Business Insights From Unc Executive Development

VOLUME 3
BUSINESS INSIGHTS FROM UNC EXECUTIVE DEVELOPMENT
WHITE PAPERS FEATURED: How to Build Trust in an Organization The Recruiting Revolution: How Technology Is Transforming Talent Acquisition Embracing Open-Book Management to Fuel Employee Engagement and Corporate Sustainability Maximizing Millennials in the Workplace The New Business Imperative: Recruiting, Developing and Retaining Women in the Workplace PLUS: CHAPTER FROM A BEST SELLING HR RESOURCE! A Model for Talent Manager Excellence
A message from the President and Associate Dean of Executive Development at UNC Kenan-Flagler Business School
Hello again from the University of North Carolina at Chapel Hill, and welcome to the latest volume of ideas@work. We created ideas@work specifically for business leaders interested in talent development so that we can share the knowledge and expertise that weve gained working with organizations around the world. ideas@work offers some of the latest talent development research and highlights best practices that we hope you can apply in your organization. The latest volume features 5 new white papers authored by members of the UNC team. One paper explores the unique contributions Millennials offer as they enter the workforce, and another paper discusses how social media and emerging technologies are transforming talent acquisition. A third paper examines the critical role trust plays in an organization and identifies ways you can build a culture of trust. The New Business Imperative: Recruiting, Developing and Retaining Women in the Workplace offers insights about the changing role of women business leaders and how companies are adapting to changing demographics. This paper also includes findings from a recent survey conducted by UNC Kenan-Flagler. Thank you for your interest in UNC Executive Development. Susan Cates susan.cates@uncexec.com We are also pleased to feature a chapter from The Talent Management Handbook titled A Model for Talent Manager Excellence, co-authored by Marc Effron and Jim Shanley. We are delighted to have their contribution and to announce that we are partnering with them to launch the Talent Management Institute in November 2012. This new program will be led by Effron, Shanley and Corey Seitz, another leader in global talent management. I hope that you enjoy the latest volume of ideas@work. I encourage you to visit our website (www.uncexec.com) to access our library of talent development resources including white papers, webinars, and research. You can also join our mailing list to receive our newsletter which features these resources and more, and our team would be happy to talk with you about the custom work we do for our organizational clients.
Consistently ranked one of the worlds best business schools, UNCs KenanFlagler Business School is known for experiential learning and teamwork, superior teaching, innovative research and a collaborative culture.
Our commitment to developing socially responsible, results-driven leaders distinguishes our programs. We educate people at every stage of their careers and prepare them to manage successfully in the global business environment.
At UNC Executive Development, we believe that managing employee talent is vital to the success of any organization, and we provide unique learning and development experiences for our partners.
ALL CONTENT UNC EXECUTIVE DEVELOPMENT 2012
To subscribe, visit www.uncexec.com
Inside this issue
How to Build Trust in an Organization

page 4
The Recruiting Revolution: How Technology Is Transforming Talent Acquisition

page 14
Embracing Open-Book Management to Fuel Employee Engagement and Corporate Sustainability

page 26
Maximizing Millennials in the Workplace

page 36
The New Business Imperative: Recruiting, Developing and Retaining Women in the Workplace
page 48
4+2
BONUS CHAPTER: A Model for Talent Manager Excellence
page 60
(Note: The information or conclusions expressed in the following white papers are the authors review of findings expressed by the organizations. All brand representations are registered trademarks owned by the respective companies or organizations.)

Chris Hitch, Ph.D. Program Director UNC Executive Development
Introduction
In a 2001 interview with Fortune magazine about his companys continued success, Herbert D. Kelleher, founder of Southwest Airlines, attributed much of it to the fact that he always treated his employees like customers. Kelleher knew that employees who are trusted and treated fairly will, in turn, treat their customers with trust and respect. This is the same kind of philosophy that made Netflix a huge success as a young start-up organization. From the beginning, Netflix founder Reed Hastings knew the kind of company culture he wanted to develop to achieve its purpose. Netflixs Freedom and Responsibility Culture was based on the premise that all employees understand the purpose of the organization and that they know the value customers get from doing business with Netflix. The foundation of that culture is trust and responsibility; trust in its employees to achieve the companys goals and trust in its customers to act responsibly by eliminating late fees and asking customers to return their DVD rentals when they are ready. That all was put in jeopardy when Netflix announced in July 2011 that it was eliminating its $9.99 per month DVD + streaming plan in favor of two separate plans for $7.99 each. Customers many of whom faced a 60 percent increase for monthly Netflix services were outraged, and the customer-led backlash eventually made Hastings reverse the decision. The damage was already done, however. By mid-September 2011, Netflix lost one million more subscribers than they had estimated after the July announcement, and the companys stock plummeted 14 percent. By the end of the year, Netflix had made $40.7 million in the last three months of the year. By comparison, it had made $47.1 million in the last three months of 2010. The trust that customers, stakeholders and employees had in Netflixs top management to make sound choices was shaken by the decision, and the delayed reversal further eroded that trust. Netflixs leadership lost sight of the value they provided their customers and by extension their employees when they failed to ensure that their decisions and actions supported its purpose. And by doing this, they let their employees down. Netflix employees no longer had a clear vision of the value customers got from doing business with Netflix and this confusion has damaged its Freedom and Responsibility Culture.
H O W T O B U I L D T R U S T I N A N O R G A N I Z AT I O N
Trust is the lubrication that makes it possible for organizations to work. Warren Bennis
Time will tell if Netflix can rebuild the trust they lost with their employees and their customersits culture of trust, responsibility and freedom to take risks and to be innovative hangs in the balance. Leadership and organizational studies pioneer Warren Bennis once said that trust is the lubrication that makes it possible for organizations to work. Organizations with high levels of trust have more productive workforces, better employee morale and lower employee turnover. They also perform better financially than their industry peers.
Promise
This white paper: D efines trust in organizations. E xplores the characteristics of organizational trust and how it develops. Examines the benefits of trust in organizations. Examines the erosion of trust in the workplace. O ffers steps HR professionals can take to build or rebuild trust in their organizations.
The Foundations of Trust: Credibility, Respect and Fairness

Dr. Duane C. Tway, Jr., offered an excellent definition of trust in his 1993 dissertation, A Construct of Trust, as the state of readiness for unguarded interaction with someone or something (Dubois, 2010). Warren Buffet put it another way. Trust, said Buffet is like the air we breathe. When its present, nobody really notices. But when its absent, everybody notices.
To be persuasive we must be believable; to be believable we must be credible; to be credible we must be truthful. Edward R. Murrow
We know when we feel that state of readiness, but what elements are needed to get to that state? Amy Lyman, co-founder of The Great Place to Work Institute, has studied trust in organizations for more than 20 years. She has found three characteristics, or elements, that come up time and time again in her interviews with clients: credibility, respect and fair treatment (Lyman, 2003, 2012).
High-trust organizations ensure that employees experience respect. This is exhibited through employers support of their employees professional growth and the consideration of employees ideas in decision-making processes. Finally, employees in high-trust organizations believe they are treated fairly regardless of their position within the organization (Lyman, 2012). High-trust organizations collaborate well across
According to Lyman, in organizations with high levels of trust, employees see others (particularly management) as crediblethey mean what they say, and believe what they say is trueand have confidence that the actions of others will remain consistent with their words. In high-trust organizations, co-workers believe that others (particularly management) are ethical in their business practices.
departments and hierarchies, and seek fair resolutions to difficult situations. Employees in high-trust organizations have confidence in their leaders vision for the future (Lyman, 2012).
Example: Continental Airlines

Amy Lyman (2003, 2012) has cited Continental Airlines as an excellent example of trust at work. In 2003, baggage reclamation employees at Continental heard there could be layoffs in their area to control costs. Rather than waiting for senior leaders to make the announcement, the employees met and developed a plan where full-time employees would move to part-time status so no one would lose their jobs. They presented the plan to senior managers, who approved the plan. Whats extraordinary, Lyman writes, is that the employees took positive action to solve a problem and trusted that management would listen So whats going on at Continental that supports the development of positive relationships between employees and management? The simple answer is trust.
Source: Lyman 2003, 2012.
The Development of Trust: Action and Interaction

Trust is earned through action. As Maister, Green and Galford wrote in their seminal book, The Trusted Advisor (2001), You have to do something to give people the evidence they need to believe you should be trusted. You have to be willing to give in order to get. Trust is also earned through interaction. It can be as simple as a conversation between co-workers, a fiveminute chat in the break room between a manager and her employee, or teamwork among co-workers to complete a project. It is the interaction that conveys to others the willingness on the part of one person to do something that is to the benefit of another persons health and well-being (Lyman, 2012). It is through a persons action and interaction that others can assess whether that person is credible, reliable and fair.
Russell 3000 and S&P 500, posting annualized returns of 11 percent versus 4.26 percent and 3.83 percent, respectively. Lyman also notes that those best companies experience about half the turnover rate than other organizations in their industries. (Lyman, 2003, 2012). A 2009 study by Interaction Associates found that hightrust organizations also had more effective leadership and better collaboration at all levels of the organization. The study found that high-trust organizations: H ave a strong sense of shared purpose. H ave employees who work together to support that purpose. C reate cultures in which tolerance and cooperation are highly valued. H ave leaders who coach rather than just manage. Have many people participate in making decisions.
The Effect of Trust: A Better Bottom Line

Numerous studies have been conducted through the years that confirm the benefit of trust in the workplace: A classic study by Cornell University Associate Professor Tony Simon of 6,300 Holiday Inn employees found that hotels where managers followed through on their promises and had behavioral integrity were more profitable (in Bader, 2003). A Watson Wyatt Worldwide study found that organizations in which front-line employees trusted their senior leaders had a 42 percent higher return on shareholder investment than organizations in which distrust was the norm (Reina and Reina, 2007). A my Lymans tracking of publicly traded 100 Best Companies has shown that as a group and over time, those organizations have outperformed the
The study revealed that in addition to superior earnings as compared to low-trust organizations, high-trust organizations excelled (as compared to their low-trust peers) at exhibiting organizational behavior consistent with their values and ethics (85 percent vs. 46 percent); at retaining employees (80 percent vs. 42 percent); and at attracting, deploying and developing talent (76 percent vs. 24 percent). If trust increases profitability and helps in attracting and keeping talent, then the lack of trust lowers productivity, job satisfaction and commitment and increases employee turnover. With all the documented benefits of having trust in an organization, one would think that creating and maintaining it would be a high priority for senior business leaders. Unfortunately, many senior leaders cannot seem to shake the top-down model of management that adheres to the notion that authority creates trust. In reality, trust creates authority.
Areas of Excellence in High-Trust Organizations

High-Trust Organizations Low-Trust Organizations
85%
80%
76%
46%
42% 24%
Exhibiting Organizational Behavior Consistent with Values

Source: Interaction Associates, 2009.
Retaining Employees
Attracting, Deploying, and Developing Talent
The Erosion of Trust in Organizations

Trust may be a valued commodity in an organization, but it is a rare one. Research conducted by Reina and Reina (2009) found that nine out of every 10 employees have reported experiencing some sort of breach of trust in the workplace on a regular basis. A recent Deloitte survey on ethics in the workplace underlined the erosion of trust in the workplace and the negative financial effects on organizations struggling to regain their footing after the recent recession (PR Newswire, 2010). The survey found that one-third of employees surveyed said they planned to look for new jobs when the economy recovered. Of those who said they would be job hunting, the main factors in the decision to look for a new job were a lack of trust To staunch the flow of talent planning to change jobs, it is more important than ever for businesses to assess the level of trust in their organizations and to focus on ways to improve it. Senior leaders are not blind to the erosion of trust in the workplace. The Deloitte survey found that 65 percent of Fortune 1000 executives were concerned that employees would be job hunting in the coming months and that the lack of trust would be a major factor in the potential increase of voluntary employee departures. in their employer (48 percent), and a lack of transparent communication from senior leaders (46 percent).
Example: Whole Foods Market

John Mackey, CEO Whole Foods Market, Inc. (Austin, Tex.), wrote an essay in 2010 that provides insight into why Whole Foods is ranked consistently in the top 25 of the Best Companies to Work For list. To create a high trust organization, writes Mackey, organizations must: Develop and articulate a higher purpose. The single most important requirement for the creation of higher levels of trust for any organization, notes Mackey, is to discover or rediscover the higher purpose of the organization. This higher purpose must go beyond making money. Walk the talk. Organizations must have leaders who walk the talkwho serve the purpose and mission of the organization and lead by example. Have teams everywhere. Small teams maximize familiarity and trust, which helps maximize collaboration at all levels of an organization. Empower employees, because empowerment equals trust. The effectiveness of teams, Mackey writes, is tremendously enhanced when they are fully empowered to do their work and to fulfill the organizations mission and values. Have transparent and authentic communication. One of the biggest mistakes organizations make is trying to spin their messages in the belief that if they tell stakeholders what they want to hear rather than the unvarnished truth, they will like them better. Spinning a message, in fact, creates distrust. Practice fairness. A virtue of transparency, notes Mackey, is that it helps ensure that unfairness is quickly seen and corrected. Create a culture of love and care. Mackey believes that leaders must embody genuine love and care of the organization and its people. In fact, he believes the virtues of love and care should be considered in all promotional decisions, writing that we shouldnt just promote the most competent, but also the most loving and caring. A vital part of this loving-and-caring culture, notes Mackey, is the cultivation of forgiveness rather than judgment and condemnation.
Source: Mackey, 2010.
Steps to Build or Rebuild Trust

The impacts of distrust in an organizationlower employee morale and commitment, lower productivity and higher employee turnovertend to fall squarely on the shoulders of HR. As such, HR should have a central role in establishing or re-establishing trust throughout an organization. Corsum Consulting (ONeil, 2009) has developed a mnemonic HR and senior leaders may want to keep in mind when trying to improve trust in an organization:
Step 1: Assess the Level of Trust in the Organization.

Although Warren Buffet may be right that it is the absence of trust which is noticed, this observation is not sufficient to build the business case needed to take action and attempt to improve an organizations level of trust. HR professionals should assess the level of trust in their organizations, and this can be done through employee surveys and confidential one-on-one interviews. Some questions that can help assess the level of trust include: D o you trust your peers? Do you trust your senior leaders? Do you view your peers and senior leaders as credible? D o you believe your senior leaders actions are consistent with their words? D o you understand the organizations mission and vision and the role you play to achieve them? D o you feel that risk-taking is encouraged? D o you feel safe communicating your ideas and opinions with colleagues? D o you believe you are treated fairly and with respect? Do you feel senior leaders communicate openly? D o you feel your supervisor and other senior leaders care about and encourage your professional development? D o you believe your ideas are taken into account during the decision making process? The responses to these questions will help establish the level of trust felt by employees in the organization. An analysis of the results should help identify which elements of trust credibility, respect and fair treatment the organization as a whole is accomplishing and which areas need improvement.
T = Teach.
Teach everyone in the organization how things work; make it as transparent as possible.
R = Reward.
Make sure reward systems align with corporate value and goals.
= Unconditional support.
Encourage innovation. Create an environment where mistakes are opportunities to learn, not to punish. Give employees permission to think outside the box.
S = Share information.
Communicate clearly and frequently.
T = Trustworthy.
Make commitments and keep them. This mnemonic can also help shape the practical steps HR professionals can take to improve trust throughout their organization.
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Step 2: Report the Results of the Assessment.

