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Top 10 Mistakes in Talent Management
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Top 10 Mistakes in Talent Management

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Marc Effron of The Talent Strategy Group from a webinar on the Top 10 Mistakes in Talent Management

Marc Effron of The Talent Strategy Group from a webinar on the Top 10 Mistakes in Talent Management

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  • 1. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #The Top 10 Mistakes inTalent Management(and how to avoid them)Align. Develop. Reward. Retain.www.employee-performance.com
  • 2. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #www.employee-performance.comSPONSOR:Easy-to-use, online talent management software.Complete appraisals in a fraction of the time.Online Evaluations, Goal Management. Succession Planning. CompensationManagement. 360 reviews. Reporting & Analytics, Social Feedback.www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)
  • 3. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #www.employee-performance.comMarc EffronPresident, The Talent Strategy GroupAuthor, One Page Talent Management: Eliminating Complexity, Adding Value(Harvard Business Press, 2010)Founder, New Talent Management NetworkHOST: Marc EffronThe Top 10 Talent Management Mistakes(and how to avoid them)
  • 4. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #10: Not starting with the scienceScience provides insights for everything we do• How to set goals• How to coach• How to identify high potential leaders• How much compensation mattersSo is your first step always “starting the with science”?
  • 5. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)About benchmarking . . .It will get you to the 50th percentile, but never the 75th. Why?• Science-based? Were their ideas based on proven facts or just leaders’ preferences atthat company?• Strategic Fit?: Were those programs developed to meet that company’s specificstrategic goals?• Implementation?: Benchmarking rarely uncovers the more subtle factors that allowedimplementation (i.e. CEO support, large budget)• Culture fit?: How would implementing this idea in your company affect your corporateculture?5Starting with the science ensures that you’re buildingon a stable foundation
  • 6. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #9: Starting with an HR goal, not a business goalWhat is the business goal/problem that you’re trying to solve?• What is the business trying to achieve and what’s the simplestway to achieve it?• Take off your HR hat• No HR process has an independent right to exist
  • 7. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)8: Letting employees set and evaluate their own goalsDid he just say that??• Let’s go back to the science• Performance is same whether employee or manager sets goals• We are wildly inaccurate in our self-assessments• Managers are best able to guide goals and evaluate results
  • 8. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #8Are there clear rules in your company about . . .• How long is it OK to be an average (50th percentile)performer? How long in a key role?• How accountable are managers to actually developemployees and what happens if they don’t?• How transparent should managers be with their directreports about their potential to advance in the company?We all have personal opinions on these questions.Few companies have a clear set of rules.7: Not Having a Talent Philosophy
  • 9. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #9• Performance• Behaviors• Differentiation• Transparency• AccountabilityINSIGHTSWhat’s yourTalent Philosophy?Few companies use consistent, strategic guidelinesto inform their talent decisions. Should managers’personal preferences govern how you grow talent?ThenThenThenI FThenThenThenI FThenThenThenI FA talent philosophy defines five areas:
  • 10. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #10Where Does it Fit?Talent PhilosophyThe rules of the road for buildingyour company’s talentYour Company’sSuccess ModelThe capabilities that willdistinguish your best talentThe foundationfor all talentactivitiesTalent Reviews andSuccession PlanningEnsure that high qualitytalent exists and that it cansustain the businessPerformanceManagementAlign employees with theneeds of the businessThe core processesfor ensuring highperforming talent
  • 11. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #6: Not building our capabilitiesBusiness JunkieThe Differentiating TwoBusiness JunkieThe Core FourTrusted Executive Advisor• Professionally Credible• Forms Strong ExecutiveRelationshipsCourageous Advocate• Has a Theory of the Case• Is Appropriately AggressiveBusiness JunkieHR DiscipleProduction ManagerTalent Authority
  • 12. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake # 5: Focusing on the year-end instead of goal settingSet Goals Observe & Coach Review PerformanceSet a few high qualitygoals that create higherperformanceKeep everyone at astrong performancelevelFairly and accuratelyassess performance
  • 13. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #134: Not Creating a Talent Production LineTalent should be built just like any other product– A production process should exist with clear specifications, a reliableproduction line and strict quality control– When the process is run, it should actually produce talentWhat are the specificationsfor the talent you plan toproduce and how you plan toproduce it?What machinery will most simply turnraw material into finished product?What will move the conveyor belt?How will quality be evaluated?Production ProcessWhat is the plan foreffectively distributingthis talent through theorganization?What quality of rawmaterial are we startingthe process with?SpecificationsSpecificationtoproduceleadersatmycompany2010Talent5’11”EXTaYellowSpecificationtoproduceleadersatmycompany2010Talent5’11”EXYellowTalent5’11”EXTalentRaw Materials Distribution
  • 14. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #3: Lack of process and outcome transparencyProcessTransparencyOutcome TransparencyHow open is your organizationabout the tools and processesused in talent reviews, high poselection, performancemanagement, etc.?Are those employees who arediscussed in talent processescommunicated to about thediscussion and any decisionsmade?100% transparency isn’t always the right answer, butmore is always better than less
  • 15. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #2: Lack of accountabilityCan you answer the critical question: Why Should I?• Accountability must mean consequences• Creative accountability works – cultural pressure, name & shame• Select the few most powerful levers to hold them accountable forTo what extent are your leaders accountable for growing talent?What could you this month to improve that?
  • 16. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #1: Making talent processes too complex• Talent building processes work only if implemented• Successful implementation is rare• HR has added complexity without adding value• Must radically simplify (starting with the science)
  • 17. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)17• Does each element (process step,box on form, etc.) add more valuethan complexity?• Do all elements together add morevalue than complexity?• Are facts/science guiding ourchoices or are personalpreferences?
  • 18. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)The Top 10 Talent Management Mistakes (and how to avoid them):1. Making talent processes too complex2. Lack of accountability for building talent3. Lack of transparency about processes and outcomes4. Not creating a talent production line5. Focusing on year-end instead of goal setting6. Not training your generalists7. Not having a talent philosophy8. Letting employees set and evaluate their own goals9. Starting with an HR goal, not a business goal10.Not starting with the science
  • 19. www.employee-performance.comThe Top 10 Talent Management Mistakes(and how to avoid them)Mistake #Marc EffronPresident – The Talent Strategy Groupmarc@talentstrategygroup.comwww.talentstrategygroup.comCRG emPerforminfo@employee-performance.comwww.employee-performance.comContact Us: