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Talent Management—Approach
The next 10 years will see dramatic changes to the global labor market. According to research conducted by Deloitte, employers like Alcoa face the following major issues:
- The first wave of the baby boomer generation turns 62 in 2008, beginning a major exodus from the workforce in North America, Europe, and Asia.
- There will be fewer entries into the workforce in several regions.
- Skill gaps will exist—NASA projects U.S. colleges will graduate 198,000 science and engineering candidates between 1998 and 2008 to fill 2 million jobs expected to be created by the retiring baby boomer population.
Alcoa is keenly aware of the changing climate with respect to the labor market, and we have adopted an approach that has four key elements: acquisition, assessment, development, and retention/deployment.
Acquisition
To identify and acquire employees at all levels in their career, we have established campus recruiting efforts and also selectively recruit key experienced hires.
Assessment
To assess and manage an employee's performance and progression through the company, we use both a performance management process and a people review process.
Development
We have created a variety of initiatives to help our employees develop throughout the various stages of their career with us. New or recent graduates can enter rotational development programs in finance, environment, health, and safety, and primary metals. Learning Express enables employees to study online and maintain their training records. Our executive leadership development program facilitates broad-based leadership skills. In addition, an internal/external job posting process helps employees identify potential career moves.
Retention/Deployment
Ongoing efforts help ensure that employees either continue their career with Alcoa in an existing assignment or an assignment that provides a better fit. We also counsel those employees who are not suited to work in our organization and provide the appropriate career transition support to see that they are successfully placed elsewhere.
To aid in our efforts, we conduct employment preference and benefit and compensation surveys on an ongoing basis. This allows us to understand the external market and ensure we offer employees a competitive employment proposition.
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