For those that are classic rock fans, that is the title of one the iconic hits of that genre. But that’s not what we want to talk about today. I recently ran across a survey conducted by my good friend Tim Cummins at the International Association for Contract & Commercial Management (IACCM) and it paints a picture of YOU. Well, perhaps most of YOU at least. Because Talent Management continues to be a very high priority for our community and profession, we thought it would be interesting to answer the question that Pete Townshend asked in 1978….WHO ARE YOU??
• 54% have been in a contracting, negotiation or procurement role for 11 years or more.
• 41% have a Master’s degree
• 33% are over 50 years old
• 40% support both sales contracting and procurement
• 46% are individual contributors in their job role, with no direct reports.
• 52% would characterize themselves as having no career path or a very limited one.
• 60% say they like their job and are satisfied with their current position.
• 65% say they plan to work 5 or more years in their current career path.
• 40% said they liked their pay, the flexible hours, and location.
• The four things that people liked best about their job: Challenging work, Negotiating with customers or suppliers, Drafting and reviewing contracts, Managing customer or supplier relationships
• The three things that people disliked most about their company: Failure to invest in its people, Company culture, Pay
• The four things people disliked most about their job: Poor management/leadership, Administrative responsibilities , Lack of career path, Lack of clarity in roles/responsibilities
• The four most important skills and attributes for performing your role: Communication skills, Problem solving ability, Negotiation skills, Attention to detail
• 57% believe their company will help them acquire the skills and knowledge for a future in their profession.
• Out of a high score of 5 for what motivates people at work, Personal objectives received a score of 4.21; Company performance (bonus schemes) received a 3.51; Company control standards (audits, etc) received a 2.93; Company collected cycle time (metrics) received a 2.73; External professional standards (certification) received a 3.02.
• Compared to others in their profession, 75.5% consider themselves a high performer.
• 46% DON’T believe there are clear and meaningful rewards for high performance contract professionals in their company. (Click here for the full survey results)
Next week we will interpret the data and see what challenges and issues this information presents. In the meantime, let me know what you think of the data.
If you are interested in additional details, I am hosting an executive session at the IACCM Global Forum for Contracting & Commercial Excellence to discuss these very issues in Talent Management. On November 4th, the Next Practices Xchange hosted by us is being held at the Oak Brook Hills Marriott in Oak Brook, IL. All of our research will end up in a white paper that will consolidate all this research and try to make some sense out of it. Stay tuned!