A recurring theme, which emerges in the study of trust in organizations, is to improve it, organizations must communicate as openly and transparently as possible with employees at all levels. Once assessed, the results of an organizational survey of trust should be openly communicated to all employees. HR professionals should consider multiple delivery methods, including town hall meetings and posting the results on a company intranet. The communication should report on the strengths and weaknesses found through the study. Areas of improvement should be identified, and employees should participate in the process of what steps will be taken to make those improvements. Reina and Reina (2007) offer the following suggestions to HR professionals when trying to establish or rebuild trust in the workplace: A llow feelings to surface. When reporting on the results of the survey, allow employees to constructively voice their concerns, issues and feelings. Holding small group meetings after the report has been presented may make employees feel safer and encourage them to more openly discuss their experiences. G et support. Reina and Reina observed that a common mistake made by senior leaders and HR professionals is to think they can manage the process of building or rebuilding trust alone. Trust is highly emotional for everyone involved; obtaining the support of an outside consultant to guide the organization through the process can help. T ake responsibility. HR professionals and senior leaders must take responsibility for any actions they made in the past that lowered trust. Do not spin the truth or cover up mistakesthis will only lower trust more. E ncourage forgiveness. Forgive yourself and others. Forgiveness helps release feelings of anger, bitterness and resentment that come with broken trust.
Step 3a: Assess Your Own Trustworthiness and Whether HR Programs and Policies Promote Trust in the Organization. Step 3b: Ask Other Senior Leaders to Do the Same.
Trust in senior leaders is vital to an organizations success, and while an employee survey may help recognize organizational trust issues, HR professionals must assess whether their actions are construed as trustworthy by others. Feedback (from all levels in the organization) and self-assessment are ways this information may be gathered. Some questions that could be asked when seeking feedback or taking a self-assessment may include: Do I communicate openly, honestly and consistently? A re my actions consistent with my words? D o I share information with my employees consistently? D o I help develop my employees? D o I respect my employees opinions? Do I include their opinions during the decision making process? D o I treat all of my employees fairly? With the expertise of an outside consultant, use the information obtained from the organization-wide survey and the personal assessment to develop a trustworthiness improvement plan. This may also be a good time to identify a coach or mentor who can help guide you through the process in the long term. Next, ask senior leaders to undergo the same process. Everyone at the senior leadership level must lead by example to establish or re-establish trust and credibility.
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In addition, HR professionals should take the opportunity to assess whether HR policies and practices foster the development of trust in the organization. To encourage the growth of trust, HR policies and practices must be aligned with the organizations mission and vision, and the organizations total compensation plan should reward trustworthy behavior. HR professionals should develop and offer interpersonal communications and skills training to all employees to encourage constructive communication and information sharing. HR policies and
practices should be designed to foster a culture where employees feel safe to be innovative and engaged.
Step 4: Follow Up and Remain Vigilant.

The loss of trust can occur after a single event (such as a layoff, merger or acquisition), but trust is built over time. HR professionals should assess the levels of trust in their organizations on a regular basis and ensure that any incidences causing distrust are addressed in a timely manner.
Conclusion
As the economy improves, valued employees who have lost trust in their senior leaders will seek employment elsewhere, leading to increased turnover, lost productivity plus higher recruiting and onboarding costs. HR professionals can staunch the flow of talent leaving the organization by taking proactive steps to improve trust in the workplace.
Bader, G. & Liljenstrand, A. (2003, May 15). The value of building trust in the workplace. The Bader Group. Retrieved from http:// badergroup.com/the-value-of-building-trustin-the-workplace/
Galford, R. & Drapeau, A. (2006). Trust inside the organization. The Trusted Advisor. Retrieved from http://www.thetrustedleader. com/newsletter/issue32-february-06.html
Maister, D., Green, C., & Galford, R. (2001). The trusted advisor. New York, NY: Touchstone. ONeill, M. (2009, August 17). Five ways
Tzafir, S. (2005, September). The relationship between trust, HRM, practices and firm performance. International Journal of Human Resource Management, 16, 16001622. Wentworth, D. (2011, December 7). Information underload. I4cp. Retrieved from http://www.i4cp.com/ trendwatchers/2011/12/07/informationunderload
Interaction Associates (2009). Building Better Business Bureau. (2010, September 6). Creating a culture of trust in your company. Better Business Bureau. Retrieved from http://vi.bbb.org/article/creating-aculture-of-trust-in-your-company-22043 Deloitte. (2010, September 29). 2010 ethics & workplace survey. Deloitte. Retrieved from http://web.docuticker.com/go/ docubase/35598 Dubois, L. (2010, August 2). How to build a corporate culture of trust. Inc. Retrieved from http://www.inc.com/guides/2010/08/ how-to-build-a-corporate-culture-of-trust. html Lyman, A. (2012). The trustworthy leader: Leveraging the power of trust to transform your organization. Jossey-Bass. San Francisco: CA. Mackey, J. (2010, March 14). Creating a high trust organization. Huffington Post. Retrieved from http://www.huffingtonpost. com/john-mackey/creating-the-high-trusto_b_497589.html Lyman, A. (2003). Building trust in the workplace. Melcrum Publishing, Ltd. London: England. Kochan, T. (2004, September). Restoring trust in the human resource management profession. MIT Institute for Work & Employment Research. Cambridge: MA. trust in business. Interaction Associates. Cambridge: MA.
to build trust in the workplace. Corsum Consulting. Retrieved from http://www. corsum.com/Building-Business-Value-blog/ bid/24614/Five-Ways-to-Build-Trust-in-theWorkplace PR Newswire. (2010, July 26). Trust and ethics in the workplace have been battered by the recession, Deloittes 2010 ethics & workplace survey finds. PR Newswire. Retrieved from http://www.prnewswire. com/news-releases/trust-and-ethics-in-theworkplace-have-been-battered-by-therecession-deloittes-2010-ethics--workplacesurvey-finds-99228989.html Reina, D. & Reina, M. (2007, May 2). The HR executives role in rebuilding trust. Human Resource Executive Online. Retrieved from http://www.hreonline.com/HRE/story.jsp? storyId=12160414 Wright, P. (2003, September 1). Restoring trust: The role of HR in corporate governance. Cornell University ILR School/ Center for Advanced Human Resources Studies. Ithaca: NY.
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The Recruiting Revolution: How Technology Is Transforming Talent Acquisition

Shelly Gorman Director, Career Management MBA@UNC
Introduction
We are living through an exciting era in technology developmentthe emergence of interactive, social media and virtual technologies whose business applications are not yet fully realized. While marketing professionals have been quick to embrace the potential of these technologies for product placement, branding and sales, HR and talent management professionals have approached them with a little more caution as they explore how interactive, social media and virtual world technologies can be effectively applied to attract talent to their organizations. E xplores how leading organizations are using these technologies in their HR practices. P rovides HR and talent management professionals with information they can use to help them incorporate social media and virtual technologies into their organizations hiring practices.
Social Media
The next section highlights some of the major players in the social media market today, describes how recruiters are using social media technology to expand their talent pipelines, and how job seekers are using them to aid in their job searches.
Promise
This white paper: I dentifies some of the major players in social media and describes their main features. E xamines the pros and cons of using social media, simulations and virtual world technologies to expand talent pools and to identify good job candidates.
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THE RECRUITING REVOLUTION AND TECHNOLOGY
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Some of the Major Players in Social Media

More than 120 million users and growing. D eveloped as a business networking application with no mixing of business and personal. U sed by recruiters to identify passive candidates and to see who candidates know, in what industries, and at what levels. H elps talent acquisition professionals publicize their employment brand and advertise job openings.
Allows users to view and share videos online. Used by job seekers to post video resumes. U sed by employers to create and post videos about their industries, organizations, talent brands and employment opportunities.
M ore than 200 million users tweet their thoughts in 140 characters or less. A llows businesses to communicate to their stakeholders in real time whether that communication is about the latest product launch or a job opening. A llows users to find information streams they find interesting (like a company) and follow them. A llows HR professionals to market their employment brand, advertise job openings and push followers to their career websites.
A Monster.com product recently launched as a Facebook application. M erges Facebook and LinkedIn connections and harnesses the power of Monster.com. V ery similar to BranchOut in features, such as stepping users through the process of completing online profiles, awarding badges for completed steps and searching for jobs. Includes job postings from Monster.com.
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A Facebook application launched a year ago. A llows users to separate their personal and professional lives while tapping into Facebooks 500-million user base. A llows employers to post jobs on their Facebook pages; shows users jobs they may like based on their professional profiles. A llows users to endorse people. I ncludes job postings on BranchOut by employers plus job postings from other boards. S hows users connections (individuals) they have to jobs; allows users to tap into people they know to start the networking process. A llows talent management professionals to find passive candidates, to review a persons job history, to advertise job openings, to promote their employment brands and to encourage visits to their career websites.
C urrently available to individuals only, but Google Plus Product Specialist Manager Chris Vennard says the application will offer business and school pages within the first half of 2012. H as interface that is similar to Facebook, but its power to eventually harness everything Google makes it a must-track for recruiters. C an categorize social connections through circles. For example, users can have circles that include only friends, only colleagues or only family members, but the application allows users to assign individuals to more than one circle. Allows users to develop profile information that is customized and visible only to specific circles. S treams information based on a users pre-selected interests. This can be handy for recruiters trying to increase their employment brand or to advertise jobs. A llows videoconferencing for up to ten people at a time in hangouts. Users can specify friends or select circles to participate in a hangout, and users can come and go throughout the videoconference. User can even watch YouTube videos together in real time. Talent acquisition professionals can use this to stream YouTube videos promoting their organizations, interview candidates, and even hold small career fairs.
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How Social Media Is Being Used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Social media appears to be successful in not only expanding talent pools, but in hiring candidates as well. Sixty-four percent of respondents to a 2011 Jobvite survey said they had successfully hired a candidate through a social network in 2011. Nearly all survey respondents (95 percent) said they had hired someone through LinkedIn; 24 percent of respondents had hired someone through Facebook and 16 percent of respondents had hired someone through Twitter. The quality of hires is always a concern, and while recruiters continue to rank employee referrals as the best source of quality of hires (8.6 on a scale of 10), social networks fair well with a rank of seven on a scale of 10. Corporate career sites, third-party recruiting firms, campus recruiting, job boards and search engines all ranked below social networks in the quality of hires (Jobvite, 2011). It is important to note that employee referrals and social networks are not mutually exclusive; some social networks like BeKnown and BranchOut include features that encourage employees to recommend colleagues and friends.
The Pros of Social Media in the Talent Acquisition Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Social media offers recruiters several advantages. First, these applications expand talent pools beyond geographic boundaries, allowing employers to reach a global audience. Second, they allow candidates to find talent acquisition professionals. Most people find jobs through personal or professional networksmoving those networks online allows more people to be aware of an organizations employment brand and job openings. It also allows employees to notify their personal and professional networks of job openings in their organizations. Third, as organizations continue to do more with less, these technologies are extremely cost effective. It costs little to establish a social media presence, although managing those networks can be a challenge. Perhaps the most compelling reason to use social media in HR and the talent acquisition process, though, is because it is inevitable. Most large organizations already have a prominent social media presence and leverage it to improve their employment brand and to find active and passive job candidates.
The Cons of Social Media in the Talent Acquisition Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

One of the challenges HR professionals face when entering the social media market is that it is growing at seemingly exponential rates with new players regularly entering the arena. This makes it difficult to know where one should concentrate efforts when it comes to talent acquisition. With so many choices available, choosing one or more to use is a viable concern for job seekers and recruiters. For job seekers, maintaining multiple social media accounts could easily become a full-time job. The same is true for recruiting professionals, but added to that concern is whether they will be using the right application for their talent acquisition needs as these platforms develop. Unfortunately, it will take time to see what application emerges as an overall or industry-specific leader.
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Which Application Is the Right One?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

In a side-by-side comparison of BeKnown and BranchOut, J.T. ODonnell, founder of Careerealism. com, urged job seekers to choose one and stick with it because you cant go wrong either way. These are early days in social media for career networking, and no single application has emerged as a clear overall long-term leader, and none has emerged as a leader in a specific industry. Until that evolution happens, recruiters will likely find themselves juggling multiple social media applications. When selecting which social media applications to use, HR and talent management professionals should not only consider the resources they have available to maintain them, but should also consider which ones will best align with their organizations strategic HR plan.
Social Media in Recruiting on the Rise

The 2011 Jobvite survey confirms that social media recruiting is on the rise: 89% of respondents said they used social media to recruit talent in 2011. S ocial media recruiting topped the list as the most popular area in which respondents planned to increase investment. 55% of respondents said they planned to increase their social recruiting budgets. Only 16 percent said they planned to spend more on job boards and a third of respondents said they planned to spend less on job boards, third-party recruiters and search firms.
Source: Jobvite Social Recruiting Survey, 2011.
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Example: Discovery Communications

Tyler Benjamin, vice president of global talent management at Discovery Communications, is the first to admit that Discovery is not yet a leader in using social media for talent acquisitionand that is deliberate. We intentionally took our time to test out Twitter, Facebook and LinkedIn. This helped us form a strategic social media plan, said Benjamin. We quickly realized that establishing a talent brand was key and that most of our followers, while disbursed throughout the world, wanted local information. Were currently concentrating on building that brand in the United States because we not only need to have content, we also need to have the staff to manage that content. Our plan is to expand our global local content within the next few years. Discovery has used social media to establish alumni groups to some success. We have a lot of people who return to Discovery after spending time with other organizations. Our alumni groups help us keep in touch with them, said Benjamin.
Simulations and Virtual Worlds

Although the terms simulations and virtual worlds are often used interchangeably, they are not the same. Simulations replicate job-related tasks to allow employers to assess a candidates skills. Virtual worlds like Second Life allow participants to interact with each other through avatars. Virtual worlds were originally created with social users in mind, but some employers are using it as a recruiting tool. This section describes both types of technologies, provides examples of how they have been used in the talent acquisition process and explores their possible growth in this field.
Simulations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Early simulations were often administered on the job site and imitated actual job tasks (like typing speed and accuracy) to assess a persons ability. These early simulations eventually expanded into in-basket exercises where candidates had to assume a job role and handle some of the daily tasks of that job (Handler, 2009). Technology has taken simulations online and to a new level, making it possible to replicate a variety of work environments and to assess performance in a more automated manner. Today, these engaging simulations are being used to assess skills in such settings as call centers (data entry and customer service skills) and manufacturing (computer and logic skills), and to offer candidates day-in-the-life glimpses into an organizations working environment. Many recruiters believe that simulations offer advantages over traditional tests. First, they are more engaging than traditional, non-interactive assessments. In addition, they offer more realistic job previews and can reduce bias and subjectivity in the hiring process because of their realism and automated scoring (Handler, 2009).
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Example: AutoMax Recruiting & Training

