JUNE 2013 The Online Executive News for Corporate LeadersIn Tune with the LocalConnected to the World73officesin46countriesThe business world is more dynamic today than ever before with an accelerating pace of new technologies, increasingglobalization of markets and increasingly commonplace mergers, acquisitions and divestitures. In this tumultuousenvironment, organizations must continually renew their capability to achieve competitive advantage. However, it ischallenging to find the talent needed to compete in this dynamic business environment.The availability of educated, working-age talent is shrinking in many of the world’s labor markets (Zolli, 2007).Multinational companies are moving work to developing lower-cost countries, only to find the talent wars and wagessubsequently escalating there. Skilled leaders with the capabilities to enter new markets, create new business models andinnovate new technologies, are highly sought after. Consequently the demand for talent is outstripping the supply. Asa result, top performers in key talent pools typically have multiple employment opportunities at any point in time.This set of complex, changing business and talent realities creates the imperative for companies to focus on talent in astrategic, systemic and customized manner. Getting someone interested in your organization is the first step in attractingand retaining top talent. In recent years, the phrase “the war for talent”has been used most often in conversationsabout the challenges of retaining talent.You have to overcome the toughest challenge, the one of acquiring talent. Withretention, you have “familiarity” on your side. In acquisitions, the unknown can be frightening. There are six steps tocreating and communicating acompelling argument that toptalent cannot ignore: (Silzer,Dowell 2010).Enjoy your reading,Nancy MathioudakiPartner & Global FMCG sector leaderDetailing theemployment brandinto a talent brandand a leadershipbrand that clearlyarticulate thecaliber of talentand leadershipsworking for yourorganization.4Capturing theemploymentvalue propositionin a memorableemploymentbrand that statessimply whatmakes yourcompany a greatchoice.3Creating acompellingemploymentvalue propositionthat clearlyarticulates whatis different aboutyour organizationversus otherorganizations.2 Identifying the talentacquisitionstrategy thatbest supportsyour businessstrategy andwill result inmeeting yourtalent needs.1Measuringyour success.Determining the most productivechannels to the talentyou want to see.Manythankstoallthecontributorsofthisissuefortheirinsightsandtoallsurveyrespondentsfortheirtime… Contentsp1 Editorialp2,3 First TalentManagement Surveyp4 Building a great cultureand creating the conditionsfor people to succeed areat the heart of our value “Caring for our People”p5 Hiring for fit anddeveloping for skillsp6,7 Is talent managementwithin your company seenas a key organizationalobjective which drives andenables high performance?p8,9 Talent identification:a Corporate Culture or aManagement Systemp10 Which are the TalentManagement success factors?p11 Is strategy-driven TalentManagement a leadershipimperative?p11 Is talent Natural orDeveloped?p12 Which are the TalentManagement success factors?p13 Is Talent difficult to findnowadays?p13 Is talent managementwithin your company seen as a keyorganizational objective which drivesand enables high performance?p14 Matching Executive Talent toBusiness Strategyp15 The near future will bring morequalified candidatesp16 Quality of External Talent Leads toan Increased Focus on the Development ofInternal Talent
Facing the unprecedented changes in the financial and corporate environment as well as the increasing pace of change in technology,organizations and their leaders are under tremendous pressure to get the talent equation right.Within this context we are proud to present the thorough analysis and results of an online survey in which HR Directors, HR Managers andSenior HR profiles across industries participated.In the survey 106 Executives participated; the age of the majority of respondents ranges from 40 to 49. Of the 106 participants, 78% come fromMultinational companies and 22% from Greek companies. Regarding their market sector, 27% come from Consumer products and Servicescompanies, 16.9% from Retail industry, 12% from Industrial companies and 12% from Pharmaceutical & Financial Services companies.First Talent Management Surveyby Stanton Chase AthensInMarchandApril2013StantonChaseAthensthroughasurveytoSeniorHRExecutivesshedlightononeoftheimportantissuesconcerningallorganizations:the“Strategy-DrivenTalentManagement”.Talentmanagementisarguablyoneofthemostimportanttopicareasinorganizationstoday.Talentisbecomingrecognizedasacorecompetitiveassetinbusinessorganizationsandasthecurrencyofbusiness.35.85%33.02%35.85%48.11%59.43%48.11%36.79%12.26%8.49%40.57%33.02%17.92%0%7.55%51.89%30.19%10.38%0%3835385163513913943351908435532110RecruitmentRetentionProfessionaldevelopmentLeadershipHigh potentialdevelopmentPerformancemamagementFeedback andmeasurementWorkforce