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The Next Generation of Talent Management Strategy: Pay for Talent
 

The Next Generation of Talent Management Strategy: Pay for Talent

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Pay for performance is an accepted model for many organizations, but is it effective or shortsighted? Does it drive the right behavior and focus on the key people you must retain? How do you tie in ...

Pay for performance is an accepted model for many organizations, but is it effective or shortsighted? Does it drive the right behavior and focus on the key people you must retain? How do you tie in potential, risk of losing someone, etc., into the overall reward process?

In this session, Jan Brockway, director of product management for talent management at ADP and a long-term HR practitioner, and Robert Mattson, director of talent management marketing at ADP, will discuss the advanced concepts of pay for talent, which might include pay for potential and how and where performance, succession/talent assessment and compensation information can be used across HR processes. Attendees will learn:

• Pay for talent: What is it really, how can it impact an organization and what are the keys to making it successful?
• The links between performance, succession, talent assessment and compensation.
• Keys to successful implementation: Gotchas, change management and success.

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    The Next Generation of Talent Management Strategy: Pay for Talent The Next Generation of Talent Management Strategy: Pay for Talent Presentation Transcript

    • The Next Generation of Talent Management Strategy: Pay for Talent Speakers: Jan Brockway Director of Talent Management Product Management ADP Robert Mattson Direct of Talent Management Marketing ADP Moderator: Kellye Whitney Managing Editor Talent Management magazine #TMwebinar
    • •  Q&A –  Click on the Q&A icon on your floating toolbar in the bottom right corner. –  Type in your question in the space at the bottom. –  Click on “Send.” #TMwebinar
    • Tools You Can Use•  Polling –  Polling question will appear in the “Polling” panel. –  Select your response and click on “Submit.” #TMwebinar
    • Frequently Asked Questions1. Will I receive a copy of the slides after the webinar? YES2. Will I receive a copy of the recording after the webinar? YES Please allow up to 2 business days to receive these materials. #TMwebinar
    • The Next Generation of Talent Management Strategy: Pay for Talent Kellye Whitney Managing Editor Talent Management magazine #TMwebinar
    • The Next Generation of Talent Management Strategy: Pay for Talent Jan Brockway Director of Talent Management Product Management ADP Robert Mattson Direct of Talent Management Marketing ADP #TMwebinar
    • Pay for Talent Jan Brockway Robert Mattson© Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • The Lever and the Rock HR Employees‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Top 10 Challenges for Achieving Business Goals §  Of the top 10, 6 were HR related §  Ability to execute strategy §  Retaining key employees §  Improving employee engagement §  Shortage of key skills available in the market §  Ability to identify key employees §  Workforce productivity §  How does HR integrate various processes to manage these challenges and meet the business goals? SOURCE: Aberdeen Group: 2011 Quarterly Business Review Survey‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Scarcity of Talent VS Unemployment §  As of Dec 2 report, National Unemployment Rate is still 8.6% §  And yet on the other hand, there is a shortage of people with key skills needed to move organizations forward “… We are entering a new era of unparalleled talent scarcity, which will put a brake on economic growth around the world, and fundamentally change the way we approach workforce challenges.” SOURCE: “Global Talent Risk – Seven Responses,” World Economic Forum, May 2011‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Are Your Associates Engaged? §  According to a 2011 Mercer Report, 32% of employees are planning to leave §  High Performing staff contribute up to 25% more than an average performer §  Employee Engagement is at the lowest levels in years, at least 1 in 4 are actively disengaged, another 1 in 4 are moderately engaged Must  retain  your  Top  Talent  ‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Poll Question §  How many of you believe you have at least one of these challenges? Two of the challenges? All Three? §  Employees looking to leave the Organization §  High Performers Contribute significantly more than average §  Employee Engagement is lower than ever‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Keys to Retaining the Key Associates §  Focus on mobility and development §  Managers manage – set goals, provide feedback, help associates with new opportunities §  Use Compensation as one of the levers‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • How to Use Your Compensation Lever §  Reward for past performance §  Merit increase §  Bonus for overall performance §  Bonus for specific achievement §  Stock allotment §  Improve compensation fairness §  Market or peer equity §  Promotion adjustment §  Incentives for the future §  Retention §  Critical skill §  Key talent §  Future need‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Reward Vs Incent §  Reward §  Incent §  Awards given for past §  Awards given to incent performance future actions‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Pay for Performance Vs Pay for Talent §  Pay for Performance: §  Pay for Talent §  Process to drive §  Process to drive differentiation in differentiation in compensation to ensure compensation to ensure the highest performing the organization rewards members of the those with the most value organization are rewarded to the organization due to: appropriately §  Performance §  Contribution §  Potential §  Critical Role §  Key Talent §  Etc.‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Integrating Talent Management with Compensation Strategy §  Pay for Performance is a bit narrow and only addresses one component of retaining top talent §  Pay for Talent broadens the discussion to include: §  Talent Assessment process §  Succession and Potential §  Performance §  Development Get  the  Most  out  of  your  $$$  ‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Pay for Talent: Talent Assessment §  Create a talent assessment process, including a calibration discussion that assess factors important to driving your organization’s strategies. These might include items such as : §  A critical skill or experience §  Risk of loss and or impact of loss §  Key customer or vendor relationships (Key talent) §  Allows the organization to have a broader discussion about the value people add to the organization and how to reward and incent them appropriately‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Pay for Talent: Succession and Potential §  Develop a succession process that provides the opportunity to drive the conversation: §  Who are the people we can’t afford to lose and why? §  Who could add more value to the organization by taking a new opportunity? §  Where are our next leaders? Who are those key people we need to invest in and begin to build them into future leaders? §  Potential has to be one component of the succession discussion: §  Who has the potential and the desire for an opportunity in a bigger role? What do they need to be successful?‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Is the Organization Ready? §  Out of the 410 enterprises surveyed that identify and track high potential employees, only 213 reward these employees for their contributions §  Only six out of ten large U.S. enterprises (those with 500+ employees) identify and track high potential employees within their organizations §  Only 41% of organizations have KPIs that measure individual contributions versus overall goals below the manager level SOURCE: ADP Research Institute: Talent Management in 2011: Perceptions and Realities‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Is the Organization Ready? §  Do you have defined, consistent criteria? §  Do you know which attributes your organization values most? §  Does your organization has a culture of open and frank discussion? §  Which attributes of Pay for Talent best fit your culture?‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Organizational Process §  Will the process be an open process, discussed with the identified employees? §  Or do the organization executives keep that information closely held? §  There is no right or wrong – assess what works in the culture of your organization, but think about the Gen Y generation – what will they expect? How do they change your culture?‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Are Your Managers Ready? §  Do you have managers that are blockers? Are they aware they are blockers? §  Do your managers have the skills needed to manage the entire process? §  Setting realistic goals and providing feedback §  Assessing potential and other criteria §  Do you have support for them? §  A calibration process to enable open dialogue §  What will be most challenging for the managers in the process?‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Summary §  Understanding how the different talent management processes impact each of the different processes is key to long term success §  A key lever to extend across all talent management processes is compensation – PAY FOR TALENT §  Understanding the impact across the entire organization is critical to success‹#› © Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Thank You www.adp.com/talent_management© Copyright 2011 ADP, Inc. Proprietary and Confidential Information.
    • Thank You!Register for upcoming Talent Management Webinars at www.talentmgt.com/webinars Talent Strategies 2012 Creating the Organization of the Future: Meeting Tomorrows Challenges Today Catch the Early Bird Rate Today! www.strategies2012.com #TMwebinar