Talent Management

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Information about Talent Management

Published on February 25, 2010

Author: dbyoung

Source: authorstream.com

Talent Management : Talent Management Recognising and releasing value Dr Douglas Young 1 © HRPD Associates 2009 Definitions : Definitions Talent consists of those individuals who can make a difference to organisational performance, either through their immediate contribution or in the longer-term by demonstrating the highest levels of potential. Talent management is the systematic attraction, identification, development, engagement/ retention and deployment of those individuals who are of particular value to an organisation, either in view of their ‘high potential’ for the future or because they are fulfilling business/operation-critical roles CIPD working definitions 2 © HRPD Associates 2009 The Value of Talent : The Value of Talent Research shows that outstanding performers typically deliver four to six times more performance than average (whether salespeople, surgeons, software developers or any other role) Selecting or developing just one outstanding performer has huge impact on overall performance Identifying what differentiates outstanding performers from average can be used to: Coach and develop less effective performers Inform the succession planning process Produce a template to inform selection of outstanding performers (as opposed to average) Massively leverage organisation performance ie shift the whole curve to the right Poor Average Outstanding/ “Talent” Performance The best way to persuade Senior Management of the value of Talent Management is to put a Value on that talent (ROI) 3 © HRPD Associates 2009 Especially in economic crisis : Especially in economic crisis The current uncertain economic climate makes the effective and strategic management of talent more not less important. It is likely that whatever the economic backdrop, organisations will continue to prioritise recruiting scarce talent and identifying, developing and managing talent throughout the business Chartered Institute Personnel & Development 4 © HRPD Associates 2009 Downturn impacts on TM Drivers : Downturn impacts on TM Drivers Business-critical needs Restructuring Short- and long-term balance Sharing learning and pooling resources Clarify strategy and align TM Retention - keeping your best people despite turmoil Lots of talent on the market now but it won’t last Talent is about knowledge, skills, experience, networks DRIVER THINK ABOUT Alignment goals & roles Succession Planning Monitor performance alignment Use dashboard analysis Keep close to talent & address concerns e.g. talent who might leave Ensure knowledge/client networks base built /maintained Optimise current talent Grab external talent now if you can afford it - seed bed the future talent pool Ensure knowledge management processes maximised to share talent capability FOCUS 5 © HRPD Associates 2009 Economic Downturn Responses : Economic Downturn Responses Responses to the downturn by adopting positive talent management practices: 55% are developing more in-house talent 45% are focusing on essential development 43% are continuing to recruit key talent 35% are increasing their focus on employee retention. However, only 51% felt that managers are equipped to tackle the challenges of managing talent in a downturn CIPD Survey 6 © HRPD Associates 2009 Inclusive – Exclusive continuum : Inclusive – Exclusive continuum Exclusive Groups Inclusive All employees are potential talent More appropriate for small professional organisation Low aspiration model Less competitive/fit for purpose Reasonable proposition? May “turn off” real talent Any new process required? Easier to implement/less impact Subset (s) are seen as potential talent More appropriate for large organisation Ideal if there are clear mission critical roles May create divisive culture May make people feel stigmatised Easier implement in private sector Creates aspirational target Requires additional processes Critical Senior Roles Where on the range is most suited to your organisation at this time 7 © HRPD Associates 2009 Key Processes : Key Processes Process Design Process Revue 8 © HRPD Associates 2009 Key Processes : Key Processes 9 © HRPD Associates 2009 Process Design : Process Design How will you measure success? Retention levels of people in talent pools? % Critical roles filled by people defined as “talent?” % Critical roles with identifiable and capable successors? % of critical/ senior roles filled by internal talent as opposed to externally sourced? Development of innovative products or services Increase in ratio of high talent applications Benchmarked as copy/organisation people aspire to work for Number of people from minority groups/women in senior roles? Number of people described as “talent” at different organisation levels? Mobility/cross functional transfer levels within talent pool? ??? Process Design 10 © HRPD Associates 2009 Process Design : Process Design Design Preparation Create a Talent Management Panel from “engaged” senior management and ensure one senior manager with sufficient authority has overall responsibility Develop a lexicon of definitions and terms to use in relation to Talent Management Clarify and agree how you will evaluate success, monitor and improve the process Decide on whether it is an Inclusive or Exclusive –all staff in talent pool or a subset of mission critical roles/ people -If Exclusive then how will you maintain morale of anybody excluded Clarify how the process will be linked to current and future strategic direction Agree how it will be embedded into corporate culture – driven and supported from the top Use transparent, fair and equitable methods of assessment/evaluation to identify talent Develop and explicit process and rationale to communicate the programme to all staff Make sure that any process (especially Exclusive approach) does not breach Employment law Consider reviewing and deploying a specific software package for talent management and/or generate a talent audit/register to capture the level of your talent Process Design 11 © HRPD Associates 2009 Key Process (1) : Key Process (1) Defining Talent Clarify strategy to inform identification of mission critical roles in the future Whether Inclusive or Exclusive start with small group, ideally senior management Develop competency models based on “superior” rather than acceptable performance Ensure that performance evaluation processes are objective and there is cross organisation consistency in any application Recognise that much of “talent” may be unrecognised potential Consider assessment methodologies including competency models and psychometrics to evaluate talent How will critical / key role identification occur 12 © HRPD Associates 2009 Key Process (2) : Key Process (2) Identify Develop a protocol and train line management in Talent Identification Ensure that identification and nurturing of talent is recognised as a key line management responsibility Generate a set of agree criteria by which Talent can be identified Conduct a risk analysis eg where criticality is a function of eg Strategic importance Size of job Difficulty and cost of replacement Unique skill sets, technical knowledge Holding large network/client base Conduct informal or formal assessment of mission critical role holders or of