AutoMax Recruiting & Training recently partnered with Hire the Winners, the creator of a car sales simulator that helps dealers learn more about sales candidates and their sales potential. According to AutoMax, the simulator has been used more than 16,000 times and has an 82 percent retention rate after two years for sales people the simulator recommended. For those the simulator recommended with reservation, the two-year retention rate was 64 percent, and for those not recommended, the two-year retention rate was just 14 percent.
When Are Simulations Appropriate?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

There are a few important considerations for employers thinking about using simulations in the talent acquisition process. Some recruiters feel that simulations may turn off upper-level professionals who expect to be wooed rather than assessed, and they advise employers to consider the type of worker being recruited and whether a simulation is appropriate. Others are concerned that simulations may cause bottlenecks in the hiring process, particularly for organizations hiring a large number of candidates. Finally, the types of skills assessed through simulations must be consideredthey may be better suited to softer skills, such as customer-service orientation (Ruiz, 2008). For harder, knowledge-based skills, traditional assessments may be more appropriate.
The Next Evolution of Simulations: Gaming. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The future is here in the world of simulations and recruitment, and that future is gaming. Employers are using gaming technology to offer realistic job previews and video tours to attract candidates to their organizations. Gaming technology lures candidates to the organizations website, keeps them there longer as they play a game or two, and in the process, users learn more about the organization in a fun and engaging way. Recruiters are learning from gamers that awarding badges and showing progress toward a goal attracts the Gen Yers who have grown up playing online games. Ken Wheeler from ERE.net predicts that gaming will become standard fare in recruiting within the next decade (Wheeler, 2010). Wheeler offers six tips recruiters can use to start the gaming ball rolling. 1. Give rewards (like badges) to visitors to your site when theyve engaged in an activity such as watching a video or taking an assessment. Encourage them to come back to the site frequently. 2. Consider using virtual world technology like Second Life. IBM, Monster.com and other organizations have used this technology to host virtual job fairs, conduct interviews and offer virtual tours. 3. Offer video-based job tryouts. 4. Hold virtual career fairs. 5. Use tests, puzzles and simulations. 6. Develop a full-fledged game. These simulated environments engage candidates and can immerse them in your organizations talent brand.
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Organizations are taking gaming online to establish their talent brands and to attract candidates: Yahoo! Hotjobs launched Swivel Chair Relay and Flip Off Your Boss to engage their targeted recruiting demographic of 18-24 year olds. The games blend humor and entertainment with the HotJobs brand messaging. The promotion was considered a great success, with more than 40,000 people playing the games and registering as HotJob members.
M errill Lynch developed their Financial Games Collection to educate undergraduates and MBA students about available careers and to drive traffic to their career website. The game teaches players about the IPO process while positioning Merrill Lynch as a great place to work. T he U.S. Army was arguably the first organization to use gaming as a recruitment tool when it launched Americas Army on its website. The game, according to the Army, significantly helped raise flagging enlistment rates.
Source: Brandgames.
Example: Marriott International

Since its launch in June, gamers in 122 countries have played the My Marriott game on Facebook, the first game designed to educate players about careers in the hospitality industry. Players enter a virtual Marriott kitchen where they hire and train employees, ensure that meals are well prepared, serve guests, and buy restaurant equipment and ingredients on a budget. They earn points for satisfied customers and lose points for unsatisfied ones. The game is part of a painstakingly planned global employer brand strategy that was two years in the making, according to Susan Strayer, senior director for global employer brand and marketing at Marriott International. For Marriott, it was important to have a strategy in place for social recruiting. We didnt want to execute solutions without understanding how those solutions fit into the overall strategy, noted Strayer. That strategy included the release of a video in April with a new talent brand line, Find Your World, followed by the unveiling of a Marriott International Facebook page (which now has nearly 32,000 followers) in May and the My Marriott game in June. One of the goals of this strategy: to have people self-select into the industry in general and Marriott in particular. For Marriott, Strayer notes, its not about finding people, but about finding the right people.
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Virtual World Technology: Virtual Career Fairs
The use of virtual worlds (mostly used to host virtual career fairs) in the talent acquisition process admittedly had a rocky start a few years ago. Limits to the technology at the time and peoples unfamiliarity with how it worked caused these online experiences to be often clunky and sometimes downright embarrassing, according to Courtney Hunt, Ph.D., principle at Renaissance Strategic Solutions. I heard horror stories of avatars floating during virtual career fairsand that wasnt the persons intent, recalls Hunt. Others agree. Until recently, technological limitations made virtual career fairs just barely better than what employers could get through online job boards; a place to post jobs and a corporate profile, an area for online chats, and bulletin boards (Zappe, 2011). These limitations caused interest in the use of virtual worlds in recruiting to wane. New and improved virtual world technology, however, has caused a resurgence of interest among HR professionals who see virtual career fairs as a cost effective way to attract talent, particularly those who grew up using technology and who find online interaction more the norm than the exception (Zappe, 2011). In todays virtual career fairs, job seekers and recruiters use avatars to enter a virtual world. Participants can chat live through text, voice or video; conduct interviews
using that same technology; and visit networking lounges where they can interact with different employers and other job seekers. Virtual career fairs can even allow managers who would normally be unable to attend live fairs to talk to candidates, speeding up the interviewing process. Virtual career fairs allow employers to reach candidates from across the globe without the costs associated with travel and hosting on-site career fairs. They are also environmentally friendly because they are paperless (resumes are submitted virtually) and energy saving (reduced reliance on gas to get to and from live career fairs). A survey by Unisfair, a virtual engagement marketing company, found that 60 percent of respondents plan to increase spending on virtual environments and 67 percent of respondents are thinking about hosting ten or more virtual events in the next 12 months (Gardner, 2011). Virtual engagement is not just a replacement for a physical event, but is a new channel for reaching your audiences, notes Joerg Rathenberg, Unisfairs vice president of marketing. The research indicates that virtual events are being adopted across industries and enterprises and will continue to be the preferred way to meet, market, collaborate and educate for both hosts and attendees alike. (Gardner, 2011).
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Example: Monster Canadas Virtual Career Fair

A virtual career fair recently hosted by Monster Canada was deemed a huge success by the company and attendees. The fair featured 21 employers and generated more than 400,000 page views, 18,000 visits, 21,000 job views and collected more than 12,000 resumes. Monsters first virtual career fair in April was hugely popular and the high level of activity clearly demonstrated how having an active online career strategy is the way of the future, both for successful job seekers and employers, noted Monster Canada Senior Vice President of International Sales Peter Gilfillan (Market Watch, 2011). Most recruiters agree that virtual career fairs should be part of a whole recruitment strategy and should not replace face-to-face interaction. Many recruiters predict the emergence of hybrid career fairsa combination of physical and virtual locations that allow for human interaction.
Conclusion
Social media, simulations and virtual worlds are opening new and exciting venues for HR and talent management professionals to source new talent and to establish their talent brands. The rapid pace at which these technologies are developing will challenge HR professionals to stay up-to-date with their uses. At the same time, it will require HR professionals to be nimble enough to make changes to their talent acquisition processes on the fly while managing these applications in ways that will achieve their organizations strategic talent plan.
Berzon, A. (2011, June 6). Enough with the Call of Duty, Answer the Call in Room 417. The Wall Street Journal. Retrieved September 7, 2011 from http://online.wsj.com/ Brandgames (www.brandgames.com). Brightmove.com (www.brightmove.com). Crispin, G. & Mehler, M. (2011, March). 10th CareerXRoads Annual Source of Hire Report: By the Numbers. Retrieved August 30, 2011 from www.careerxroads.com. DaZube, D. (2008, November). Virtual Job Fairs Gain Ground. Dice.com. Retrieved September 8, 2011 from http://careerresources.dice.com/technical-resume/virtualjob-fairs-gain-ground.shtml. Epicor (n.d.). Finding the Perfect Candidate. Epicor. Irvine: CA. Gardner, D. (2011, May 9). 60% of Marketers to Increase Spend on Virtual Conferences. CMO.com. Retrieved September 15, 2011 from www.cmo.com/ virtual-worlds/60-marketers-increase-spendvirtual-conferences?cmpid=NR87.
Giles, J. (2011, October). Meet the New Boss. Second Lifes Creator wants to Rewire How Businesses Run. The Atlantic. Retrieved September 15, 2011 from www.theatlantic. com/magazine/archive/2011/ 10/meet-thenew-boss/8637/#.Tm-L_hkXE7k.twitter. Hampton, M. (2011, Winter). Getting the Biggest Bang for Your Recruiting Buck. Employment Relations Today, 27-36. Handler, C. (2009, March 11). Job Simulations for Selecting Employees: What might the future hold? ERE.net. Retrieved August 29, 2011 from www.ere. net/2009/03/11/job-simulations-for-selectingemployees-what-might-the-future-hold/. Jobvite (2011). Jobvite Social Recruiting Survey 2011. Retrieved August 30, 2011 from www.jobvite.com. Johnson, D. (2011, August 18). AutoMax Recruiting & Training Partners with Hire the Winners and the Car Sales Simulator. Autodealerpeople.com. Retrieved August 31, 2011 from www.autodealerpeople.com.
Khan, R. (n.d.). Google Plus. The Starters Guide. Accessed September 24, 2011 from www.youtube.com. Light, J. (2011, April 4). For Job Seekers, Company Sites Beat Online Job Boards, Social Media. The Wall Street Journal. Retrieved September 6, 2011 from www.wsj.com. Light, J. (2011, May 30). Start-Ups Tag Facebook for Career Networking. The Wall Street Journal. Retrieved September 6, 2011 from www.wsj.com. Market Watch (2011, September 14). Monster.cas Popular Virtual Career Fair Is Back. Market Watch. Retrieved September 15, 2011 from www.marketwatch.com/story/ monstercas-popular-virtual-career-fair-isback-2011-09-14. ODonnell. J.T. (2011, June 27). BranchOut Versus BeKnownWhich Facebook App for Your Career? CareeRealism.com. Retrieved September 24, 2011 from www.careerealsim. com/beknown-branchout-facebook-careerapp/.
Raphael, T. (2011, February 1). 2011 ERE Recruiting Excellence Award Finalists. ERE.net. Retrieved August 25, 2011 from www.ere.net/2011/02/01/2011-ererecruiting-excellence-award-finalists/. Ruiz, G. (2008, January). Job Candidate Assessment Tests Go Virtual. Workforce Management Online. Retrieved August 25, 2011 from www.workforce.com. Wheeler, K. (2010, December 22). Serious Recruiting Games: 6 Tips for Using Games and Simulations for Recruiting Success. ERE.net. Retrieved August 31, 2011 from www.ere.net. Zappe, J. (2011, July 15). 8-city Virtual Job Fair May Be the Crest of a Trend. ERE.net. Retrieved September 7, 2011 from www.ere.net/2011/07/15/8-city-virtual-jobfair-may-be-the-crest-of-a-trend/.
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Embracing Open-Book Management to Fuel Employee Engagement and Corporate Sustainability

Anne Claire Broughton Senior Director, SJF Institute Jessica Thomas Managing Director, Center for Sustainable Enterprise UNC Kenan-Flagler Business School
Introduction
When John Case and Jack Stack first introduced the concept of open-book management more than 30 years ago, the intent was to unleash the entrepreneur in every employee and to spur themand their organizations to better performance. Since then, countless organizations have opened their books and engaged their employees in understanding the critical numbers with positive results to their bottom lines. Although the original goals of open-book management were improved profitability and productivity, organizations have realized other benefits from the practice. These benefits include improved employee satisfaction, engagement, retention, motivation, innovation and corporate sustainability. E xplores how open-book management practices are well-suited to help achieve corporate sustainability goals. O utlines steps HR and talent management professionals can take to ensure the application of those practices in their own organizations.
The Basics of Open-Book Management

Before most people were focusing on corporate sustainability, Case and Stack were espousing the virtues of open communication to engage employees to achieve better overall business performance. In his book, The Great Game of Business, Stack describes open-book management as being all about promoting clear, effective and open communication to employees. By doing so, employees at all levels have a clearer understanding of their organizations purpose and goals, are more engaged in their organizations and perform better in their jobs.
Promise
This white paper: E xamines open-book management and the benefits of applying its principles to improve employee satisfaction, engagement, retention, motivation, innovation and corporate sustainability.
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EMBRACING OPEN-BOOK MANAGEMENT
Organizations practicing open-book management: E xplain clearly the organizations key measures of business success, allowing employees to make betterinformed business decisions. S hare financial information (such as income statements, balance sheets and other key metrics) with employees, and ensure they understand them and know how they relate to the organizations key measures of business success. T ell the stories behind the numbers to bring them alive and give them meaning. A llow employees to share in the success of the organization through a profit-sharing program that is tied to key business metrics.
T each employees how to follow the action and keep score. All employees track progress on critical numbers through regular meetings and scorecards. They are empowered to take action to improve performance as needed. E ngage the ingenuity of all employees in solving key business challenges, such as how the organization can become more socially and environmentally sustainable. When you share the numbers and bring them alive, you turn them into tools people can use to help themselves as they go about their business every day. Thats the key to open-book management. (Stack, 1992).
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Why Open-Book Management Works

Clearly communicated and understood goals, a hallmark of open-book management, leads to improved profitability and encourages teamwork. This leads to increased job satisfaction and reduced turnover. Organizations practicing open-book management report that employees: Feel a stronger sense of ownership in the organization. Develop more trusting and collaborative relationships with their employers. Understand their organizations cost structure and make better informed suggestions for improvement. Understand the need for cost controls through the regular sharing of financial information and become more responsible in how they use their organizations resources. D emonstrate innovative thinking because they feel more vested in their organizations success (Henglein, 2009). S ee the big picture, allowing them to leave their silos and become team players. Giving employees a view of the big picture also makes them more engaged, helps them understand how their roles fit in the organization, and how they can make a difference. All of these factors lead to an improved bottom line. A study conducted by the National Center for Employee Ownership (NCEO) found that organizations which follow open-book management principles experienced a 1-2 percent annual increase in sales growth above typical sales projections.
Example: CleanScapes
CleanScapes, a waste reduction, diversion and collection service headquartered in Seattle, Washington, was recently named by Inc. Magazine as one of the top 5,000 fastest growing companies in the U.S. and the fourth fastest growing environmental firm. Leaders at CleanScapes credit much of their success (which includes $50 million in revenue in 2009, low employee turnover and high levels of customer satisfaction) to their open-book management approach. CleanScapes keeps close tabs on important metrics (called CleanStats) and shares them with employees during weekly meetings. These metrics go beyond financial and include operational efficiencies, errors and kudos. The metrics have been instrumental in helping the firm meet and beat its internal financial performance goals, reports HR Manager Bonnie Abbott. In addition to tracking and reporting on metrics, CleanScapes leaders hold daily morning huddles by department. The company also offers generous benefits and is known to promote from within. Drivers and managers meet for lunch once a month to offer feedback and suggestions on how to improve operations, which has resulted in organization-wide efficiency gains which include lower missed pick-ups, fewer accidents and reduced route hours.
Source: Broughton, 2011.
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Not surprisingly, these outcomesa stronger sense of ownership, improved trust and collaboration, stronger teams, better informed and innovative suggestions, and an improved bottom line, to name a feware also hallmarks of successful corporate sustainability initiatives that emphasize the triple bottom line of people, planet and profits. According to a 2011 McKinsey survey,
successful corporate sustainability programs do a better job of attracting and retaining employees. Executives in organizations with successful sustainability efforts also report that their employees are far more knowledgeable about their organizations operations than employees in other businesses, enabling them to devise efficiency improvements that lead to more sustainable operations.
Open-Book Management Challenges

