by Elizabeth Hines | Oct 20, 2015 | Blog, Leadership, Logistics, Strategy, Supply Chain, Talent
It’s common to think of the people who work for a company as “employees”, but reframing language and thinking could be critical to your supply chain. Start considering your employees as “talent”. The word employee has the connotation of working for someone or under someone. It implies being one of many, whereas the word talent has a positive connotation, implying that a person has depth, value, and potential. The term talent empowers both employees and companies to be the best and seek the best in their work and their search for other skilled people.
Reframing is an important step, but it doesn’t fix common problems that plague supply chain managers and human resource departments. It’s important to think about hiring processes as a long undertaking that extends beyond an ad, job interview, and offer letter. Companies should always be thinking about retention and promotion. This is called succession planning.
According to a study conducted by supply chain management researchers at Auburn University and Central Michigan University, 37.5% of surveyed companies had no engagement in succession planning, 27% had just started to work on planning, 23% engaged in informal planning, while only 12.5% engaged in formal succession planning.
Acquire
The supply chain is notorious for having a dearth of talent. The area is growing and more talent will need to be acquired for businesses to compete. As job titles expand and shift, due to the rapid changes in supply chain management and technological requirements, many people won’t be qualified for their own job title. Looking towards universities who are teaching supply chain management, and looking to other business sectors could be critical to find the right, flexible kind of talent the supply chain will need. Considering women for these traditionally male-dominant roles will also be important as women tend to be strong in many of the soft skills needed for the future of SCM. According to Shanton J. Wilcox, vice president, North America, and lead for logistics and fulfillment at Capgemini, “many so-called tactical jobs will be replaced by positions requiring more interpersonal and relationship management skills.”
Develop
As more and more money floods into the supply chain, it will be important to avoid the Silicon Valley problem of poaching, or talent leaving for larger and larger salaries elsewhere. Investing in current employees in a meaningful, attentive way, could make all the difference. Think about their future and next steps within your company. They probably have a plan for their future, and you should as well. Make sure those plans align and be open to assisting their journey to meet their goals.
Instead of conducting exit interviews, try conducting “stay” interviews. Ask specific questions about what it takes to create the environment that would help encourage your talents’ best performance. Ask what works, and also ask what doesn’t work. Be specific and ask what causes your talent anxiety or stress. You may find a trend and be able to fix it before people leave, rather than after. Investment is a big part of development. It helps talent feel like part of a bigger picture. If you invest in them they will invest in you.
Advance
Consider talent from within. According to a Forbes article, many companies are getting it wrong in trying to hire from outside. Internal candidates may not seem as appealing or exciting as the unknown, external candidate, but companies need to be clear-minded in these decisions. “Internal successors are in many ways lower risk than outsiders, yet surprisingly few promotions are awarded internally. That appears to be because boards often prefer the devil they don’t know to the devil they do. Also, some find it difficult to imagine someone at the top after seeing him operate in a lesser role for years.”
Internal talent may not appear to be ready for the next level if the position they’re seeking is a promotion, whereas an external candidate going for the same job may be making a lateral move and appear more “ready”. One thing to consider is the knowledge the internal candidate holds and brings to the job. Getting external talent up to speed can take months if not years.
Don’t sit back and assume your employees are willing to be passive about their careers. See your employees as assets. Have a strategy. Be part of their team, and make them part of yours. See their talent and invest in them, otherwise they’ll find another supply chain company who will.
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We advise and work with companies on their most critical issues and opportunities: strategy, marketing, organization, talent acquisition, performance management, and M&A support.
by Elizabeth Hines | May 11, 2015 | Blog, Strategy, Supply Chain, Talent
Demand for supply chain professionals exceeds supply by a ratio of six to one. Looking forward, it appears that demand for supply chain professionals will only increase. The U.S. Bureau of Labor Statistics estimates that demand for supply chain talent will increase by 26 percent between 2010 and 2020 – a growth rate that is twice as fast as 14 percent of all occupations.
In response to the demand for supply chain professionals, universities have introduced undergraduate majors, MBA concentrations and even entire degree programs dedicated to procurement, inventory management and global supply-chain strategy. The Wall Street Journal has gone so far as to declare supply chain management the “hot new MBA.”
The University of New Hampshire Peter T. Paul College of Business and Economics is one university which offers MBA courses focused on supply chain management. Students in the school’s Supply Chain Management MBA course learn how to design, plan, and operate supply chains for competitive advantage; develop an understanding of how the key drivers of supply chain operations can be used to improve performance; and develop knowledge of logistics and supply chain methodologies and the managerial context in which they are used.
