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Alex mendez talent management

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  • 1. Talent Management
    Challenges & Retention
    By: Alex Mendez
  • 2. What is Talent?
    Talent can be described in many ways.
    There are four main factors in defining talent in contemporary management:
    High productivity
    Multi-skilled
    Self-motivated
    Innovative
  • 3. What is Talent Management?
    Developing and integrating new workers
    Developing and retaining current workers
    Attracting skilled workers to work for the company
  • 4. How is Talent Management Important?
    Sets a standard for a certain level of quality
    Keeps skilled workers loyal and motivated
    Creates competition within departments to increase performance
  • 5. The War for Talent
    This was a phrase coined by Steven Hankin in 1997 which refers to the competitive environment of recruiting and retaining talented workers.
    However, this war has just begun.
  • 6. The War for Talent (HBR Article)
    Many top companies are struggling in the war.
    18% of companies claim to be winning the war for talent.
    72% portrayed it as an endless struggle in which they were neither gaining nor losing ground.
    10% declared that the war for talent was winding down in defeat for their enterprise.
  • 7. The War for Talent (HBR Article)
    The war can be lost on ignorance.
    Keep talent-assessment systems on par with company priorities to help define talent.
  • 8. Challenges
    A common theme for managers is poor employee retention.
    Not enough effort spent in keeping employees with the company.
    Too many resources into attracting new employees.
  • 9. More Challenges
    A suffering economy only adds to the trouble.
    As people become better-rounded, the bar of talent quality rises.
    This makes job openings very specific and exclusive.
  • 10. Retention Challenges
    Employee retention always has room for improvement.
    Other companies / job openings offer higher salary
    Dead-end with no opportunities
    Burnout
  • 11. Tour of Duty
    The IT field can lend a lot of insight to talent management
    There are several departments within IT, all with varying responsibilities and expected skill sets.
    Swapping high potential employees from department to department (6-12months) provides a new perspective (Tour of Duty)
  • 12. Benefits of “Tour of Duty”
    Lets employees try something different
    Helps a business maintain talented individuals
    Gives talented workers the benefits of a new job while keeping things familiar
    Creates loyalty between individual and the company
  • 13. Tips to Improve Retention
    First, it’s important to realize what makes retention work. Companies need to provide the following:
    Clear goals
    Balanced work environment
    Performance tracking
    Fair evaluations
    Proper compensation
  • 14. Tips for Improving Retention
    If these factors are ignored, the talented individual can find them elsewhere.
    Talented workers need a reason to stay
    Keep employees motivated
    Reward them accordingly
    Consider Fast tracking
  • 15. Fast Tracking
    Fast tracking essentially takes high-potential employees and puts them in upper management as the years progress
    This is key to having talented individuals stay
    However, there are pitfalls
  • 16. Pitfalls of Fast Tracking
    Improper time spent in the department, which leads to insufficient experience
    Employee may not be able to lead effectively (can cause Domino effect)
    New managers are introduced too frequently for certain projects to finish properly
  • 17. Retention Systems (Walmart)
    Walmart has developed their own retention system.
    Closely monitor and track top executives
    Reward those with high scores, discuss how to improve the ones with lower scores
    Review and share data
    This creates healthy competition to strive for high quality.
  • 18. Retention Systems (IBM)
    Often, talent-management efforts are difficult to measure and can take years to play out
    Mike Markovits’ tracking system
    Keeps track of career paths, assessments, and training
    Easier to discover flaws and conversely, what works.
  • 19. Summary
    Talent Management is an ongoing process.
    Talent requirements are becoming more and more specific.
    Talent management systems such as Markovits’ and Cude’s creations can help improve talent management.