The main concern most people raise when it comes to open-book management is whether it is wise to share compensation information to employees, the fear being that it could make them disgruntled if they perceive inequities in pay structures. Open-book management proponents do not recommend sharing individual compensation information. Instead, they advise employers to combine salaries and benefits into a single line on budget statements so employees can see and monitor it. This will show employees how much compensation and benefits cost the organization without providing detailed information. And while some might believe that open-book principles can generate resentment toward highly compensated employees, evidence shows the opposite occurs. Employees in open-book organizations better understand and therefore accept compensation structures more willingly. Some management experts like Ed Lawler, director of the University of Southern Californias Center for Effective Organizations, believe that by keeping compensation plans secret or practicing closed book management, businesses tend to generate more distrust and resentment among employees. Other concerns about open-book management practices include: T he worry that disgruntled employees may misuse financial information (such as profit margins) or other proprietary information by sharing it with competitors. T he concern that if the organization is successful, employees will want a larger piece of the profits and may become unmotivated if they dont receive it. Alternately, if the organization is struggling, workers will be concerned with job security and possibly jump ship, taking their knowledge and talents elsewhere. T he belief that open-book management creates a conundrum for organizations by begging the questions: Is it possible to be too transparent? If we open the books, will we give competitors too much information about our products and talent? Will it lead to the poaching of our products and top performers?
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There is no evidence to show that organizations following open-book management practices experience more misuses of proprietary information compared to other organizations. Jack Stack emphasizes the need for managers to actively show employees how to use financial information as a tool to help the company, to avoid the misusing of the information (Stack, 1992). Leaders who follow open-book management practices acknowledge that attempts to hire away top performers are part and parcel of being a successful organization. If competitors arent trying to poach an organizations best employees, then it could be time for HR and talent managers to take a good hard look at what their organizations are doing wrong. Some CEOs of
open-book organizations even welcome the attempts to hire away their best employees, because it provides them an opportunity to communicate openly with them and to demonstrate why their organizations offer the best opportunities for career development. And in terms of struggling organizations, many report that downsizing or implementing temporary salary reductions in difficult times was actually less of a challenge because employees understood why it was necessary. In fact, in a few instances, organizations reported that employees volunteered for layoffs and were the first to return when the organization recovered.
Overcoming the Challenges

These challenges can be addressed, and advocates believe the increased employee engagement, motivation and innovation are well worth the effort. By entrusting employees with vital information about the organizations financial and operational health, business leaders send a message that they consider every worker to be a valued partner and stakeholder in their organizations. Research shows employees who believe they are trusted by their managers and CEOs can better see the big picture and tend to be more loyal and productive, or in other words, more engaged. Employers sometimes find it difficult to determine what kind of financial information to share with employees. Open-book management proponents recommend keeping things focused and simple, with a goal to communicate a common understanding of the organizations most critical numbers and how employees can move those numbers in the right direction (GreatGame.com). The critical numbers employers decide to share with employees will often be as unique as the organization but may include revenue growth (or loss), expenses, workforce growth (or reduction), and compensation and benefits. For organizations striving to achieve sustainability goals, other critical numbers may be shared. At Burts Bees, for example, critical sustainability goals include water and electrical use, community giving, and achievement toward their long-term goal of having each Burts Bees location become a zero waste-to-landfill facility; a goal they achieved for three facilities in 2010. The key to any successful open-book management system is to design it to fit an organizations particular business needs and corporate culture, according to JoAnne Berg from Monster.com. Open-book management, Berg writes, is another set of tools in your toolkit that you can use to improve the success of your business. (Berg, n.d.).
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How Open-Book Management Can Drive Corporate Sustainability

Organizations are increasingly considering the triple bottom linepeople, planet and profit in their business dealings and in their measures of organizational success. Not surprisingly, open-book management practices work well in organizations that engage in corporate sustainability practices. Open-book management can significantly contribute to achieving and maintaining corporate sustainability efforts by integrating social and environmental metrics into the traditional financial measures of business success. Open-book management practices also contribute to corporate sustainability efforts by empowering employees with knowledge of the critical numbers, enabling them to see where their innovative efforts can streamline operations, saving money and resulting in increased sustainability. Nowhere is this more apparent than at Durham, N.C.-headquartered Burts Bees. A key goal of their sustainability initiative is to attain a 100 percent involvement rate from employees. Their paperless corporate sustainability report, which is publicly available on their website, is just one mode of communication used to reach that goal. According to Yola Carlough, Burts Bees director of sustainability, (We) have other ways of keeping everyone engaged and aware, such as an environmental gazette thats published monthly, quarterly all-company meetings which include important messaging, but generally are a lot of fun, movies that are relevant, documentaries, regularly scheduled lunch-and-learns on any topic. Often, our employees suggest what topics they would like to learn about. All of this is helpful and really well receivedand along the way, they keep all of our teams informed. In 2010, Burts Bees launched its Live the Greater Good program, designed to achieve 100 percent employee engagement as a way to achieve its longterm sustainability goals. The program consists of four modules that all employees have to complete annually on wellness, world-class leadership, outreach and the environment. The programs are tied to the companys culture and long-term corporate goals. In addition, the company offers a short-term incentive program. All associates are eligible for a bonus based on overall company performance. Like most companies, performance is based, in part, on sales or profits, but at Burts Bees, there is a sustainability component as well. The metrics may change annually based on what the company is focusing on for the fiscal year, but all of them tie into their long-term goals. In 2009, sustainability goals included reducing water and electrical usage.
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At New Belgium Brewing, CEO Kim Jordan notes that their companys open-book management style fosters employee engagement and innovation, which in turn improves the companys sustainability efforts. Engaging employees, she notes, allows all employees, from entry level to executive, to participate in the business of doing business. For example, two New Belgium Brewing employees recently proposed eliminating 12-bottle pack dividers. By eliminating the dividers, the company saved $280,000, 150 tons of paper and reduced machine downtime.
Open-book management practices help to improve the triple bottom line by giving employees the information they need to make informed decisions and the ability to act. These newly empowered employees are more invested in the long-term financial sustainability of the organization because they feel ownership in the organizations environmental, social and financial effects and are empowered to drive the top and bottom lines. Everyone shares the same mission and goals and can better collaborate to meet those goals.
Example: New Belgium Brewing

At New Belgium Brewing, open-book management drives their high performance culture and sustainability efforts. Founded in 1991 by Jeff Lebesch, leaders at this Fort Collins, Colorado-based brewery believe that their company culture is one of the most important and transferrable tools weve employed to drive sustainability. Sustainability efforts embraced by New Belgium Brewing include the formation of a sustainability management system with the earth as a central stakeholder, reduction of their carbon footprint, the use of green power (including wind and solar), and recycling of waste (New Belgium Brewing Company, 2008). Their culture, which sets the stage for their highly engaged workforce, was established through strategic alignment, open-book management and employee ownership (43 percent of the company is owned by employees through an employee stock ownership plan [ESOP]). In addition to a share in the companys success, other open-book management practices include financial training and monthly staff meetings during which finances are reviewed and employees can ask questions and offer feedback. It all adds up, notes one employee. When a co-worker is connected to the higher purpose of the company and educated on the financial outcomes of their actions, they are empowered to make decisions that benefit the business as a whole.
Source: New Belgium website.
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HRs Role in OpenBook Management and Corporate Sustainability

HR and talent management professionals can help propel an organization toward adopting open-book management and achieving corporate sustainability goals through some or all of the following practices.
to achieving corporate sustainability objectives. HR and talent management professionals can aid the communication of sustainability initiatives through regular newsletters, electronic bulletin boards, and regularly scheduled staff meetings. HR can also take the lead in actively seeking out employees and asking for their ideas on how to do things better, quickly implementing the good ideas and giving credit to the people who made them. Burts Bees, for example, uses two annual surveys to help solicit employee feedback and to assess how the organizations sustainability efforts are being put to use by employees in the workplace and in their homes. An annual cultural assessment survey takes the pulse of the organization in terms of change, the pace of change and management practices. It was through this survey that management realized that whenever the surveys culture scores went up, so did employee retention. The organizations Green Day survey examines the green practices employees use every day and assesses if those practices have changed how employees live. For example, the survey asks employees if a process they learned at work affected how they did things at home. Do they recycle more? Do they use different light bulbs? This survey helps the company determine how sustainability practices introduced on the job trickle into the home and the community.
Get Executive Buy-In

Ultimately, achieving corporate sustainability through open-book management practices must be supported financially and activelyby top management. In organizations where the books havent been opened, HR can lead the way by educating senior leaders about how open-book management practices can have a positive effect on an organizations bottom line. In addition, HR can be a leader in demonstrating how these same practices have been applied in other organizations to achieve corporate sustainability goals. Furthermore, HR can encourage the development of cross-functional teams that focus on ways to improve corporate communications and foster teamwork. HR also can lead by example by sharing key HR success metrics. This can include HR-related financial information such as the percentage of an organizations budget allocated to salaries and benefits. Time-tohire, retention and turnover are other key metrics that HR can provide and share with the organizations stakeholders. For such information to be useful, employees must be able to grasp why those numbers are important to the organization as a whole and to their roles in particularHR professionals should be sure to tell the story behind those numbers.
Develop Compensation Systems that Motivate and Allow for Employee Innovation to Achieve Corporate Sustainability
HR and talent management professionals can be key players in the development and implementation of organizational profit-sharing plans that award employees not on just financial metrics achieved but on sustainability metrics as well, such as sharing with employees some of the money saved through achieving operational efficiencies.
Communicate Organization-Wide to Foster Employee Buy-In to Corporate Sustainability

As Burts Bees demonstrates, communicationa key open-book management practiceis essential
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Be Selective in Hiring and Offer Financial Literacy Training

HR professionals can use HR tools such as selection for knowledge, skills, abilities and culture fit, and training to help create a workforce that has the skills and motivation to achieve the key objectives of the triple bottom line (Cohen et al, 2011). During the selection process, HR and talent managers can provide candidates with publicly available financial information and explain how this information is communicated and used in improving the organization. Financial literacy training can help all employees better understand this information and can be an integral part of the onboarding process and provided to all employees on an ongoing basis.
Create and Communicate Meaningful Metrics

Another key role for HR is to develop metrics that will demonstrate achievement toward triple bottom-line goals. It is then HRs responsibility to communicate those metrics to all employees and help staff members link those metrics to their roles in the organization. HR should be prepared to track and assess those metrics on a regular basis through departmental and organizationwide staff meetings.
Conclusion
The management philosophies of open-book management and sustainability are highly complementary. Open-book management practices empower employees by giving them information they needsuch as critical sustainability metricsto make informed decisions and to act. This in turn leads to improved profitability and a stronger organization the foundation of any sustainable enterprise. HR and talent management professionals who realize this and work to find ways to implement and integrate open-book management practices into their organizations will offer their employers a true competitive advantage through improved corporate sustainability policies.
Berg, J. (n.d.). Opening the Book on Openbook Management. Monster.com. Retrieved October 15, 2011 from www.monster.com/ hr/hr-best-practices/small-business-resources/ management-best-practices/pros-and-cons-ofopen-book-management.aspx. Burts Bees (n.d.). 2010 Multimedia Report. Retrieved December 12, 2011 from http:// www.burtsbees.com/c/commitment/socialenvironmental-reporting/. Broughton, A.C. (2011). Employees Matter: Maximizing Company Value Through Workforce Engagement. SJF Institute. Durham: NC. Retrieved October 17, 2011 from www.employeesmatter.org.
Cohen, E., Taylor, S., & Muller-Camen, M. (2011). HRs Role in Corporate Social Responsibility and Sustainability. SHRM Foundation. Alexandria: VA. Great Game website (www.greatgame.com). Henglein, G. (2009, April 22). The Pros and Cons of Open-Book Management. allBusiness. Retrieved October 17, 2011 from www.allbusiness.com/companyactivitiesmanagement/ financial/12302038. html.
McKinsey Quarterly (2011, October). The business of sustainability: McKinsey Global Survey Results. McKinsey Quarterly. Retrieved October 18, 2011 from www. mckinseyquarterly.com/Energy_Resources_ Materials/Environment/The_business_of_ sustainability_McKinsey_Global_Survey_ results_2847.
Seijts, G. & Crim, D. (2006, March/April). What engages employees the most or, the Ten Cs of employee engagement. Ivey Business Journal. Reprint #9B06TB09. Stack, J. (1992). The Great Game of Business. Doubleday. New York: NY. Winning Workplaces (2007, August 6). Ask an
New Belgium Brewery (2008). 2007 Sustainability Report. New Belgium Brewery. Fort Collins: CO. New Belgium Brewery website (www.newbelgium.com). The National Center for Employee Ownership website (www.nceo.org).
Expert: A Primer on Open-book Management. Retrieved October 12, 2011 from http:// www.winningworkplaces.org/forum/ask/ primer_obm_php.
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Maximizing Millennials in the Workplace