For the second year, Fronetics Strategic Advisors has had the opportunity to work with students in the school’s Supply Chain Management MBA course. Our work with the students focused on the the role and importance of content for companies within the supply chain industry.
This post begins a series which will include topical supply chain management articles written by MBA students. The students are inclusive of full-time graduate students and professionals who attend the MBA program part-time. The articles point to the diversity of this group of students as well as to the student’s breadth of knowledge on supply chain issues.
Thank you to the students and to Russell Miles, faculty lecturer in the Decision Sciences Department at the University of New Hampshire’s Paul College of Business and Economics. We enjoyed working with you and look forward to working together again next year.
by Elizabeth Hines | Jan 29, 2015 | Blog, Supply Chain, Talent
Millennials are Poised to Change the Supply Chain Industry
This is part two in a two-part series examining the role of Millennials in the supply chain industry. Part one highlights strategies for attracting and retaining top Millennial talent.
With supply chain industry leaders lamenting a growing talent gap, tapping the Millennial generation may be key to filling that gap. But how, exactly? A closer look at the generational characteristics emerging from the influence of digital technology and pervasive interconnectedness allows us to draw inferences about the potential Millennial contributions to the supply chain industry.
Here are four areas where Millennials are poised to change the supply chain industry.
Internet of Things (IoT)
The Internet of Things (IoT), loosely defined as the growing and pervasive use of interconnected devices, is rising concurrently with Millennials entering the workforce. Born and raised during the digital revolution, they’re accustomed to products and processes that are highly integrated and interconnected. Supply chain companies should tap Millennials to leverage their unique perspective by engaging them in creative and strategic thinking about optimizing operational processes using interconnected devices, sensors, and tracking tools and soliciting ideas to grow revenue through the production of devices.
Marketing and Sales Approaches
Targeted for advertisements from an earlier age than their parents and grandparents, Millennials have been desensitized to overt branding messages. Instead, they respond to more organic marketing and sales approaches – strategies that can be expected to carry over into their work. Further, following current trends that deploy digital and social media, Millennials will seek to shift sales and marketing activities online to develop more meaningful, solutions-based relationships with buyers.
Global Partnerships
Ubiquitous and immediate virtual access to resources, information, networks, and people make Millennials the most interconnected generation. That unencumbered access, coupled with a tendency to favor collaborative decision-making in their work, creates opportunities for global work spaces and more complex industry partnerships – particularly relevant and significant advantages to companies within the supply chain industry.
Big Data
Similar to the way Millennials relate to the Internet of Things, so too will big data emerge as a tool Millennials will use to transform the supply chain industry. Their digital confidence and understanding of the types of information and data being collected and analyzed by companies will lead to gains in supply chain operational efficiency as Millennials seek to analyze robust data and apply their findings in practical ways.
With Millennials positioned to outnumber Baby Boomers in the workplace by 2020, shifts in ideas and processes are inevitable. What other supply chain elements do you see as ripe for transformation by Millennials?
by Elizabeth Hines | Jan 28, 2015 | Blog, Marketing, Social Media, Supply Chain, Talent
Strategies for attracting and retaining Millennials for the supply chain industry.
This is part one of two in a series examining the role of Millennials in the supply chain industry. Part one highlights strategies for attracting and retaining top Millennial talent.
For the college graduating class of 2015, Jimmy Carter has always been a smiling elderly man who shows up on TV to promote fair elections and disaster relief. Electric cars have always been humming in relative silence on the road. American tax forms have always been available in Spanish. There has always been an Internet ramp onto the information highway.
Since 1998 Beloit College has released its ‘Mindset List’, giving us a look at the “cultural touchstones that shape the lives of students entering college.” The List for this year’s graduating class represents a singular profile of students born in 1993 who are part of a larger, increasingly more influential generation – Millennials. With supply chain industry leaders lamenting a growing talent gap, tapping the Millennial generation may be key to filling that gap.
Who are Millennials?
To help us understand how to attract Millennials and why they could give new life to a graying profession, let’s examine who they are and what motivates them. Millennials, those born after 1981, are generally highly educated – though often saddled with debt and underemployed – digital natives who are decidedly collaborative by nature. They’re delaying marriage and parenthood and instead engaging in pursuits of higher education and travel, fueling their strong sense of optimism. Supply chain companies should be actively seeking to attract these Millennials and leverage their strengths to build a strong supply chain industry outlook.
