knowledge Universe Education U.S.
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Ann Huang Miller of Latham & Watkins says budget cuts and layoffs pose risks to morale and productivity as workers face increased demands and greater stress. With her is Brian Schipper of Cisco Systems.
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While many companies initiated development opportunities for employees well in advance of the economic downturn, it is now more essential than ever for firms to engage and enrich their work forces. To Brian Schipper, the core challenge for a lasting policy to manage human capital is, "Can you maintain the same principles of how you view talent in a downturn as you would in a good economy?"
A difficult economic climate has intensified the need for strategic vision to attract and develop the brightest talent. But as employees are asked to do more with less, short-term productivity and long-term viability may be at risk without the proper structures and incentives for work force development. Panelists revealed a number of far-sighted policies their companies have initiated to lure new hires and to take full advantage of existing talent with an eye toward continuous improvement. As the drivers of tomorrow’s economy will undoubtedly be different than those of the recent past, Carol Lindstrom noted that companies "need structural change, not new programs."
Several panelists pointed to the risks to morale and productivity that come with the cuts companies have made to remain competitive. Ann Huang Miller described a changed work environment for many employees, one where the economy has presented employees with new challenges ranging from increased work demands to stress from financial uncertainty in their personal lives.
The panel went on outline the key components for any company policy that attempts to engage and retain key talent, the most fundamental of which is information in three forms. First, to help employees cope, companies must make the logic and vision behind decisions more transparent to instill trust between the company and its employees. Second, to Russ Jackson and several other panel members, the use of 360-degree feedback has informed executives of work force vulnerabilities and opportunities while empowering workers. The final dimension deals with staff awareness of the development, health and wellness programs that are already in place to aid them.
Brian Schipper noted the rising costs of such programs, saying investment in wellness is expensive but important. "It is important to get a handle on the costs of these programs, but critical to show the firm’s commitment to its employees," he said.
Moderator Felicia Thornton said each firm seeking to hire and retain talent faces the difficult task of differentiating itself from competitors. Many have added expansive opportunities for management education and professional development along with health and wellness programs that include on-site medical care, exercise facilities and day care. Recent initiatives seek to give people time to do things that they value in the community and make managerial decisions earlier in their careers. People may then return to enrich the workplace with their experiences.
Thornton cited a recent Deloitte study showing many executives will seek to use the downturn to attract talent. "This really can be an investment time," Peri Hansen agreed.
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