Jessica Brack Program Director UNC Executive Development
Introduction
They are known as Millennials, Gen Y, Gen Next, Echo Boomers, the Baby-on-Board Generation, Screenagers, Facebookers and the MySpace Generation, to name just a few. Whatever you choose to call them, they are the nearly 80 million young adults born (according to the U.S. Bureau of Labor Statistics) between 1976 and 2001 who have already joined or are preparing to join the workforce. By 2014, 36 percent of the U.S. workforce will be comprised of this generation and by 2020, nearly half (46 percent) of all U.S. workers will be Millennials (Lynch, 2008). By comparison, the generation before them, Generation X (or Gen Xers), represent only 16 percent of todays workforce. The sheer volume of Millennials, combined with the relative lack of Gen Xers and the increasing retirement of Baby Boomers means that employers will be facing leadership gaps. And they will be looking to Millennials to fill those gaps. By all accounts, Millennials are unlike preceding generations. They view the world differently and have redefined the meaning of success, personally and professionally. In some cases, this has led to misunderstanding among the different generations co-existing in todays workplace. Increasingly, however, business leaders are realizing this generations unique competencies and perspective, and employers are looking for ways to harness their strengths. (For additional insights on how to leverage the shared values of the different generations in your workforce, refer to the UNC Executive Development white paper: Rethinking Generation Gaps in the Workplace: Focus on Shared Values.)
Promise
This white paper: E xamines the positive characteristics Millennials bring to an organization. E xplores what this generation feels is important in a job and what they expect from their employers. O ffers HR and talent development professionals some practical tips on how to keep this generation engaged. P rovides examples of what leading-edge organizations are doing to leverage this generations strengths and to integrate them into a multi-generational workforce.
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MAXIMIZING MILLENNIALS IN THE WORKPLACE
The Cowboys
The generations preceding the Millennials are sort of like cowboys, a rugged, individualistic lot. In general, these Baby Boomers and Gen Xers believe in a commandand-control management approach, value working individually, view managers as experts and look to their employers for career planning. They like clear boundaries and have a generally inward-looking perspective as compared to Millennials (Gartner Research in Lynch, 2008). These characteristics are understandable. Baby Boomers and Gen Xers grew up during a time when conducting research required a trip to the library and a stroll through the index card file. If they were early cell phone users, they toted around a two-pound, brick-sized phone with a whopping half-hour of talk time. Life for these generations was more linear. It took time to progress from point A to point B.
Millennials in the Workforce 2014

Millennials Older Generations
34%
66%
Source: Lynch, 2008
The Collaborators
In contrast, Millennials see life in more circular, optimistic terms. For them, life is more like Londons Eyethe citys giant Ferris wheelthere are multiple opportunities to stop along the way, with great views they can instantly snap with their camera phones, post to Facebook, and add a status update, all before the next stop. They have grown up with technology. They have always been able to open multiple tabs in an Internet browser to conduct research and search for movies and music while simultaneously playing Angry Birds. They use social media applications like they were born to itbecause they were. They are tech-savvy multi-taskers because that is all they have ever known. They dont view managers as content experts (like their predecessors) because they know where to find multiple versions of the information. Instead, they view managers more as coaches and mentors. They know of dozens of websites that can help them plan their own careers, and the constant launching of a newer or better app has made them continuous learners.
Millennials in the Workforce 2020

Millennials Older Generations
46%
54%
Source: Lynch, 2008
Still, Millennials were raised under heavy supervision. This generation didnt grow up in a world where kids left the house on their bikes every summer morning and returned in the evening just in time for dinner. They were driven to soccer practices, music lessons and T-ball games, and most summer days were spent at a carefully

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selected camp. Their early (and constantly supervised) exposure to team sports has made them the best team players and collaborators in generations. In addition, they are the most diverse generation to date and not just racially or ethnically. This generation has more individuals than ever who come from singleparent homes, blended families and same-sex parent families. Millennials are optimistic and achievementoriented. They are also the most educated generation in history (Newman, 2010; Rikleen, n.d.). And thanks to technology, they are aware of their own vast numbers
Millennials are continuous learners, team players, collaborators, diverse, optimistic, achievement-oriented, socially conscious and highly educated.
and their impact on the environment. This generation is socially conscious and expects their employers to act in socially conscious ways.
C B A
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The Clash of the Cowboys and the Collaborators in the Workplace

Not surprisingly, what makes Millennials unique their tech-savvy, multi-tasking, collaborative approach to lifemay cause some challenges in the workplace. Where the cowboy generations take an individualistic approach to life and work, Millennials crave collaboration, team-based work projects and an unstructured flow of information at all levels. They have an outward-looking perspective and interact with an extensive network of communities beyond their employer, which may be interpreted by other generations as a lack of dedication or loyalty (Gartner Research in Lynch, 2008). While Baby Boomers and Gen Xers want job security and structure, Millennials seek employability and flexibility. Millennials want to continually add to their skills in meaningful ways. For them, work isnt just about income. Its about personal enrichment and fulfillment, which means that having flexibility in their work schedules is highly regarded. In fact, a recent Mercer study (in Nekuda, 2011) found that the top three career priorities for Millennials were compensation (most Millennials graduate from college with an average of $20,000 in debt), flexible work schedules and the opportunity to make a difference. Not far behind the top three were having trust in their organizations leadership, receiving benefits and getting professional development opportunities. Cowboys also value these factors in their jobs but to a different extent. In a study by Levit and Licina (2011, in Rikleen, n.d.,) when asked how important meaningful work was, 12 percent of managers said it was important versus 30 percent of Millennials. Fifty percent of managers in the study said that high pay was important, versus 28 percent of Millennials. Only 12 percent of managers said a sense of accomplishment was important, as compared with 25 percent of Millennials. And while 12 percent of managers said responsibility was important, only 5 percent of Millennials thought so.
Job Factors Valued as Important

Millennials Managers
50%
30%
28% 12%
25% 12% 5% 12%

Responsibility
Meaningful Work
Source: 2011, in Rikleen, n.d.
High Pay
Sense of Accomplishment
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Example: Johnson & Johnson

Johnson & Johnson formed its first-ever generational affinity group, the Millennials, to help raise understanding of the generation and to encourage inclusion across all generations. The group serves as an educational resource and awareness advocate about Millennials culture and characteristics, empowers and supports Millennials professional growth and success, and works to establish relationships between Millennials and all other employees to encourage a deeper understanding of the Millennial population. The group is open for everyone not just Millennialsto join.
Source: Rickleen, n.d.
With such different work expectations among generations, it is no wonder that some conflict may arise. These different expectations can and must be
managed, particularly now, as we slowly emerge from the Great Recession, which officially ended in 2009 and delayed the wave of Baby Boomer retirements.
Cowboys vs. Millennials: Workplace Expectations
COWBOYS
Command and control management style Individually focused work Manages flow of information Job security Work = income Structure Inward looking Influence through organization, position
Source: Gartner Research in Lynch, 2008
MILLENNIALS
Active, involved leadership Collaborative, teamwork Unstructured flow of information Employability Work = income and personal enrichment No structure, flexibility is highly valued Outward looking Influence through networks, communities
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What Millennials Want from Their Employers

Understanding how Millennials were raised and their collective world experiences can help employers better understand what they want from their jobs. Diane Spiegal, CEO of The End Result, a corporate training and leadership development company, writes that Millennials want the following from their employers:
1. Coaching.
Millennials were raised with constant coaching and feedback and expect it to continue in the workplace. Coaching will keep Millennials engaged in their work. Spiegal notes that coaching does not need to be time consuming or overly formal. Coaching, she states, can be as simple as a quick e-mail response, a text or a two-minute conversation.
2. Collaboration.
Millennials are natural collaborators, particularly when the groups purpose and goals are understood. Spiegal recommends that employers be clear about deadlines and any business boundaries the group should be aware of.
3. Measures.
Millennials were raised with a lot of structure and measuring systems and are accustomed to understanding how they will be judged and assessed. They expect these metrics to continue in the workplace, so employers should define clear and consistent job assessment criteria.
4. Motivation.
Millennials want a work environment that is comfortable and which inspires them to contribute without fear of being criticized. Spiegal suggests throwing a pizza lunch or giving time off for a job well done (Spiegal, 2011).
In addition to Spiegals observations, Cara Newman of Young Money adds a few more. The structure Millennials grew up with means that they are used to supervision. They prefer, however, to follow leaders who are honest, have integrity and who treat them with respect. Leaders should let Millennials know the
big picture so they understand their roles. They want flexibility in their jobs and opportunities to learn and meaningfully contribute. Offer projects, then, with a learning component. It will challenge them and make them work harder (Newman, 2010).
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The Millennial Engagement Challenge

The recent recession has taken its toll on everyone, but Millennials in particular were hard hit. Many younger adults, who were employed at the start of the recession, became victims of the last one in, the first one out syndrome. This soured their perceptions of the workplace; 37 percent of Millennials in a recent SBR Consulting survey said they didnt trust big business (Randall, 2011). A 2011 Pew study on young adults and work found that 41 percent of the public believed young adults (between the ages of 18 and 34) were having a tougher time in todays marketplace than middle-age and older adults when it came to finding long-term employment. Government statistics appear to back that impression. Since 2010, the share of young adults currently employed (54 percent) is the lowest since the U.S. government started collecting such data in 1948. In addition, the gap in employment between young adults and all working adultsabout 15 percentage points is the widest on record. Furthermore, younger adults employed full time have experienced a 6 percent drop in weekly earningmore than any other age group over the past four years (Taylor et al, 2012). The Pew survey also found that during the recent recession, 49 percent of the young adults surveyed said that had taken a job they didnt want just to pay the bills, and nearly a quarter said they had taken an unpaid job to gain some work experience. For employers, this means that many working Millennials are probably not engaged and, according to the SBR Consulting survey, 70 percent of them are planning to change jobs once the economy improves (Nekuda, 2011). (For additional insights on employee engagement, refer to the UNC Executive Development white paper: Focusing on Employee Engagement: How to Measure and Improve It.) This potential exodus of Millennials from their current jobs combined with Baby Boomer retirements could put organizations at risk at a time when many are only now finally making it solidly back into the black. This turnover will mean knowledge and productivity loss, higher recruitment and training costs, not to mention the leadership gaps that will be created by exiting Baby Boomers. There are simply not enough Gen Xers in the workplace to fill the leadership gaps that will occur, and employers must prepare Millennials now to help fill those gaps.
AGED G N E T O N
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ENGAGED
7
8
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MILLENNIALS
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HRs Role in Attracting, Developing, and Retaining Millennials

Despite the setbacks Millennials experienced as a result of the recession, the bad times, according to the Pew study, did not trump this generations optimism. Among the young adults surveyed, 88 percent said they either earned enough money now or expected to in the future. Young adults are concerned about their future employability, however. Nearly half (46 percent) of young adults responding to the survey said they lacked the education or training necessary to get ahead in their jobs or careers, a number that could reflect Millennials awareness of the fast-paced change inherent in a knowledge economy. In addition, the survey reflected an increased level of vulnerability among young adults; only 43 percent felt extremely or very confident that they could find another job if they lost or left their current one. Millennials then, are optimistic about their future earnings but feel vulnerable about their immediate employability. They are also deeply concerned whether they have the training and skills needed to compete in the long run.
communication, compensation, development, collaboration

Example: General Electric
To help transition its Millennial workforce to GEs culture, HR leaders at GE formed a team of 21 Millennials from various GE businesses and functions with a goal to identify ways to attract, develop and retain Millennial talent. The team, named Global New Directions, returned from their three-month assignment with the following recommendations that were adopted by senior leaders: Use gaming technology to connect the world to GE in a fun and engaging way to educate prospective employees about the companys values. Create a personalized suite of benefits that offers more flexibility and choice to better meet the needs of GEs global, diverse workforce. Enhance performance management systems with new tools to help employees navigate their careers at GE, to identify a wider range of job opportunities throughout the company, and to offer more just-in-time feedback and coaching.
Source: Peters, 2012.
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With this in mind and understanding what Millennials are looking for from their employers, here are a few steps HR and talent management professionals can take to attract, develop and retain this generation:
Step 2: Develop them.

In addition to the steps taken to attract Millennials, leadership expert Lauren Stiller Rikleen offers the following tips on how to develop Millennials into leadership roles: D evelop initiatives that foster mutual support and understanding among the generations. Training on intergenerational dynamics will help build rapport and a stronger sense of community. For Millennials, offer soft-skills training like how to assimilate into a new workplace culture, how to work with team members assertively and diplomatically, how to process feedback, how to approach a supervisor for coaching and mentoring, and how to set long-term career goals. O ffer collaborative discussions like roundtables that encourage innovative thinking across generations. F oster an appreciation of diversity within the organization. This will help all generations avoid the stereotyping that gets in the way of valuing the skill sets of each employee (Rikleen, n.d.). These kinds of leadership development opportunities will not only help minimize the misperceptions that arise among generations, but will also help prepare the Millennial generation to assume leadership roles when Baby Boomers begin leaving the workplace.
Step 1: Attract them.

When trying to attract Millennials to an organization, communicate to prospective employees what the organization does to engage workers. Let them know about the organizations culture, open communication policy, flexible work schedules, training-anddevelopment opportunities, etc. Companies like Google and Deloitte are increasingly using technology to deliver this information through video streaming on recruiting websites. Employees are often featured in the videos, letting prospective employees walk with them through their day as they explain how the organizational culture fits with their job. Technology and e-learning opportunities can also be used in onboarding and cross-training programs. (For additional insights on how leading organizations use technology in their HR practices to attract and retain talent to their organizations, refer to the UNC Executive Development white paper: The Recruiting Revolution: How Technology is Transforming Talent Acquisition.) It may also be time to consider Millennials compensation needs, particularly in light of the average $20,000 debt Millennials have in student loans after graduating from college. Compensation packages slightly above industry or regional averages can provide organizations a recruitment edge in attracting the best and brightest of this generation. Most Millennials also believe that they will never see a pension or Social Security check and that they will need to find their own financial independence in retirement, so offering immediate 401(k) eligibility can have appeal for Millennials (Lynch, 2008).
Step 3: Retain them.