planningStrongly DisagreeDisagreeAgreeStrongly AgreeI don’t knowStrongly DisagreeDisagreeAgreeStrongly AgreeI don’t knowResponsesResponsesAnswer ChoicesAnswer ChoicesThe vast majority of participants (54.72%)believe that nowadays Strategy-DrivenTalent Management is a leadershipimperative. From a list of componentsof talent management, the participantspointed out the High potentialdevelopment as the most importantcomponent (59.43%), Leadershipranks as the next key component(48.11%) followed by PerformanceManagement (48.11%).0% 20% 40% 60% 80% 100%0% 20% 40% 60% 80% 100%0% 20% 40% 60% 80% 100%Is talent difficult to retain in time of crisis?Answered: 106 Skipped: 0Is talent difficult to find in corporations during a period of crisis?Answered: 106 Skipped: 0Which are the key components of talent management? Tick the 3 most importantAnswered: 106 Skipped: 035.85%33.02%35.85%48.11%59.43%48.11%36.79%12.26%Regarding their personal insight abouthow easy or difficult it is to find a talent ina period of crisis, there is a strong debate.51% of the participants believethat it is difficult to find it and49% that it is easy. The same debatealso appears in the part of discussion forretention of the talent in a period of crisis.41% of the participants agree that it isdifficult to retain talent and 59% disagree.
Senior Executives pointed out that the most critical challenges their organization will face over the next years will be cost pressure (62%) and the insufficientleadership talent (44%). Also the challenge of the increased competition is ranking high on the list (39%).The majority of the participants (60%) consideredas a critical challenge the fact that they have to meet the changing expectation of the next generation employees as well as the business growthexpectations (55%).40.79%3119.54%1731.25%2555.41%412.06%231.71%267.87%715%1229.87%2319.18%1439.47%3041.38%3642.50%3421.62%1636.08%3537.80%3155.06%4941.25%3345.45%3560.27%4419.74%1539.08%3426.25%2122.97%1761.86%6030.49%2537.08%3343.75%3524.68%1920.55%1576878074978289807773Does the work of HR reinforce your talent strategy?Answered: 106 Skipped: 00% 20% 40% 60% 80% 100%LesscriticalCriticalMostcriticalTotalLess critical Critical Most criticalChanges in technologyIncreased competitionExpansion into newmarketsGlobalizationCost pressuresRegulatory environmentBusiness growthexpectationsInsufficient leadershiptalentInsufficient talent atother levelsMeeting changingexpectations of nextgeneration employees1.89%6.60%50%41.51%0%2753440Strongly DisagreeDisagreeAgreeStrongly AgreeI don’t knowResponsesAnswer ChoicesThe majority of the participants agreethat HR plays an important role in thereinforcement of talent management.69% of the participants believe thatprimarily the Senior Managers havea strong decision in the company’sapproach to Talent Management.Next in ranking -but with a significantpercentage of 52%- comes the HRfunction. Organizations are beginningto understand the strategic value of talentand the impact that strong talent can haveon financial outcomes.This represents amajor shift in how business executivesview the value of Human Resources.0% 20% 40% 60% 80% 100%Does the work of HR reinforce your talent strategy?Answered: 106 Skipped: 068.87%9.43%9.43%51.89%24.53%7310105526Senior ManagersMiddle ManagersFront line ManagersHR functionAll the above0% 20% 40% 60% 80% 100%Which levels of seniority have a strong decision in the company’sapproach to talent management?Answered: 106 Skipped: 03ExecutiveNewswire 06/13
DimitrisBourandasProfessor of HumanResources ManagementDirector of the ExecutiveMBA & Co-Director ofMsc in Human ResourcesManagementTHE ATHENS UNIVERSITYOF ECONOMICS ANDBUSINESSExperience: 1992-Today:Consultant and Trainer formany private and publicfirms (National Bankof Greece, Tasty Foods,PEPSICO, Nestlé, Unilever,SAP, Diageo, Coca-Cola,Vodafone, Carrefour,Marks & Spencer, Citibank,BAT, Schneider Electric,Jansen, IKEA, L’ Oréal,Bayer, Henkel, etc.)It is beyond doubt that human capital, as a function of intellectual, emotional and social capital, isthe most critical strategic resource for every organization.Especially, today, when the modern organizational conditions are characterized by constant change,speed, uncertainty, complexity and intense competition, the creative ideas, the initiatives, themotivation, the commitment, the passion of people both as individuals and as team members arethought of as the main factors that determine the efficiency, the effectiveness, the competitiveadvantage and the sustaining success of an organisation.As follows, the selection, retention, development, promotion and rewarding of people areconsidered as important policy issues and systems for every organization, most commonlyaddressed through the term talentmanagement.Research shows that the basis of effective“talent management”is to identify components of the“talent”for any organization. The term“talent”literally signifies those people who stand out due totheir unique abilities. But this definition falls short when it comes to ensure efficiency, effectivenessand sustaining business success. The human capital requires“The right people”.