Owen Sullivan, Manpower Inc. EVP and CEO of Right Management this week advised Indian opinion leaders that the success of any company - and the global economy - will be dependent upon business and governments' ability to react to a growing talent mismatch and other key global trends, citing recent research conducted by Manpower Inc (NYSE: MAN), a world leader in the employment services industry.
"Post-recovery, we are going to see a very substantive connection between the quality of a company's workforce management strategy and their bottom line. The strongest companies are going to be the ones that have sophisticated talent management processes in place to attract and retain top talent, empowering the right people in the right places in the right way," said Sullivan.
Sullivan was the keynote speaker at the prestigious "Organizations of 2015: Shaping Tomorrow Today - The 3rd HR Summit," organized by the Confederation of Indian Industry and presented in Mumbai, India this week. The summit explored industry projections indicating that by 2015, there will be more than 60 million unemployed people in India, in spite of a dire talent shortage. Since the start of the global recession, Manpower research has indicated economic conditions have masked this shortage, which will worsen as the recovery takes hold.
"Once a talent strategy is formulated, it needs to be executed. Understanding 'World of Work' trends is critical to the success or failure of one's ability to come through and deliver on the plan. We need to develop leaders who are agile, strategic, longer-term thinkers who understand the value of talent to achieve business objectives," said Sullivan.
Sullivan detailed several trends that Manpower Inc. research has been tracking in recent years that human resources leaders need to consider when planning their workforce management strategy. They include:
-- A global talent mismatch resulting from shifting demographics;
-- the rise of customer sophistication;
-- greater and more frequent opportunities for individual employees to
exercise choice; and
-- technological revolutions.
Sullivan explained each of these trends in detail to summit participants, who later gathered in small groups to discuss implications to their own companies' workforce management strategies.
Sullivan highlighted increasing opportunities for employees to exercise choice. "The concept of individual choice is key; think 'one size fits one,'" he said. "Understand that each of your employees will have different values, expectations and motivations."
Companies need to appreciate that there is a distinct shift of power from employer to employee, Sullivan continued. Further, technological revolutions empower an individual, providing access to newer skills and newer jobs. Thus, jobs have become borderless, providing greater links between individuals. All of these trends, in turn, have led to a rise in customer sophistication.
"These are critical trends for navigating the changing world of work. My colleagues at Manpower Inc. have defined their implications and the strategic actions required to embrace, adapt and thrive within this context," Sullivan said. "Leaders of Indian organizations need to ask themselves the same questions we ask ourselves every day: 'What do these trends mean for my organization?' and 'Am I responding proactively, reactively or even at all?'"
India is not alone in the industry's challenges in finding the talent it needs. Earlier this year, Manpower Inc.'s fourth annual talent shortage survey revealed that 30 percent of employers across the globe continue to struggle to fill positions available despite the global economic downturn.
About Right Management
Right Management (www.right.com) is the talent and career management expert within Manpower, the global leader in employment services. Right Management helps clients win in the changing world of work by designing and executing workforce solutions that align talent strategy with business strategy. Our expertise spans talent assessment, leadership development, organizational effectiveness, employee engagement and workforce transition. Right Management has a global network of more than 300 service locations in over 50 countries, serving 80% of the Fortune 500 and 50% of the Global 1000 companies.
About Manpower Inc.
Manpower Inc. (NYSE: MAN) is a world leader in the employment services industry; creating and delivering services that enable its clients to win in the changing world of work. With over 60 years' experience, the $22 billion company offers employers a range of services for the entire employment and business cycle including permanent, temporary and contract recruitment; employee assessment and selection; training; outplacement; outsourcing and consulting. Manpower's worldwide network of 4,100 offices in 82 countries and territories enables the company to meet the needs of its 400,000 clients per year, including small and medium size enterprises in all industry sectors, as well as the world's largest multinational corporations. The focus of Manpower's work is on raising productivity through improved quality, efficiency and cost-reduction across their total workforce, enabling clients to concentrate on their core business activities. Manpower Inc. operates under five brands: Manpower, Manpower Professional, Elan, Jefferson Wells and Right Management. More information on Manpower Inc. is available at www.manpower.com.
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