Creating an organizational culture that is flexible and relaxed, has open communication, encourages sharing and innovation and offers flexibility is a good step to keeping Millennials engaged. Millennials want fun and a less formal atmosphere may help foster it. Open and honest communication is highly valued by Millennials and they expect it from their leaders, so when focusing on creating a comfortable culture, consider not just the formal surroundings but also the nature and tone of
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organizational communication. Good communication will also help them understand their role in the organization, and may break down some of the distrust this generation has of big business. (For additional insights on how organizations have used open-book management practices to create an engaging corporate culture, refer to the UNC Executive Development white paper: Embracing Open-Book Management to Fuel Employee Engagement and Corporate Sustainability.) Training and development budgets were hard hit during the recession. Millennials place a high value on having those opportunities available through their employers and want to acquire new skills and abilities to remain competitive, so it is now more important than ever to reinstate those budgets. Training and development opportunities can include on-the-job training, coaching and mentoring. Some organizations
have taken coaching and mentoring a step further by instituting reverse mentoring programs, which allow Millennials to share their technological knowledge with other generations in the workplace. (For additional insights on how organizations have used e-learning and technology to cost-effectively develop and retain their employees, refer to the UNC Executive Development white paper: Unlocking the Potential of On-Demand Learning in the Workplace.) Coaching and mentoring programs can help retain Millennials. A study of Sun Microsystems by Bellevue Universitys Human Capital Lab found that mentees had a 23 percent higher retention rate than nonparticipants, and mentors had a retention rate that was 20 percent higher than non-participants, resulting in estimated savings of $6.7 million (Nekuda, 2011).
Example: Northrop Grumman

Northrop Grummans Connect1ng program is run by employees, for employees and its aim is to retain recently hired and highly skilled engineers. The all-volunteer team organizes social networking, community outreach and professional development activities across 26 geographic regions. In the past three years, more than 15 percent of Northrop Grumman employees have participated in more than 1,000 events. The program also focuses on providing education about the business, industry trends and relevant career planning information. It also aims to provide frequent interaction with senior executives who provide guidance on career paths to new hires.
Source: Rickleen, n.d.
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Millennials are continuous learners and there is evidence that learning opportunities, such as tuition reimbursement programs, increase retention rates. A Bellevue University study of Mutual of Omaha found that employees who participated in the companys tuition reimbursement program were twice as likely to stay as non-participants (Nekuda, 2011). When considering training and development opportunities targeted to Millennials, leverage their love of technology with e-learning opportunities. E-learning opportunities can be on-demand, offering flexibility in terms of when and where Millennials participate (a feature Millennials highly value), and are extremely cost effective. Employers are increasingly using e-learning to teach introductory concepts like business basics or sales techniques.
Millennials like to work collaboratively on teams, so now would be a good time to take a teamwork approach to work on a test run. Since other generations may balk at this approach, consider forming a team of Millennials to tackle a particular projectjust be sure the project fits with the organizational mission, goals and objectives because Millennials will want to understand how the project fits into the big picture. Finally, keep the doors open for Millennials who leave the organization. Many organizations have developed virtual alumni networks that keep former employees up-to-date on what is happening in the organization. These networks can also be used to post job announcements specifically tailored to alumni who may be ready to return.
Conclusion
The nearly 80 million Millennials who are about to enter or who are already in the workforce will fundamentally change how business is conducted in the future.
Burgess, J. (2008). Managing the new workforce, generation Y (Millennials). Red Fusion. Retrieved from http://www.redfusion. com/arc_managing_generation_Y_millennials. htm Mercer (2011, June). Inside employees minds: navigating the new rules of engagement. Mercer. New York: NY.
HR practices and policies designed to attract, develop and retain this vast cohort must change to reflect this generations workand lifeexpectations.
Portillo, E. (2011, December 26). New poll shows many think Millennials arent hard workers. Chicago Tribune. Retrieved from http://articles. chicagotribune.com/2011-12-26/business/ct-biz1226-millennials-20111224-1-millennials-newpoll-older-workers Spiegal, D. (2011, July 20). Why hiring Millennials is good for your business. Open Forum. Retrieved from http://www.openforum. com/articles/why-hiring-millennials-is-good-foryour-business
Gorman, P., Nelson, T. & Glassman, A. (2004). The Millennial generation: a strategic opportunity. Organizational Analysis, 12, 3, 255-270.
Myers, K. & Sadaghiani, K. (2010, June). Millennials in the workplace: a communication perspective on Millennials organizational relationships and performance. Journal of Business Psychology, 25(2), 225-238.
Randall, S. (2011). Millennial generation today. SBR Consulting. Charlotte: NC.
Hardy, D. (2011, June). Mining the Millennials. DarrenHardy. Retrieved from http://darrenhardy. success.com/2011/06/mining-the-millennials/
Nekuda, J. (2011, August 11). What Millennials want. Human Capital Lab. Retrieved from http:// www.humancapitallabe.org/blog/?p=256
Rikleen, L. (n.d.). Creating tomorrows leaders: the expanding roles of Millennials in the workplace. Boston College Center for Work & Family. Chestnut Hill: MA.
Sullivan, J. (2011, December 12). The business case for hiring college grads32 reasons they can produce high ROI. Ere.net. Retrieved from http://www.erenet.net/2011/12/12/the-businesscase-for-hiring-college-grads-reasons-they-canproced-a-high-roi/
Internships.com (n.d.). Gen Y interns: 7 reasons why they are good hires. Internships.com. Retrieved from http://www. internships.com/employer/resources/recruit/ whygen-y
Newman, C. (2010, March 31). Managing Millennials in the workforce. Young Money. Retrieved from http://www.youngmoney.com/ entrepreneur/managing-millennials-in-theworkforce/
Schawbel, D. (2011, December 13). The expanding roles of Millennials in the workplace. Forbes. Retrieved from http://www.forbes.com/ sites/danschawbel/2011/12/13/the-expandingroles-of-millennials-in-the-workplace/
Taylor, P., Parker, K., Kochlar, R. et al (2012, February 9). Young, underemployed and optimistic. Coming of age, slowly, in a tough economy. Pew Social & Demographic Trends. Washington: DC.
Lynch, A. (2008). ROI on generation Y employees. Bottom Line Conversations, LLC. Retrieved from http://www.knoxvillechamber. com/pdf/workforce/ROIonGenYWhitePaper.pdf
Peters, S. (2012, February 8). How GE is attracting, developing, and retaining global talent. Harvard Business Review. Retrieved from http://blogs.hbr.org/cs/2012/02/how_ge_is_ attracting_and_devel.html
Ukeleja, M. (2011, November 15). How do you keep Millennials from moving on? LeadershipTraq. Retrieved from http:// leadershiptraq.com/2011/11/15/how-do-youkeep-millennials-from-moving-on/
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Mindy Storrie Director of Leadership Development UNC Kenan-Flagler Business School
Introduction
Nearly 50 years ago, The Personnel Administrator (the precursor to the Society for Human Resource Managements HR Magazine) published the article, Women at Work: One of the Most Controversial Issues of the Sixties, by Dr. Daniel Kruger. The article examined the societal, labor and economic forces that were compelling women to join the workforce. As to why he wrote the article, Kruger noted that our concern here is with the role of women in the labor force. We leave others to discuss the impact of working women on family life, mental health, juvenile delinquency and on society as a whole. (SHRM, 2008). The debate surrounding women in the workforce has shifted somewhat in 50 years, but it still continues. In 1964, women comprised nearly 40 percent of the U.S. labor force (up from 32 percent in 1948). Today, women make up 61 percent of the labor force and are attaining college-level degrees at a faster rate than their male counterparts [Bureau of Labor Statistics (BLS) in U.S. Department of Commerce et al, 2011]. There are definite rewards for organizations that target women in their recruiting, development and retention efforts. A Thomson Reuters study found that organizations which are ahead of their peers in breaking the glass ceiling tend to have share prices that outperform their competitors, particularly in difficult market conditions (Chanavat, n.d.). And, a 2007 McKinsey study found that organizations with a higher percentage of women in top management positions had a 17 percent higher growth in stock prices and a 1.1 percent larger return on equity (Landis et al, 2011). Yet gaps persist between men and women in the workforce in terms of pay, career path, and leadership development.
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NEW BUSINESS IMPERATIVE: WOMEN IN THE WORKPLACE
Promise
This white paper: E xplores the changing role of women in the workplace and the business imperative to foster womens roles in organizations. E xamines the persisting gap in female representation in leadership positions. L ooks at perception gaps found in a 2012 University of North Carolina (UNC) Leadership Survey of women and men in senior leadership roles on the effectiveness of organizations in recruiting, developing and retaining female employees. O ffers HR and talent management professionals effective steps they can take to recruit, develop and retain women in organizational leadership roles.
women comprise between 80 and 85 percent of the U.S. consumer market. Combine this with the knowledge that companies with higher percentages of female senior-level managers tend to outperform their competitors, it comes as no surprise that those organizations failing to target women in recruiting, development and retention strategies may miss their bottom-line goals.
The Persisting Gap in Leadership Positions

Today, women are still three times more likely to work in administrative support jobs than men, and while women are far more likely than men to work in professional-level positions (approximately 26 percent of women versus approximately 17 percent of men), they are clustered in lower-paying fields such as education and health care. According to the BLS (Bureau of Labor Statistics), the proportion of women working in management, business and finance jobs rose from 9 percent in 1983 to 14 percent in 2009, but in general, women tend to remain employed in just five occupations: secretaries, registered nurses, elementary school teachers, cashiers and nursing aides (U.S. Department of Commerce et al, 2011). Even though the percentage of women working in the management, business and finance fields remains relatively small in comparison to men, the percentage of U.S. women in management or professional (and related) positions in those fields rose to 51.5 percent in 2010 (Catalyst, 2011). However, in 2011, women held only 16 percent of Fortune 500 board seats in the U.S. and only 14 percent of the executive officer positions at Fortune 500 companies, showing a distinct gap between lower-level management positions and higher-level management positions (Catalyst, 2011). In Europe, where some countries have instituted quota systems for women in executive management positions and in other countries where gender discrimination has been historically less prevalent, the percentage of women working in executive and management roles averages 29 percent (Mercer, 2012).
The Changing Role of Women in the Workplace

In the 1930s, working women had limited choices when it came to occupations. Most worked as domestic servants, factory workers, administrative staffers, school teachers and nurses. Lifetime employment for women was rare; most left the workforce when they got married or became pregnant. Today, four out of 10 women in the U.S. workforce are working mothers and are their households primary breadwinners, and nearly two-thirds are primary or cobreadwinners (Boushey in Shoemaker, Brown & Barbour, 2011). A 2011 McKinsey report estimates that without women in the workforce between 1970 and 2009, the U.S. economy would be 25 percent smaller (Barsh & Yee, 2011).
The Business Imperative

Women are not only increasingly the primary breadwinners, they are also the worlds largest group in terms of purchasing decisions; studies show that

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Despite the fact that women are slowly making inroads into management positions and are out-pacing men in the attainment of higher education, a gap in compensation persists. According to the BLS, at all education levels women earn about 75 percent as much as men. A recent Korn/Ferry International study found that the pay gap continues into the C-suite. Researchers found that the pay gap between women and men at the C-suite level was between 13 and 25 percent (Landis, Predolin et al., 2011). One of the factors that may reflect this persistent pay gap is the lack of female representation in senior leadership positions. A Development Dimensions International (DDI) report found that women held 21 percent of executive-level positionshalf that of women in first-level management positions (Howard & Wellins, 2009). That same report found that more than 70 percent of the top 1,500 U.S. firms included in the study had no women on the senior leadership team, and that in all major global regions studied, women were more likely than men to fall off the management ladder before reaching the executive level. The DDI report offered a few conclusions as to why women have failed to advance to higher positions in management. These conclusions included: T he lack of high-potential programs in organizations and the lack of women in those programs. Half of the organizations that participated in the DDI survey said they identified high potential employees, but at all management levels, women were less likely than men to be identified as high potential. In fact, the higher the management level, the larger the gap between men and women. At the lowest management level, the gap between men and women identified as high potential was 4 percentage points; at the executive level, the gap was 13 percentage points. The lack of leadership transition training. The study found that while many leaders thought leadership transitions were challenging, slightly more than half of the organizations in the survey
offered transition training. Further, 35 percent of male executives reported receiving support for leadership transitions, versus 28 percent of female executives. T he lack of multinational leadership experience offered to women. Men were twice as likely to have been assigned multinational leadership responsibilities as women (21 percent for men versus 9 percent for women), and this gap persisted at the executive level, where 45 percent of men were given multinational leadership responsibilities versus 25 percent of women. Multinational leadership responsibilities, the authors of the study noted, can be powerful accelerants of personal and professional development and is often used as a criterion for promotion. T he lack of professional development opportunities offered to women at higher management levels. The study notes that whether a development opportunity was a way to enter a highpotential program or provided support for transitions into higher positions or taking on multinational responsibilities, men were favored over women at every job level. (Howard & Wellins, 2009).
Women as Leaders
Women who do achieve senior management positions in organizations appear to be representing their gender well; several studies show that women are perceived to be better leaders than men. A 2011 study conducted by Jack Zenger and Joseph Folkman of more than 7,000 leaders found that at every management level, more women were rated by their peers, bosses, direct reports and others as better overall leaders than men, and that the higher the level in the organization, the wider the margin. The study was based on 360-degree evaluations and rated leaders on 16 different competencies. Women out-scored men in 15 out of the 16 competencies.
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Zenger & Folkmans Top 16 Competencies Good Leaders Exemplify Most

Competency Takes initiative Practices self-development High integrity, honesty Drives for results Develops others Inspires and motivates others Builds relationships Collaboration and teamwork Establishes stretch goals Champions change Solves problems and analyzes issues Communicates powerfully to outside world Connects groups to outside world Innovates Technical/professional expertise Develops strategic perspective
Source: Zenger & Folkman, 2011
Male Mean Percentile 48 48 48 48 48 49 49 49 49 49 50 50 50 50 50 51
Female Mean Percentile 56 55 55 54 54 54 54 53 53 53 52 52 51 51 51 49
Zenger & Folkmans Study on Overall Leadership Effectiveness

Mens Leadership Effectiveness Top management, executives, senior team leaders Reports to top management Managers Supervisors, front-line manager, foreman Individual contributor Other
Source: Zenger & Folkman, 2011
Womens Leadership Effectiveness 67.7% 56.2% 52.7% 52.6% 53.9% 52.0%
57.7% 48.9% 49.9% 52.5% 52.7% 50.7%

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A Korn/Ferry study found that best-in-class senior leaders are more integrative (having the ability to take and process complex data and develop strategic solutions), socially attuned, comfortable with ambiguity and
confident. In addition, the study revealed that women in senior-level positions scored higher than their male counterparts in all the leadership characteristics except for confidence.
Example: State Farm Insurance

State Farm Insurances support of women in its organization dates back to the 1920s, when women were first named to the board of directors, were hired as employees and became insurance agents. That tradition continues today; the company has a formal high-potential identification program for women. Women who are identified as high potential create development plans, take on stretch assignments and job rotations, and are mentored by senior leaders. Thirty-two percent of the corporate executive positions are held by women, nearly 40 percent of executives are women who oversee divisions with revenues in excess of one billion dollars, and 13 percent of executives who report directly to the CEO are women.
Source: NAFE, 2012.
The Perception Gaps

