Talent Management
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Talent management involves processes to increase value from human capital, including goal alignment, candidate selection, performance management, employee development, and rewards. It aims to have a workforce that is suitable, engaged, flexible, productive. Good talent management involves ownership across levels, business objectives guiding the system, measuring results in business terms, hiring the right people and helping them advance. Effective talent management identifies key roles, assesses talent management skills, measures the right things, and provides process-wide feedback. It focuses on aligning people to motivating work, providing coaching/mentoring, and developing critical skills. Talent acquisition moves beyond filling roles to proactively building needed skillsets, and retaining top performers who may not be actively looking
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Talent Management
- 2. Consider……....at any one time 59% of employees will be open to working elsewhere
- 3. What is Talent Management?A set of processes that allow a company to increase value provided by their human capital.Key processes
- 9. Workforce is more:
- 10. Suitable
- 11. Engaged / Committed
- 12. Flexible / Adaptive
- 14. Characteristics Of Good Talent ManagementOwnership and involvementBusiness objectives permeate every aspect of the system The system is measured in real business terms and results are acted upon Hire the right people. Acclimate new employees Discuss career interests with employees Identify developmental opportunities Identify training opportunities Offer appropriate rewards and recognition Help employees to advance Create a workplace that has meaning and purpose
- 15. MANAGING TALENT EFFECTIVELY…Identify key rolesTake an inventory of your talent management skillsMeasure the right thingsSet up a process-wide feedback
- 16. The Develop-Deploy-Connect ModelAlignment: Connecting people to work that is motivating.Commitment: Providing coaching and mentoring. Capability: Developing critical skills to ensure success.
- 17. AcquiringtalentValue PropostionEducation & DevelopmentTalent Management ProcessBuilding Leadership SupplyRequires an integrated Approach Which Addresses the Following Areas:Assessing new and currenttalentDeveloping talentTransitioning TalentRetention
- 18. TALENT ACQUISTIONCORE CONCEPT Get away from the 'fill in the box' thinking to one that is more pro-active
- 19. And much closer to building the skill sets required to achieve business success. Key to success in talent acquisition is the unique way that you are able to tap into the 'top performers' who are not really looking for another job IMPORTANCEUnderstanding workforce demographics (current and future)
- 20. Identifying economic issues impacting organizational sustainability
- 21. Identifying organizational and cultural issues impacting talent acquisition
- 22. Knowledge of industry trends and emerging issues TALENT ACQUISITION STRATEGIESStrengthen Your Own Direct Reports Establish a talent Standard… sharp difference between poor; average and excellent performance is creating a benchmark for evaluation and promotion.Influence People Decisions Far Down the Organization Drive a Simple, Probing review of Talent Hold Managers Accountable for the strength of their talent poolsPoaching talent
- 23. Old MindsetA vague notion that “People are our most important asset”HR is responsible for people managementTwo days succession planningI work with the people I inherit
- 24. New MindsetA new conviction that talent leads to better corporate performanceAll managers are accountableTalent managers is a central partI take bold actions to build the talent pool I need
- 25. BALANCING INDIVIDUAL AND ORGANIZATIONAL NEEDS
- 26. THE CHANGING CAREER PARADIGMSOLD PARADIGMSJob SecurityLongitudinal Career PathsJob/Person FitOrganizational LoyaltyCareer SuccessAcademic DegreePosition/TitleFull-Time EmploymentRetirementSingle Jobs/CareersChange in jobs based on fearPromotion highly tenure basedNEW PARADIGMSEmployability SecurityAlternate Career PathsPerson/Organization FitJob/Task LoyaltyWork/Family BalanceContinuous RelearningCompetencies/DevelopmentContract EmploymentCareer SabbaticalsMultiple Jobs/CareersChange in jobs based on growthPromotion highly performance based
- 27. Contributions fromInducements fromthe IndividualtheOrganization•Effort•Pay•Ability•Job security•Loyalty•Benefits•Skills•Career opportunities•Time•Status•Competencies•Promotion opportunitiesTHE PSYCHOLOGICAL CONTRACTThe overall set of expectations held by an individual with respect to what he or she will contribute to the organization and what the organization will provide in return.
