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Talent Management—Approach
The next several years are predicted to see dramatic changes to the global labor market. According to research conducted by Deloitte and others, employers like Alcoa face the following major issues:
- The first wave of the baby boomer generation turned 62 in 2008, which may begin a major exodus from the workforce in North America, Europe, and Asia;
- There will be fewer entries into the workforce in several regions;
- Students have shifted away from science and engineering, and schools are having trouble meeting demand for qualified candidates;
- Technology has provided a world of knowledge to job seekers, creating an open environment for benchmarking, networking, and gaining knowledge of companies—all combined with low candidate loyalty; and
- Economic and political volatility issues may generate new issues in the workplace.
While the economic downturn may provide a cushion to organizations by slowing the exodus of the baby boomers and the move of engineering graduates into companies, the long-term issues are predicted to remain.
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. We also operate internship programs, selectively recruit key experienced hires, and partner with technical institutions.
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 to ensure we are driving the appropriate employee development actions for the company’s long-term sustainability.
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 ensures that our leaders have the capabilities needed to drive high performance on an ongoing basis and accelerate change. 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. Our annual Global Voices survey also helps us identify the areas of engagement that will most impact retention.
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