There are not only gaps in terms of pay, position attainment and development among men and women in the workplace, there are also distinct perception gaps between men and women in how effective organizations are when it comes to recruiting, developing and retaining women. A recent UNC leadership survey asked respondents if they thought the number of women in senior-leadership positions had increased in the past five years. Men were much more positive in their responses, with 57 percent saying the number of women in senior-level positions had increased, versus 36 percent of female respondents. When asked how effective their organizations had been in recruiting women, 53 percent of men said their organizations were extremely or moderately effective, versus 33 percent of women. Similarly, when asked if their organizations were effective in retaining women, 73 percent of men said their organizations were extremely or moderately effective, versus 52 percent of women. The UNC survey also showed that the development of women into leadership positions continues to be a medium to low priority for many employers. Nearly half of respondents said the development of women leaders was not on their strategic agenda. When asked about their perceptions of the development of women for leadership roles, 52 percent of women felt that it was not part of their organizations strategic agenda, versus 31 percent of men.
The results of the UNC Leadership Survey 2012: Women in Business can be found at www.uncexec.com.
The recruitment, development and retention of women in the workplace is a diversity issue, yet despite the evidence that women in leadership roles can boost an organizations bottom line, a McKinsey survey found that when asked about the connection between diverse leadership teams and financial success, 85 percent of
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female respondents believed there was a connection versus 58 percent of male respondents. Further, only 28 percent of the organizations responding to the survey said that diversity was a top-ten strategic agenda item (McKinsey Quarterly, 2010). Because men are more likely than women to be in senior-leadership positions, these perceptions gaps should not be overlooked. As with so many human resource initiativesfrom performance management to succession planning to compensation to training and development (and everything in between)--the number one priority for success is to achieve buy-in from the top. If top management is mostly male, obtaining buy-in for programs that foster the recruitment, development and retention of women in organizations may be a key challenge.
Step 1: Assess your organizations actual and perceived gaps in the recruitment, development and retention of women and report any discrepancies to senior leaders. Step 2: Offer workplace flexibility and remove any real or perceived barriers that prevent women from taking advantage of that flexibility. Step 3: Dont just mentor; sponsor.
Step 1:
Assess your organizations actual and perceived gaps in the recruitment, development and retention of women, report any discrepancies and offer possible solutions to senior leaders. The first step is to determine if there are real and perceived gaps between men and women in leadership positions. Analyses of real gaps could include: T he percentage of women versus men in leadership positions and an analysis of where women fall in comparison to men in the level of management positions they hold (i.e., managers versus senior-level leaders). A n analysis of compensation by gender to ensure pay equity. A comparative report on the recruitment and retention of employees by gender. A n analysis of the percentage of women versus men participating in career development activities, including mentorships, high-potential programs, leadership transition programs and multinational assignments. An analysis of perception gaps could include: A n organization-wide survey (including stakeholders) on the effectiveness of organizational leadership broken out by gender. A n organization-wide survey asking male and female respondents to rate the effectiveness of organizational efforts to recruit, develop and retain women.
Steps HR and Talent Management Professionals Can Take to Recruit, Develop and Retain Women in Leadership Roles
A 2010 Mercer study on women in leadership roles found that more than two-thirds of employers (71 percent) lacked a defined strategy or philosophy for developing women into leadership roles (Mercer, 2012). The UNC leadership survey supports that figure; nearly half of survey respondents said that development of female leaders was not on their strategic agenda at all, and another 23.5 percent said that it was on their organizations strategic agenda but not near the top. Only 2 percent of respondents said it was a Top 3 strategic agenda item. Eighteen percent said that it was a Top 10 strategic agenda item. HR and talent management professionals can help place recruitment, development and retention of women in senior leadership roles on their organizations strategic agenda with the following steps:

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Example: AT&T
Telecommunications giant AT&T was recently named one of the Top 50 Companies for Executive Women by the National Association of Female Executives (NAFE) for the third consecutive year. Women comprise 39 percent of the companys workforce, 39 percent of its managers, and 25 percent of the board of directors. AT&T earned its place on NAFEs roster because of its dedication by senior executives to its diversity goals, where their salaries are determined in part by progress toward its goal of promoting and retaining women. High-potential women are identified through talent reviews and are paired with executivelevel mentors; women in line for senior executive positions can participate in accelerated development programs through the companys university; annual tuition aid of up to $5,250 makes advanced education efforts more affordable.
Source: NAFE, 2012.
A report of these internal analyses can include a comparison with data discussed in this white paper and recommendations for further organizationwide development opportunities that will mitigate discrepancies. If the study shows that there are pay gaps, offer recommendations on how to implement strategies that will alleviate inequities and prevent future ones. Other effective methods to assess real and perceived gaps in gender equality may include conducting thirdparty exit interviews to receive honest feedback about why people are leaving the organization and surveying applicants who turn down job offers to learn their reasons for doing so.
that is compatible with life changes. In other words, Gen Y women tend to think ahead and evaluate employers based on whether a company will offer the flexibility they may need years down the line (for example, when they have childcare or eldercare responsibilities). Gen Y women may not need on-site day care, part-time work options and job share programs when they are hired, but they anticipate having those needs and expect potential employers to have those programs in place (Barrett, 2011). The same focus group found that Gen Y women were also concerned about the perceived lack of female role models in their companies. The women who expressed the least amount of anxiety were those who had an employer who offered on-site day care, medical services and flexible workplaces. The author further noted that these women have seen working mothers successfully rise to the top leadership positions without having to sacrifice their family life. (Barrett, 2011). While Gen Y women may be anticipating career anxiety, many women (and men) are currently living it. In their article A Revolutionary Change: Making the Workplace More Flexible, authors Shoemaker, Brown and Barbour concluded that workplace culture and biases against those with family responsibilities can force talented women out of the workforce. They cite recent research that found 90 percent of mothers and 85 percent of fathers reported a work-family conflict.
Step 2:
Offer workplace flexibility and remove any real or perceived barriers that prevent women from taking advantage of that flexibility. A majority of women participating in a recent focus group of Gen Y women about work expressed anticipatory career anxiety, meaning that they wanted a career and family, but were concerned whether they could have both within the constraints of most workplaces today. As a result, they thought more in the long term when choosing their employers than their male counterparts. The authors noted that Gen Y women are, in fact, thinking ahead and evaluating the extent to which an employer offers an environment
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Other studies cited in their article found that 45 percent of women reported that childcare challenges pushed them out of the workforce, and 24 percent said eldercare issues forced them out. Another study found that 86 percent of women cited a lack of flexibility as a primary reason for leaving the workforce. Offering flexible work options is not enough, however. Removing real and perceived barriers that prevent employees from using them should be the true objective. Women in the Gen Y focus group noted that to make such programs successful, employers must allow them to be self-directed. Most flexibility programs are controlled by managers, not employees. This eliminates the autonomy many would-be participants crave because it is the manager, not the employee, who decides who can use the programs (Barrett, 2011). When determining who can use flexibility programs, employers often assign that responsibility to direct
supervisors because of the notion that not all jobsor employeesare suitable for such programs. Employers also tend to believe that direct supervisors and managers are the best people to make these decisions. Direct supervisors and managers, in turn, are often reticent to allow employees to take advantage of flexible work options because of supervisory challenges. However, managers can learn how to effectively manage remote workers to reduce that reticence and how to start a discussion with an employee (something employees are often reluctant to do) about what flexibility options best suit their needs. For example, a manager can be taught how to approach an employee who is experiencing eldercare issues, broach the subject and then review available flexibility options. By ensuring managers and supervisors have the information and training needed to offer and manage flexible work options with employees, flexible work options can become mutually self-directed.
The National Association for Female Executives assesses organizations for their Top 50 Companies for Executive Women list with management control in mind:
68% 48%
88%
92%
of top companies consistently train managers on how to hire, advance or manage women.
of top companies offer formal compensation policies that reward managers who help women advance.
of top companies offer managers training on how to manage the work-life concerns of employees.
of top companies offer managers training on how to implement flexible work arrangements.

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The Families and Work Institute Offers Examples of Workplace Flexibility

Offering traditional flextime (daily hours within a range). Offering daily flextime. Being allowed to take time off during the workday to address family matters. B eing able to take a few days off to care for a sick child or other family member without losing pay, having to use sick days, or making up an excuse for the absence. Being able to work some regular hours at home. Being able to take breaks when you want to. Having a work shift that is desirable and predictable. Having complete control over work schedule. B eing able to work part time (if currently full time) and vice versa in ones current position. Being able to work a compressed work week. Rarely being requested to work overtime with little or no notice. B elieving one can use flexible work arrangements without jeopardizing job advancement.
Source: Shoemaker, Brown & Barbour, 2011
The Benefits of Flexibility

F lexibility alleviates stress; one survey found that 90 percent of employees who telecommuted said it had helped them meet work and family needs. Flexibility can help improve workplace productivity and the organizations bottom line. F lexibility can keep women in the workforce and will help the anticipated War on Talent as baby boomers retire. F lexibility appeals to the Millennial generation, which has grown up with technology, abhors seat time, and expects flexibility because of their extensive use of mobile technology.
Source: Shoemaker, Brown & Barbour, 2011
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Step 3:
Dont just mentor; sponsor. Mentorships may benefit womens personal development in the workplace, but a study by Ibarra, Carter & Silva (2010) found that they may not benefit womens professional development. Their study found that in 2008, 78 percent of highpotential men were mentored by a CEO or other senior executive, as compared to 69 percent of high-potential women in the study, and those women were more likely than men to have junior-level mentors. This puts highpotential women at a disadvantage when it comes to promotions because senior-level managers have more organizational clout than junior-level managers and can more effectively champion their mentees, resulting in higher levels of promotions among managers who have senior-level executives as mentors. The studys authors recommend that to make mentorships work for women in high-potential programs, employers should: C larify and communicate the intent of the program. Mentors and mentees should understand that the mentorship program has been developed for highpotential women and that the intent of the program is to more aggressively promote high-potential women into senior management positions. M atch sponsors and high-potential women in light of program goals. If a programs goal is to advance the promotion of high-potential women, they should be matched with senior-level mentors who can champion or sponsor them into those roles. If the goal is personal development, mentorship matches should be made based on the frequency of contact and good chemistry. C oordinate efforts and involve direct supervisors. Mentorship programs should not be run solely out of the HR department but should involve direct supervisors. This ensures more support from the front lines and increases the likelihood that the mentorship will be considered in performance evaluations, in training and development opportunities and in succession plans. H old sponsors accountable. A mentorship program designed with the intent to promote high-potential women into senior management levels should include goals in which sponsors are held accountable to achieve that goal for their mentees. A mentorship program for high-potential women at IBM Europe, for example, aims to promote participants within a year of the start of the mentorship. Failure to obtain a promotion is seen as the sponsors failure, not the candidate (Ibarra, Cater & Silva, 2010).
Example: Johnson & Johnson

Johnson & Johnson has long been an advocate of recruiting, retaining and promoting women in their company. In 1995, it launched its Womens Leadership Initiative (WLI), an employee affinity group that supports the companys overall leadership development strategy by focusing on increasing the number of women in leadership positions, removing challenges and developing womens leadership competencies. Today, WLI operates more than 100 chapters worldwide with members from all parts of the company. Since the initiative was launched, Johnson & Johnson reports significant increases in the numbers of women on its executive committee, among company presidents and managing directors outside the U.S. corporate offices, executive and director-level women, and those with line and staff management positions. Twenty five percent of senior managers are women; 33 percent of corporate executives are women; and 33 percent of the companys top 10 percent of earners are women.
Source: NAFE, 2012.

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Conclusion
The number of women as primary breadwinners and co-breadwinners, combined with their overwhelming purchasing power, makes them an economic force to be reckoned with. Organizations that recognize this and that actively recruit, develop and retain women into leadership roles will reap the reward directly to their bottom lines.
AT&T (2012, February 8). AT&T named Top 50 Company for Executive Women by National Association for Female Executives. AT&T. Retrieved from http://www.att.com/gen/ press-room?pid=22352&cdvn=news&newsar ticleid=33838. Barrett, K.N. (2011, April). Gen Y women in the workplace. Focus group summary report. Business and Professional Womens Foundation. Washington: DC. Barsh, J. & Yee, L. (2011, April). Unlocking the full potential of women in the U.S. economy. McKinsey & Company. Retrieved from http://www.mckinsey.com/Client_Service/ Organization/Latest_thinking/unlocking_the_ full_potential. Beck, B. (2011, November 26). Closing the gap. The Economist. Retrieved from http:// www.economist.com/node/21539928. Catalyst (2011, December). Quick takes. Catalyst. Retrieved from http://www. catalyst.org/publication/206/women-in-usmanagement.
Chanavat, A. (n.d.). Women in the workplace. Thomson Reuters. Retrieved from http:// updates.thomsonreuters.com/ebook/#0. Desvaux, G., Devillard-Hoellinger, S., Baumgarten, P. (2007). Women matter. McKinsey & Company. Paris: France. Gadiesh, O., & Coffman, J. (2010, February 5). Why workplace equality initiatives arent helping women. HBR Blog Network. Retrieved from http://blogs.hbr.org/cs/2010/02/why_ women_still_arent_equals_i.html. Groysber, B. & Bell, D. (2011). 2011 Board of Directors Survey. Heidrick & Struggles and WomenCorporateDirectors (WCD). Retrieved from http://www.heidrick.com/ PublicationsReports/PublicationsReports/2011B oardofDirectorsSurvey.pdf. Howard, A. & Wellins, R. (2009). Holding women back. A special report from DDIs Global Leadership Forecast 2008-2009. DDI. Retrieved from http://ddiworld.com/DDIWorld/ media/trend-research/holding_women_back_ tr_ddi.pdf.
Ibarra, H., Carter, N. & Silva, C. (2010, September). Why men still get more promotions than women. Harvard Business Review, 80-85. Landis, D., Predolin, J., Lewis, J., Brousseau, K., & Slan-Jerusalim (2011, November). In case of emergency, break glass ceiling. The Korn Ferry Institute. Retrieved from http://stage. kornferryinstitute.com/files/pdf1/In_case_of_ emergency_break_glass_ceiling.pdf. McKinsey Quarterly (2010, October). Moving women to the top: McKinsey global survey results. McKinsey & Company. Retrieved from https://www.mckinseyquarterly.com/ Organization/Talent/Moving_women_to_the_ top_McKinsey_Global_Survey_results_2686. Mercer (2012, February 21). Women in business: Analysis of gender representation in executive/management roles across Europe. Mercer. Retrieved from http://www. mercer.com/pressreleases/Analysis-of-genderrepresentation-in-executive-roles. NAFE (2012). Top 50 companies for executive women. National Association for Female Executives. Retrieved from http://www. wmmsurveys.com/NAFE_2012_Executive_ Summary.pdf.
Shoemaker, J., Brown, A. & Barbour, R. (2011, February). A revolutionary change: making the workplace more flexible. Solutions. Retrieved from http://www.thesolutionjournal.com/ node/889. SHRM (2008). A history of human resources: SHRMs 60-year journey. The Society for Human Resource Management. Alexandria: VA. University of North Carolina (2012). Leadership Survey 2012: Women in Business. UNC KenanFlagler Executive Development (unpublished). Chapel Hill: NC. U.S. Department of Commerce et al (2011, March). Women in America: Indication of social and economic well-being. White House Council on Women and Girls. Washington: DC. Zenger, J. & Folkman, J. (2012, March 15). Are women better leaders than men? HRB Blog Network. Retrieved from http://blogs.hbr.org/ cs/2012/03/a_study_in_leadership_women_ do.html.
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A Model for Talent Manager Excellence

Marc Effron
NG, DPresident, The Talent Strategy Group EVELO PING, E BEST TALEN Jim T Shanley
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DT EV AEL LO EP N IN TG M R EA L N SA KI G LL ESRF OE RX VC I RE TU LA L LE T N EA CM ES
IF
CORPORATE PRIORITIES WERE SET BY UNANIMOUS AGREEMENT ABOUT THEIR IMPORTANCE, executives would be focused on little other than talent management (TM). With regularity, a survey emerges reporting that corporate executives view growing talent as their first priority. In those same surveys, the executives lament the actual state of talent in their organization and the survey authors lament the fractional amount of time the executives invest in building talent.
This increasingly predictable dialogue obscures the fact that the real work of talent building isnt getting done in most organizations. As TM professionals, we must try to understand the few capabilities that differentiate those companies who consistently produce great talent and great business results. As experienced practitioners and consultants in this field, we believe a critical and often-overlooked element is the capabilities of the TM staff. In this chapter, we describe the factors that differentiate great TM leaders.
Defining Talent Management