potential talent pool groups Generate Talent database (see Talent Management Software) 13 © HRPD Associates Key Process (3a) : Key Process (3a) External - acquire Use staff as talent scouts to identify external potential talent Set up bounty bonus processes to recognise successful talent scouting Be prepared to take on outstanding external talent even when there is no pressing immediate need to seedbed potential future Continue to receive and process speculative applications, with key focus on potential talent identification Keep register with permission of speculative applicants (data protection) Regularly contact high potential speculative applicants and keep them informed of possible employment Invite speculative talent applicants in for tour of the organisation – show them you genuinely care Focus on improving on-boarding process from setting up meetings with key staff to having formal on-boarding coaching and mentoring process Establish the real reason why on-boarding talent left previous role/was dissatisfied and look to ensure this doesn’t recur in your company Conduct in-depth discussion at monthly frequency with new talent to identify and address any concerns and seek feedback to improve on-boarding process 14 © HRPD Associates Key Process (3b) : Key Process (3b) Attract & Retain Even if you are not currently recruiting you need to future proof Create and promote a culture and organisation which external potential talent aspire Actively promote your positive culture in the market eg through social networking Recognise that climate/working conditions are a key element Ensure high value (importance) attaches to TM throughout the organisation Recognise current staff as key ambassadors Ensure total compensation packages are upper quartile relative to competitors Recognise that you need to think about functional specialism as well as sector Ensure assessment centres in corporate cultural and values fit Evaluate your organisation through staff surveys and use the feedback to actively improve areas of weakness eg Sunday Times key eight factors that define the best companies to work for in Britain. Leadership: how people feel about the head of the company and its most senior managers. Personal growth: to what extent people feel stretched by their job. My manager: people’s feelings towards their day-to-day managers. My company: feelings about the company people work for as opposed to the people they work with. My team: people’s feelings about their colleagues. Wellbeing: how people feel about stress, pressure and the balance between their work and home life. Giving something back: how much companies are thought to put back into society and the community. Fair deal: how happy staff are with their pay and benefits. 15 © HRPD Associates Top 10 Sunday Times Best Companies to work for : Top 10 Sunday Times Best Companies to work for http://business.timesonline.co.uk/tol/business/career_and_jobs/best_100_companies/best_100_tables/ 16 © HRPD Associates Key Process (4) : Key Process (4) Manage Hold regular Talent Panel reviews to monitor and report on progress of any identified talent Generate formal career planning processes and succession planning for key talent roles - Identify and address gaps in potential successors Ensure performance management becomes a genuine performance development and coaching opportunity Revue remuneration regularly to ensure that talent role holders remain well remunerated relative to potential sources of poaching Recognise and reward talent for outstanding performance Assign a mentor/coach for each high talent role holder Identify “wobbling” talent early and intervene before they leave Build relationships with Business Schools, Local Universities and Colleges 17 © HRPD Associates Key Process (5) : Key Process (5) Nurture & Develop Create an organisation climate that supports talent development Make sure the talent feels valued by the organisation Establish specialised talent coaches available on request Ensure that talent recognises their ownership of their development Identify and address any recurring problems face by talent in development process Run Development workshops for the talent to identify strengths and areas for development Build development around key target role talent competencies Enable talent to develop using medium which best fits their needs and circumstances Ensure development is seen as being valued by the organisation Set up development experiences for talent through shadowing and interim roles 18 © HRPD Associates Key Process (6) : Key Process (6) Evaluate Review progress against success factors agreed at design stage Use a dashboard approach - assign a red, amber or green light flag for talent to enable quick identification of potential problems Check retention levels and monitor absence levels regularly Conduct employee satisfaction surveys Explore whether there is a positive correlation between Talent “ranking” and performance Review how do participants feel about the process and use feedback to improve What is working well and what needs to improve Establish and review benchmark performance against competitor organisations in terms of “employer of choice” 19 © HRPD Associates Coaching for Talent Management : Coaching for Talent Management Coaching is about helping talented people to recognise and release their potential Coaching is the central performance lever for all successful Sports Professionals Coaching is core to most key aspects of Talent Management: Selection and On-boarding Helping line management to develop talent Informing development discussions Creating a nurturing climate Identifying, recognising and releasing the Talent potential 20 © HRPD Associates Ten tips : Ten tips Talent Management needs to be driven by, dovetail, align with and enable strategy Common, shared and understood definitions and purpose for the Talent Management Programme, including an agreed lexicon of terms The process needs to be genuinely “bought into” and driven by the senior team and there should be a Talent Management Panel and a single individual with overall responsibility for the process – not a part-time role Coaching is central to Talent Management and there should be a programme of coaching which identifies and deploys the best coaches to support the TM process It may be supported by HR but needs to be seen as being owned by the organisation and not an HR driven initiative It is fundamental to recognise that there is much more talent untapped in the organisation than has been historically recognised and that a key feature is to identify and release that value TM needs to be both formal and informal, embedded in the culture Line management need to accept and actively support the process There needs to be a clear and transparent system for tracking/monitoring the performance and development of talent Any abuse of the system or attempts to undermine it must be dealt with strongly 21 © HRPD Associates Thanks, hope it’s been useful… : Thanks, hope it’s been useful… Thanks for viewing this introductory slideshow We have significant experience in the range of Talent Management processes We are based in the UK Please feel free to use the slides as long as you attribute the source Contact us at HR Performance & Development Email: info@hrpd.co.uk Web: http://www.hrpd.co.uk 22 © HRPD Associates 2009

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