Winning The Talent War Karen Storey


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Winning The Talent War Karen Storey

  1. 1. Winning The Talent War “Acquiring, developing and deploying the right talent” Karen Storey XLogic FZ LLC
  2. 2. 2 Today’s Session • Part 1: How to ensure your talent strategy is integral to your business strategy • Part 2: How to engage all stakeholders in the design and ongoing deployment of your talent programme • Part 3: How to keep your talent pipeline on-track during challenging times
  3. 3. 3 What is talent management? • The system in which people are recruited, developed, promoted and retained to optimise the organisations ability to realise positive business outcomes in the face of shifting competitive landscapes. • A business process that systematically closes the gap between the talent an organisation has, and the talent it needs, to fully respond to emerging business challenges.
  4. 4. 4 In it’s most basic form, it should tell you? • What kind of talent you need to win • In which positions • How much of it you need • Where to find it • How best to develop it and how to keep it
  5. 5. 5 Traditional Talent Management Process acquire deploy develop retain Focus Focus
  6. 6. 6 Why you should think about talent more seriously? • There is a demonstrated link between better talent and better bottom line performance • Talent creates financial value – the human capital impact • Business is getting more complex and with that, competitive advantage becomes harder to establish • Boards and shareholders are becoming more demanding • Employee expectations are also changing
  7. 7. 7 Part 1: Aligning Your Business Strategy and Talent Strategy
  9. 9. 9 The people that matter need to see the link.... Vision Strategic Cultural BUSINESS Priorities Leadership Imperatives Priorities LANDSCAPE Strategic Priorities TALENT NEEDED Capacity Needs Identify Potential GAME PLAN Accelerate Development Assess Readiness Focus/Performance Select/Deploy Talent MEASUREMENT Communication Accountability Skill Alignment Measurement
  10. 10. 10 Make the link obvious • If business leaders and managers cannot see the direct link between talent management practices and business outcomes – the TM strategy will NEVER receive the attention and support it requires to succeed • Begin with the end in mind – relentless focus on delivering the longer term strategy • If the TM strategy is surrounded by business silos, is fragmented and stands apart from the fundamentals of the business – it will fail!
  11. 11. 11 Question Time - The chicken or the egg..... • Can an organisation with a poor culture be good at talent management? • Can talent management create a better culture?
  12. 12. 12 Poor Leadership WILL Break It! You need... • A leadership team with a deep commitment that people matter • Leaders that an ability to nurture and manage performance • HR leadership that are good at translating business needs into talent strategies • Leaders and managers that ‘Walk the talk’ – your value proposition needs to be tangible not just a poster on the wall or something you say to ‘hook’ a good candidate
  13. 13. 13 Ownership is key.... • Involve your senior leadership team in the early stages of the talent strategy development • Hold them accountable for delivering the programme content • Make talent management a strategic priority and show the team how it can support the overall business strategy • Communicate the why, the how, and the what continuously
  14. 14. 14 The reality...... • Most talent programmes are simply not delivering the right results • Many companies simply can get the programme to stick • Those that do attempt it report less than average results for their talent $’s • International companies and expatriate managers still struggle to develop local talent
  15. 15. 15 Let’s discuss some of the barriers • What are some of the barriers that you think contribute to this apparent failure by both large and small companies?
  16. 16. 16 Barriers are mostly human barriers!
  17. 17. 17 Have you got the right reputation? • Highly satisfied and engaged employees are as rare as they are valuable • Neither employee satisfaction or engagement alone can deliver the result – a manager cant build a high performance workforce by solely focusing in engaging employees – because dissatisfied high performers wont stay long • Nor can a leader focus exclusively on making employees satisfied because although they will happily stay forever they may lack the motivation to innovate and perform
  18. 18. 18 Do you have the pull factor? • Let me ask you all a very direct question... • “Why would a talented person want to work at your company?”
  19. 19. 19 Part 2: How to engage all stakeholders in the design and ongoing deployment of the talent programme
  20. 20. 20 Engaging key stakeholders Lets discuss.... 1) Who are the key stakeholders? 2) What do they give/deliver 3) What do they get? 4) How can we keep them engaged in the process?
  21. 21. 21 What motivates talent?
