TALENT ‘Talent signals an ability to learn and develop in the face of new challenges. Talent is about future potential rather than past track record. So talent tends to be measured in terms of having certain attributes, such as a willingness to take risks andlearn from mistakes, a reasonable (but not too high) level of ambition and competitiveness, the ability to focus on ‘big picture’ issues, and an awareness of their own strengths, limitations and impact on others…’
According to McKinsey Talent is the sum of• a person’s abilities,• his or her intrinsic gifts,• skills, knowledge, experience ,• intelligence,• judgment, attitude, character, drive,• his or her ability to learn and grow
TALENT MANAGEMENTA conscious, deliberate approach undertakento attract, develop and retain people with theaptitude and abilities to meet current andfuture organizational needs. Talentmanagement involves individual andorganizational development in response to achanging and complex operating environment.It includes the creation and maintenance of asupportive, people oriented organizationculture.’ OR‘Talent management is the process of ensuringthat the organization attracts, retains,motivates and develops the talented people itneeds.’
They regularlydemonstrate exceptional ability and achievementover a range of activities They have transferable high competence They are high impactpeople who can deal with
• TM introduced by Mc Kinsey consultants, late 1990’s• TM is identified as the critical success factor in corporate world• TM focuses on – differentiated performance: A, B, C players influencing company performance and success – identifying key positions in the organization!!! Surveys show that firms recognize the importance of talent management but they lack the competence required to manage it effectively
Why Organizations Need Talent Development• To compete effectively in a complex and dynamic environment to achieve sustainable growth• To develop leaders for tomorrow from within an organization• To maximize employee performance as a unique source of competitive advantage• To empower employees: Cut down on high turnover rates Reduce the cost of constantly hiring new people to trainTalent management includes a series of integrated systems of recruiting, performance management, maximizing employee potential, managing their strengths and developing retaining people with desired skills and aptitude
Talent management model• There are different approaches to talent management in organizations• A successful TM model has to link 1. TM creed (culture, values, expectations) with 2. TM strategy and 3. TM system. (Lance and Dorothy Berger, 2011)The values, expectations and elements of – the desired culture and – the business excellenceshould be embedded in HR systems as selection criteria, competency definitions, performance and promotion criteria and development processes
TALENT=COMPETENCE+COMMITMENT+CONTRIBUTION• Being competent is not only enough to be a talent• The competent person should be committed to the causes and goals of the organization• And should be able and willing to contribute to the success of the organizationSo, developing your talent is not enough, the organizations need to take all the measures to motivate, reward their talent pool to gain their commitment and contribution.Retention is also essential to gaurantee future alignment of the talent with the right key positions
• People are not your Asset but the Right people are............ Just as Customer Acquisition describes the overall strategic process around identifying market sectors, targeting client prospects, running direct marketing campaigns, selling and receiving the order (i.e. acquiring a new customer), so Talent Acquisition involves all the sub-processes around finding, attracting and engaging highly talented individuals into your organization. Hence TMLs Talent Acquisition involves the planning, sourcing, assessing, hiring and on-boarding of top talent. Strategic Talent Acquisition takes a long- term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future. In the most enlightened cases of Strategic Talent Acquisition, we help clients to recruit today for positions that do not even exist today but are expected to become available in the future.
? Create Your Own Cloud “Gather a small group of leaders together and ask these questions. You know more than you realize and will find a lot of agreement.
• What do your organization’s turnover patterns tell you?• How can you describe the reputation your management teams have?• What feedback have you received from employees that might tell you more about why they stay or go and grow or stagnate?• What are a few of the reasons employees rank their workplaces as the best?• Does your organization have qualities that are similar to highly ranked workplaces?
• Next, build out the cloud. Don’t simply create a list of what impacts retention; craft a guide that will help you improve your organization’s business practices. Each piece within your cloud should be explained so that leaders and employees know how to build and reinforce strengths, solve problems, and remove barriers.• “Move from cloud to system. Share the contents of the cloud with your team, facilitate discussion, and select a focused list of opportunities, initiatives, or projects that have the greatest potential for improving retention and growth. Implement what you’ve learned.”
HR and TM HUMAN RESOURCES TALENT MANAGEMENT MANAGEMENTo Broad Scope (entire oFocus on segmentationemployees) (key group of coreo Emphasize employees and keyegalitarianism positions)oFocus on administrative o Focus on potentialfunctions peopleoTransactional oFocus on the attraction,oFocus on systems with development and retentionsilo approach of talent oFocus on integratation of HR systems