“The professional,the managerial and the leadership”, ”talent”or“skills”are only one component of the right people.In fact, experience validated by research data indicates that apart from that, we must take intoaccount two equally important components:First, an important element of the right people is self motivation, the drive, and the grit, i.e., thepassion, focus and commitment to achieve difficult goals and exceptional performance. Jim Collinsin his best seller book“Good to Great”argues that if companies have people who need motivation,then they employ the wrong people. The right people are those who are self motivated. Besides, thestudies on creative and innovative thinking agree that the critical success factor is motivation andnot the brain intelligence.The second characteristic of therightmancan be expressedby the quote“hiring for fit and developing for skills”.In other words, the right man is the one with thecharacteristics and values that match the culture,vision and strategies of the organization. Indeed,the task of changing the character is very difficult.However, when there is the will at the rightcharacter, it becomes easy to develop thenecessary skills and competencies. Besides,nowadays, finding people with high-leveleducation and skills is far from scarce.In a nutshell, the challenge for“talentmanagement”is to make sure that“the right people”display the threeaforementioned characteristicswhich are considered essentialfor the development of humancapital.Hiring for fit anddeveloping for skillsTherightpeopleGRITCHARACTER SKILLS
Coca-Cola Tria Epsilon was founded in 1969 in Greece. Today, it is the only Greek Company in the Food and Sector Industry thatoperates in 4 production units and in 4 different prefectures across Greece. The company employs approximately 2,000 people,while it generates 42,000 job positions either directly or indirectly.Talent management enables high performanceBuilding a great culture and creating the conditions for people to succeed personally and professionally are at the heart ofour value“Caring for our People”. Creating the right culture and being a Great Place to work allows us to cope with challengingmarket conditions and also meet and exceed the expectations of customers, consumers, stakeholders and society, at large.Talent management is essential in building a strong and successful organization -right people in the right positions- andnecessary for achieving our business strategy. HR works together with Line Managers to develop reliable and consistentinternal sources of talent -talent pools- that fuel the organization with our future leaders.To this spirit, Coca-Cola Tria Epsilon has designed the“Graduate Trainee Program”. Since 1990, our company hires younggraduates with limited work experience. The program offers Graduates opportunities to work in several projects, refine theirskills and drive their leadership capability together with fantastic exposure and support from our senior leaders. This is a greatopportunity for young people to grow their long term career.Our people are core to our successIn Coca-Cola Tria Epsilon, we strongly believe that our business success depends every day on our employees. The pride,passion and energy of our people are what make our company special alongside with a strong set of values -Authenticity,Excellence, Learning, Caring for our people, Performing as one, Winning with Customers- that underpins everything we do. Our winning performance culture is driven by our commitment to developing and supporting people in their professionaland personal growth.“Caring for our People”Yiolanda KourasmenakiCountry HR DirectorCoca-Cola Tria EpsilonBuilding a greatculture and creating theconditionsfor people tosucceed are atthe heart of ourvalue5ExecutiveNewswire 06/13
Large formatrecession has been agrowing international trendin corporate sector over thelast years, so LG Electronics,during the recession, isfocusing i) to identify the realkey employees and to intactthem in the organization ii) to identify the real toppotentials and to strengthentheir development program iii) to identify the real keyemployees and to keep them inthe organization. Key employeeswith high performance help theorganization in minimizing additionalcosts and accomplish their tasks successfully.Education costs have beed reduceddramatically, however LGE Learning Centershave strengthened their existence, offeringspecialized training sessions and introducing newcourses.The landscape at the other side of thisrecession will look very different and the workforcewill need to look different. High potentials can alsoconsist the post-recessiongeneration workforce whichwill be the engine for thegrowth in the future.In BP we considertalent manage-ment to be a key factor of the company’sgrowth and prosperity, enabling us to develop and sustain a strong pipeline of leadersacross the globe to ensure ongoing success.In order to do so we have carefully