Attracting Millennials
A growing number of university program offerings reflects a strengthening partnership between academia and the supply chain industry, a strategy many companies are relying on to attract and recruit top candidates. Joining existing programs and supporting the establishment of new programs, such as smaller supply chain certification programs, are effective ways to draw top talent. Further support of academic programs through joint curriculum building and offering internship opportunities help to build strong early relationships with students and will have a positive effect on recruitment efforts come graduation time.
Consider non-traditional channels to promote job openings. The frequent use of social media by Millennials has been well documented. Social media can be used to attract great supply chain talent. Furthermore, using social media for the promotion of job announcements establishes brand awareness and allows for more informal candidate engagement, something Millennials find particularly attractive. Similarly, creating visually appealing job descriptions will help to get more out of job postings.
Compensation plans should reflect motivations by which Millennials are incentivized. Different from their older counterparts, Millennials prioritize flexibility and work mobility over salary when considering a job offer. And, with total outstanding student loan debt topping $1 trillion in 2014, Millennials are favoring companies who offer tuition reimbursement programs.
On-Boarding and Retaining Millennials
Of importance to Millennials are an employer’s social values. They seek employers who they believe are endeavoring to accomplish meaningful work. The ability of a company to articulate, promote, and authentically operate by its core values will determine its success in retaining Millennials.
Millennials seek work environments that foster professional development and growth. In fact, according to the Young Entrepreneurs Council, almost a quarter of Millennials believe training and development to be the most valued benefit from an employer. Creating and implementing mentoring programs for Millennials allows companies to leverage the experience of more seasoned employees while creating growth opportunities for Millennials.
When asked about traditionally structured performance reviews, 80% of Millennials said they would rather receive feedback in real-time, making it clear they desire immediate feedback on job performance. Structuring projects in smaller portions and planning frequent check-ins on progress will keep Millennials on task and allow for more nimble operations.
The high percentage of Millennials reporting their desires to work abroad presents a notable advantage for international supply chain companies. Actively promoting and encouraging international work opportunities ensure the protection of human capital investments long after training ends.
The second part of this series will move beyond attracting and retaining Millennials to examining the supply chain application of Millennial skill sets and will paint the landscape for future significant Millennial contributions within the supply chain industry.
by Elizabeth Hines | Aug 21, 2014 | Blog, Leadership, Strategy, Talent
Want to advance? Stop whining. Whining won’t get you to the top.
Whining. Just writing the word makes me cringe. Whining is a truly unattractive characteristic. It is unattractive in children and it is even more unattractive when adults partake. One of the reasons why whining is just so unattractive is that it is ineffective and it can make a brilliant leader look like, well, like a blithering child.
Given this, why is there so much whining in the office? Ron Ashkenas, a senior partner at Schaffer Consulting and author of several books on organization change and effectiveness, wrote in a post for the Harvard Business Review:
The reality is that all of us whine, complain, blame others, and try to avoid responsibility. It’s part of the human condition. Nobody likes to clean up problems caused by others — or admit that they’ve created problems themselves. We also try to preserve a positive self-image and we go to great lengths to get others to perceive us positively as well. Given these basic human dynamics, most of which are unconscious, it’s often easier to talk to colleagues about what somebody else is doing wrong. At worst we’ll get sympathy. At best, we’ll convince someone else to take care of the problem.
Ashkens continued, noting that the current economic environment and organizational structures have made it so that “it’s tough to get things done — which leaves people feeling frustrated and in need of a sympathetic ear.” But let’s be honest. When your co-worker comes up to you whining (again) about this or her workload — do you really feel sympathy?
Let’s look a little closer at what Ashkenas said. Essentially, whining is used as a tool to “blame others” and “to avoid responsibility.” Neither blaming others nor avoiding responsibility are positive traits. Neither of these traits will get you hired nor will they get you promoted. The qualities that will get you that next job, which will get you recognized, and will get you promoted are stepping up, taking responsibility, and taking action — the antithesis of whining.
In his book The Last Lecture, Randy Paush astutely wrote:
If you took one-tenth the energy you put into complaining and applied it to solving the problem, you’d be surprised by how well things can work out… Complaining does not work as a strategy. We all have finite time and energy. Any time we spend whining is unlikely to help us achieve our goals. And it won’t make us happier.
Want to be taken seriously? Want to be effective? Want to be successful? Stop whining.