- 28. CAREER MANAGEMENT PROCESSSTEP 1INDIVIDUAL ASSESSMENTSTEP 2 INTERPERSONAL ASSESSMENTSTEP 3 ORGANIZATIONAL ASSESSMENTSTEP 4 ACTION PLANNINGWho am I? (Career Stage, Path Preference, Political Style)How do other see me?(Self-insight, image, political style, personality)What are my options within the organization? (Knowledge of the organization, future trends, options, opportunities)How do I achieve my goals?(Motivation, confidence, goal setting, action planning)
- 30. DEVELOPMENT
- 31. BALANCED
- 32. EXPLORATIONSTAGES OF CAREER DEVELOPMENTStage 5: Late Career (ages 55–retirement): Stage 4: Midcareer (ages 40–55):Stage 3: Early Career (ages 25–40):Stage 2: Organizational Entry (ages 18–25):.Stage 1: Preparation for Work (ages 0–25):
- 33. LEADERSHIP MANAGEMENTInterpersonal SkillsCommunicationsTeamworkFlexibilityBuild appropriate relationships Leadership AbilitiesVisioning ProcessCoach and Train Peers and SubordinatesCreate and Lead TeamsImplement Employee Involvement Strategies
- 34. How Do You Develop Leaders?Job change/rotationSpecial projects and assignmentsExposure and involvement in key business challengesTask forces, committees, change initiativesExperienceJob Performance feedback
- 37. Developmental assessment workshopsAscending ValueFeedback &CoachingCritical skill building training programs
- 39. Key external training programs
- 40. Self-directed learning initiativesFormal Learning
- 41. EXECUTIVE COACHINGAimed at business executives in work environmentHelp to improve effectiveness in terms of leadership and decision makingDifference between Personal and executive coachingGoal setting is business oriented.Business leader can discuss weakness in confidential and safe environmentFocus can be on:Leadership TrainingFinancial AwarenessManagement TrainingTime ManagementProject ManagementTeam Building
- 42. TEAM BULIDINGIt is the process of enabling that group of people to achieve that goalGroup of people common objective high quality results , who work together and enjoy their work.Members should be valued and have sense of belonging.Individuals should be given challenging tasks and assignments to achieve teams objective.Five key issues to be considered in team building:Interdependence Goal specification CohesivenessRoles and NormsCommunication
- 43. SUCCESSION PLANNINGDefinition :a process by which one or more successors are identified for key posts (or groups of similar key posts), and career moves and/or development activities are planned for these successor.Targeted only to key leadership positionsHow Succession Planning HelpsUnderstanding the organization's long-term goals and objectives
- 44. Identifying the workforce's developmental needs.
- 45. Determining workforce trends and predictionsBenefits of Succession planning:Better RetentionValuable training goalsIncreased preparation for leadershipGreater employee satisfactionEnhanced commitment to work and workplaceImproved corporate image
- 46. TALENT RETENTIONFACTSOver 50% of the people recruited into an organization will leave within 2 years. 1 in 4 people recruited will leave within 6 months. Nearly 70% of organizations report that staff turnover has a negative impact. Nearly 70% of organizations report having difficulties in replacing staff. Approximately 50% of organizations experience regular problems with employee retention.
- 47. Why is retention becoming one of the top issues in HR?The enormous cost associated with staff turnover. The difficulties experienced in replacing people (on average positions go unfilled for over 9 weeks). Despite advances in recruitment practices recruitment is still a less than perfect science – each new recruit represents risk. Costs associated with training. The overall impact on the organizations ability to meet the needs of its customers
- 48. TALENT RETENTION TOOLSCareer development opportunitySense of accomplishment Job security Confidence in future Good compensation Recognition Fairly evaluating job performance
- 49. Make Your CEO Understand…War for talent
- 50. Starts at the top
- 53. The workforce is diversifying
- 54. Workforce planning and development are criticalThe Road Ahead..Its Only The Strategy That Will Matter….