To provide both context and urgency for our model, we start by outlining the functional boundaries of TM and offer a brief overview of the state of the field. The functional boundaries are important, since as a field that emerged only in the last decade, theres understandable uncertainty about what work constitutes TM. We look to the research of the New Talent Management Network (NTMN), the worlds largest organization of TM professionals, to help inform us in both areas. The NTMN conducts an annual State of TM survey that assesses what TM does, the structure of TM departments, compensation levels, and so on. Their survey shows that the types of activities done by TM groups are becoming more universal and are different than the work done by other HR specialties. The data shows that groups that are officially called TM are typically focused on talent reviews and succession planning, high-potential identification, career development, and assessment and feedback. Groups identifying themselves as organization development or organization effectiveness engage in these activities much less frequently. This suggests a shift of these activities from those groups (or generalists) to this new specialty area. A notable exclusion from the areas of TM focus is talent acquisition or recruiting, which is done by only four in ten TM groups. It makes sense that the activities listed above are the focus of TM, since these are the core processes that build talent in organizations. Together they compose
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the heart of the talent growth cycleidentify, develop, and deploy talent across the organization. In this article, when we refer to TM activities and the work done by TM practitioners, we are speaking about these activities. The NTMN survey also asks respondents to assess how their executives would rate the effectiveness of their companys talent practices. You might expect that skewed self-perception or efforts at impression management would inflate the response to this question. Given the findings, we hope it didnt. Fewer than half of respondents rated core TM practices like high-potential identification, development planning, and assessing leaders as Always or Often Effective. Succession planning scraped by, with 51 percent rating this practice as effective. Survey questions about the simplicity, transparency, and accountability of those practices fared even worse. As a few examples, barely 30 percent of respondents considered their development planning process Extremely or Mostly Easy to Use. In only one of the eight TM processes did a majority of companies say that managers were held accountable for follow-up. In the core process for TM leadersthe talent review and succession planning processjust over 40 percent rated managers as being Always Held Accountable. But it was transparency around talent practices that fared the worst of all. Just over 20 percent of companies said that practices like executive coaching or talent reviews were Totally or Mostly Transparent.
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While there may be many reasons that these practices arent working and that executives are unhappy with their companys talent, only one is under our control. As a TM community, we own our capabilities, and we need to collectively own improving them. The increased demand for great talent in our organizations makes
this not only the ideal time to focus on this issue, but perhaps the last time well have an opportunity to. Its doubtful that corporate executives will tolerate much longer a department that is so clearly underperforming its potential.
The TM 4 + 2 Capability Model

TMs recent emergence as a field means that no clear success model has been developed yet. Based on our experience as TM consultants and practitioners, interviews with other well-regarded practitioners, and input over the years from executive search leaders, we believe we have identified the factors that differentiate successful TM leaders. We propose that there are six characteristics that differentiate a high-performing TM leader. We consider four of these to be core the proverbial price of admission required to operate at an acceptable level of effectiveness. Being great at these will bring a modicum of success, but they are only part of the equation. The other two are factors that separate the great from the merely very good. It is these two that elevate TM leaders to their highest level of effectiveness.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
= 2 + 4 ss
e c c su
income statement and balance sheet, and are able to trace human capital decisions back to the relevant line items. Their understanding comes from firsthand involvement in the businesssitting through marketing meetings, wandering the floor at the factory, going on sales calls.
The Core Four
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Business Junkie. Knows and loves business. Great talent leaders are permanently addicted to business. At a practical level, they are deep experts in their organizations business. They understand the companys strategy, how the products or services are produced, how the R&D process operates, and how the company goes to market. They can dissect their companys (or any other companys)
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In addition to knowing their business, they genuinely love business. They enjoy waking up each morning to participate in the capitalistic pursuit of making and selling things that produce a profit for their company, jobs for their employees, and returns for their shareholders. They advance a business-first agenda, in which they are responsible to get the best return from that corporations talent investment. According to Kevin Wilde, VP, Organization Effectiveness & Chief Learning Officer at General Mills, being a business junkie isnt only knowing how to read a balance sheet. Its getting underneath. He suggests an easy way to make that happen. Talent leaders should be sure to make friends in two departmentsinvestor relations and business development. Have lunch with them. Bring them into leadership courses. They can share with you the items that the CEO and business unit leaders care most about, and provide insights that no one else can.
just no better way to gain perspective and depth than by seeing how HR challenges are handled in operating environments and under different business cultures. Those desiring success in this field should actively seek out assignments, projects, and other opportunities that broaden their experience in both different HR disciplines and operating environments. No matter how superior ones TM technical skills are, without this additional knowledge and experience, it will be difficult to develop the credibility and perspective needed to excel.
HR Disciple. Has comprehensive, firsthand knowledge of human resource disciplines. The HR Disciple has a broad understanding of the core TM areas along with compensation, recruiting, organization development, and engagement. He or she is an avid student of the human resource discipline and is able to effectively translate ideas from academic abstraction to practical reality. According to Julian Kaufman, who held the top TM jobs at Honeywell and Tyco, and now AIG, Academic knowledge is great, but you must have a practitioners mind-sethow do I apply this knowledge to actually solve problems? You have to put your skills on trial to see if they really work.
According to a number of top TM leaders, theres no substitute for broad-based experience to grow ones capabilities as an HR Disciple. Kaufman feels that executive recruiting experience is a great way to calibrate the gold standard for good talent. Exposure to other HR specialty areas (compensation, generalist, organization development, etc.) is equally important to ensure the TM leader has a holistic understanding of how these levers interact to drive performance. Another critical differentiator? Multicompany experience. Theres
Production Manager. Can build and consistently execute talent production processes. Some in the TM field think of themselves as experienced craftspeople, building individual leaders in a labor of love. The best in the field know that they are actually the production line managers on the talent factory floor. Their job is to build and operate a process that turns out leaders who meet the specifications agreed to, in the time frame that was agreed upon. To them, the talent factory is reality, not just an analogy.
They approach their task with the same disciplined approach to process management as any other production leader. They understand the raw materials available to them, the tools that can most effectively cut, shape, and polish that material, and how to ensure that the finished product meets quality standards and is distributed appropriately. They know how to keep the production line moving to produce leaders when needed. Excelling in this role means keeping those production processes simple. As Roger Cude, VP Talent Management for Wal-Mart, says, Your processes must be elegant but simple. As a craft, we tend to overcomplicate things. Production manager skills can be gained through practice with classic project management tools like PERT (Performance Evaluation and Review Technique) and Gantt charts, through exposure to Six Sigma methodology, and most powerfully, through firsthand experience in operations or supply chain roles. More important, and more challenging to develop, is the belief that talent should be produced with this mind-set.
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Talent Authority. Understands the backgrounds, strengths, weaknesses, and development needs of top talent. Great talent leaders know their talent. When the CEO asks for a slate of candidates, they can immediately list five names along with the strengths and weaknesses of each. The most expensive TM technology is no substitute for a talent leaders nuanced knowledge about his or her charges. Talent profiles are at best a two-dimensional recitation of facts. The talent leader brings those facts to life through a deeper understanding of the stories and influences behind them.
A successful talent authority also has a great eye for talent. As subjective as that might sound, certain individuals have a talent for selecting talent. They understand what it takes to succeed in a given role and have the ability to quickly summarize how well a candidate fits with those needs. This likely stems from matching an understanding of the business, its culture, and the patterns of past success with an ability
to ascertain how well someone would fit with the intellectual, cultural, political, and relationship-based factor of the job. Becoming a talent authority only happens when the talent leader has a deep, personal knowledge of the organizations talent. This means having one-on-one meetings with key talent where the talent leader builds trust as he or she gathers information about leaders careers, their ambitions, and their management style. The talent leader must then integrate that information with all the other data about that leader derailer factors, business performance, engagement performanceinto a comprehensive three dimensional leadership profile. That effort requires a large investment of time but yields very high returns through more accurate and timely talent decisions.
The Differentiating Two
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
While TM leaders must have the above described attributes, achieving full potential requires even more. A TM leader must also be a Trusted Executive Advisor and Courageous Advocate.
Trusted Executive Advisor. Uses credibility and relationships with executives to influence key decisions. As a trusted advisor, the TM leader uses his or her knowledge, experience, and insights to guide key people decisions. But even with a strong level of technical expertise, a talent leader can only become a trusted advisor by flexing a different set of muscles. Being a trusted advisor transcends a professional relationship. The TM leader provides wise counsel on talent issues in a way that considers the clients ego, personal hopes, and fears, and reflects a deeper understanding of the organizations financial, operational, and political realities.
This requires that the TM leader Is professionally credible. Professional credibility doesnt come from impressive educational credentials or long tenure in the role. Demonstrating the Core Four provides the necessary ingredients for becoming professionally credible. The credible TM leader can integrate those ingredients in a way that allows the leader to continually make the right talent decisions for the organization This includes being able to persuasively present and argue for a position using the right balance of facts and emotion. Without that capability, the individual is destined to remain a technical specialist. Forms strong executive relationships. The quality of a TM leaders personal relationships with senior executives will determine whether he or she becomes a trusted advisor on talent issues in that organization. That strong relationship can only happen after the senior leader trusts that the TM
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eader has the senior leaders best interest at heart. l To get there, the TM leader will need to demonstrate an understanding of the executives personal and professional agendas and the executives ego needs. The TM leader will increase the relationships strength after each interaction where the executive sees that the leader genuinely represents his or her best interests.
Point 2: Her personality characteristics are consistent with those who have successfully led teams through challenging times Point 3: We have strong development and support mechanisms for general managers in our company P oint 4: She has a strong functional team around her who will provide support as she learns. A well-developed point of view is at the core of being persuasive. I s Appropriately Aggressive. This phrase, provided by Kevin Wilde, captures a variety of nuanced behaviors that differentiate great TM leaders. To us, appropriate means knowing how to select which battles are worth fighting, knowing in which situations pushing back will be most productive, and knowing the politically productive way to bring a potentially incendiary issue to the table. Aggressiveness means not being afraid to voice your opinions, to fight for what you believe is right, and to not be afraid of pushing back just one more time. A difficult capability to master, many TM leaders fail on their path to greatness because they over or under use it. The combination of a theory of the case and the appropriate amount of aggressiveness creates a TM leader who drives the right talent decisions in the right way.
Courageous Advocate. Has a theory in the case and is appropriately aggressive in advancing a point of view on talent, independent of its popularity. The Courageous Advocate has a theory of the case about why specific talent choices should be made, and he or she is appropriately aggressive in voicing that opinion. Those who effectively balance these two factors ensure that the right talent decisions get made. Well look at each factor in turn:
H as a Theory of the Case. A fact-based, brief, logical, and credible argument about why a talent decision should or shouldnt be taken. It is the concise expression of a deeply held viewpoint on why talent succeeds, the best way to develop talent, why talent fails, and the aggregated learning from many other talent interactions. A theory of the case might be that Mary can succeed as a new general manager even though shes never led teams before because P oint 1: She is highly motivated to succeed in that role and shes breached similarly large gaps in her career development driven by that motivation
4+2
Conclusion
We believe that 4+2 Talent Management model highlights the most differentiating capabilities for talent management leaders. Given that this field is still in its infancy, its possible that our view on these critical capabilities will change over time. We are confident that the closer that TM leaders fit with the 4+2 profile, the better odds we have for this profession realizing its true potential.
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Drive your organizations talent management agenda.

T A L E N T M A N A G E M E N T I N S T I T U T E
One of the most pressing strategic issues facing CEOs today is whether they have the right talent with the right skills in the right places. UNC is partnering with three of the worlds most experienced Talent Management Practitioners to help HR and Talent Management leaders productively and proactively steer their organizations talent. Come learn from Marc Effron, Corey Seitz and Jim Shanley its your turn in the drivers seat.
To learn more, visit www.tmi.uncexec.com.
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Managing employee talent is vital to the success of any organization. At UNC Executive Development, we provide unique learning experiences to create solutions for our partners. We listen to the needs of our partners and develop a deep understanding of their businesses and industries. We also make a commitment to the organizations we work with to meet their goals and objectives while providing ongoing support and client management. We call our approach The Power of Experience. We combine traditional with experiential and unique learning. Through action learning and business simulation activities, we challenge participants to think, reflect, and make decisions differently. Our goal is to provide unique, memorable, and transformational learning impacting individuals, as well as the organization itself.
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In this issue:
The Recruiting Revolution: How Technology Is Transforming Talent Acquisition Embracing Open-Book Management to Fuel Employee Engagement and Corporate Sustainability Maximizing Millennials in the Workplace
4+2
BONUS CHAPTER: A Model for Talent Manager Excellence

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VOLUME 3

BUSINESS INSIGHTS FROM UNC EXECUTIVE DEVELOPMENT

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Inside this issue

How to Build Trust in an Organization

The Recruiting Revolution: How Technology Is Transforming Talent Acquisition

Embracing Open-Book Management to Fuel Employee Engagement and Corporate Sustainability

Maximizing Millennials in the Workplace

How to Build Trust in an Organization

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The Foundations of Trust: Credibility, Respect and Fairness

Example: Continental Airlines

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The Development of Trust: Action and Interaction

The Effect of Trust: A Better Bottom Line

Areas of Excellence in High-Trust Organizations

Exhibiting Organizational Behavior Consistent with Values

Attracting, Deploying, and Developing Talent

The Erosion of Trust in Organizations

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Example: Whole Foods Market

Steps to Build or Rebuild Trust

Step 1: Assess the Level of Trust in the Organization.

ALL CONTENT UNC EXECUTIVE DEVELOPMENT 2012

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Step 2: Report the Results of the Assessment.

Step 4: Follow Up and Remain Vigilant.

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develop executive talent while tackling real-world challenges.

(Now thats multi-tasking.)

The Power of Experience.

To learn more, visit www.uncexec.com.

The Recruiting Revolution: How Technology Is Transforming Talent Acquisition

ALL CONTENT UNC EXECUTIVE DEVELOPMENT 2012

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THE RECRUITING REVOLUTION AND TECHNOLOGY

Some of the Major Players in Social Media

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THE RECRUITING REVOLUTION AND TECHNOLOGY

How Social Media Is Being Used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Pros of Social Media in the Talent Acquisition Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Cons of Social Media in the Talent Acquisition Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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THE RECRUITING REVOLUTION AND TECHNOLOGY

Which Application Is the Right One?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Social Media in Recruiting on the Rise

Example: Discovery Communications

Simulations and Virtual Worlds

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THE RECRUITING REVOLUTION AND TECHNOLOGY

Example: AutoMax Recruiting & Training

When Are Simulations Appropriate?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Next Evolution of Simulations: Gaming. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Example: Marriott International

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