  22. 22. 22 Lets brainstorm each of these components... • Great Company • Great Jobs • Compensation and Lifestyle
  23. 23. 23 What does the research say...... Great Company Great Jobs Compensation & Lifestyle Values and culture 58 Freedom and 56 Differentiated 56 Well managed 50 autonomy compensation Company has exciting 38 Job has exciting 51 High total 51 challenges challenges compensation Strong performance 29 Career advancement 39 Geographic location 39 Industry leader 21 and growth Respect for lifestyle Many talented people 20 Fit with boss/admire 29 Acceptable pace and 29 Good at development 17 stress Inspiring mission 16 Fun with colleagues 11 Job Security 8
  24. 24. 24 The results speak for themselves.... • The top performing companies in terms of shareholder value outperform mid level companies in 13 our of 19 employee value propositions dimensions and perform about the same in the remaining six • This equates to 88% of the top performing companies very rarely being faced with their job offers being turned down and seldom do they lose their top performers to other companies.
  25. 25. 25 Where do most companies focus their effort? Where does your organisation focus it’s talent efforts?
  26. 26. 26 Don’t just focus on the top tier Top Management Traditional Focus of TM resources Middle Management Specialist The Vital Many Employees High potential Indirect Workforce
  27. 27. 27 Linking Talent To Reward & Recognition Goal Setting Communication Trust THE BIG 4! Accountability Alignment – does it reinforce Desired culture Company Values IMPACT! Business Objectives Manager Relevance Employee Engagement RESULTS Business Results
  28. 28. 28 Making The Model Work • Measure employee engagement and satisfaction • Assess current recognition efforts to determine what is working and what can be improved • Design structured, integrated, practical recognition solutions • Train managers to use the tools that will embed recognition into your culture
  29. 29. 29 Why one size does not fit all!....... Recognition Practice % Who WANT to be % who ARE recognised recognised in this manner in this manner Cash Bonus 82% 25% Verbal Praise 49% 70% Recognised for individual 46% 53% achievements Written Praise 45% 29% Non-cash incentives 44% 17% Recognised for both individual and 39% 25% group achievements Recognised for team/group 38% 43% achievements Formal praise in front of others 38% 32% Recognition event 23% 14% Symbolic award 17% 13%
  30. 30. 30 Generational Talent Management • Lets take Generation Y...... • The GEN-Yers (born 1982-1993) balance idealism with pragmatism, demand flexibility, balance, respect and accessibility. • Want long-term career development, a variety of experiences and sense of purpose and meaning • They want open social networks and work life balance..... • And if your a baby boomer non of these matter and you are trying to manage this new workforce dynamic....
  31. 31. 31 Developing Talent It’s not all about sending your good and great off to do an MBA!
  32. 32. 32 Talent Management approaches • Long term career development opportunities – multiple delivery channels • Sense of purpose and belonging • Access to mentors and coaches • Work-life balance and flexibility • Honest open communication • Respect • Two way feedback • Collaborate design and development options • Generational branding and delivery mechanism
  33. 33. 33 Part 3: How to keep your talent pipeline on- track through challenging times
  34. 34. 34 Retrenching • Use cost cutting measures as an opportunity to redesign jobs so that they are more engaging • Look at ways of changing responsibility, accountability, span of control • Headcount reductions can encourage more collaboration where silos exist currently • Get teams involved in cross functional alignment sessions – give your talent cost reduction exercises and reward them on achievement • Engage talent at the outset of your downsizing efforts
  35. 35. 35 Should we cut our development budget? • These should be protected wherever possible not least because: • Maintain workforce morale • Increase long-term productivity • Can train employees for redesigned jobs • Ensure your team are ahead when the market recovers • Think more innovatively – use internal senior team to deliver instead of external trainers
  36. 36. 36 Linking This All Together.. • Have clear business strategy and objectives • Link and set your talent priorities around your business strategy • Create integrated, energising talent solutions • Ensure your processes and technology helps you deliver on your promise • Track your talent indicators and be flexible and adaptable until you get it right • Track engagement and satisfaction and act on the data • Develop strong talent leadership
  37. 37. 37 Q&A Are there any questions or talent issues that you or your company are facing, that we can discuss as a group – collectively we may be able to give you some fresh ideas to tackle the problem!
  38. 38. 38 Thank you for your time and input today. We wish you every success on your talent journey!