designedprocedures such as Performance and BehavioralReviews with transparent criteria, as well asCoaching andTraining -all under a D&I lens- that unify talent management by usingcommon language and tools.The CAPs Program (Career Acceleration Program) provides a consistent and robust frameworkin order to assess and develop individuals withthe greatest potential to progress to seniorroles in the organization, while Succession planning identifies qualified future candidatesfor defined roles or groups of roles.All these enable us to identify, assess and take action to maximize people’s potential and managekey talent pools and pipelines, also resulting in aglobally consistent approach to talent managementwhile ensuring meritocracy.After all, our talented people are the future of our company.Effective execution of talent development directly contributes toincreased organizational effectiveness and profitability, leading upto as much as 15% improvement in total shareholder return (CorporateLeadership Council, 2012).At Pfizer, we believe our organizational and talent capabilities arestrategic assets requiring executive and business focus. These are tworelated terms often used interchangeably, however they have differentdefinitions.We consider Talent Management to be a vital business process in whichmanagers and their leadership teams discuss colleagues based ontheir broader career trajectory and capacity for additional businessresponsibilities.Talent Management focuses on the role of leaders in developingthe workforce to assume future roles and assignmentsrequired to meet Pfizer’s strategic business needs andorganizational imperatives. While talent managementincludes key developmental processes like career planningand development planning, a key component of talentmanagement is the talent planning process which engagesPfizer’s Fourth Imperative: Creating an Ownership Culture.Talent Planning is a Pfizer process in which managers andtheir leadership team assess colleague potential, calibrateassessment results, and create and execute developmentplans in order to build organizational capability. At Pfizer, we considerTalentPlanning to be a vital part ofTalent Management.Filio MakriCountry HRManager &Regional PartnerLubricants E&A BPOil HellenicRetail is essentially a people business and our success restspredominantly upon the quality of our people.In this context, the role of effective talent management for theimplementation of our strategy turns out to be quite important. We approachTalent Management as an integrated process which isbased on three main pillars: Source, Build and Keep the talent.The downturn of the economy and the consequent crisis in themarketplace increase the number of high potential professionals whocan be attracted by AB but, beyond that, we strongly support thedevelopment of a talent management culture within the Organizationby incentivizing our leaders to identify and develop talent in their teams.On the other hand, we exploit all the resources we have, to reinforce theacceleration of talent development. Apart from the design and deliveryof the talent development programs for employees and executives, wefocus on involving our talents in interdepartmental assignments andplace them as quickly as possible in management roles.In conclusion, adapting in the complexity and the widespread changesof the organizational environment means thatwe have to create and maintain alignmentbetween ourTalent Management Strategy andBusiness Planning, so as to help our talents tobe transformed from individual performersto enterprise contributors, creating a highperformance organization.Dimitris ArtikopoulosVP HR Organizational DevelopmentAB VASSILOPOULOS/DELHAIZE GROUPBarbara PanagopoulouHR Director - Heineken Athenian BreweryTalent management, while was once solely attached torecruitment, is nowadays an essential management practicethat covers a multitude of areas and practices that support highperformance.In Athenian Brewery we approach talent management from astrategy perspective rather than an isolated practice (embeddedwith thorough processes of employee recruitment and selection,self-assessments, 360oreviews, development plans etc.). Talentmanagement for us is more than a process for documenting and delivering feedback.When expanded beyond the basics, it becomes a powerful tool for helping employees tofurther develop and achieve full potential. In doing so, employees increase their value andhelp drive organizational success.Hence, Athenian Brewery considers talent management as a long-term commitment andan organizational objective or, in other words, a long term journey towards consistentlyhigher levels of performance efficiency in a constantly changing business environment.Finally, having a strong talent management culture also determines how employees rate their organization as a work place. If employees are positive about their organization’spractices, they are more likely to haveconfidence in the future of theirorganization. The result is a workforce that ismore committed and engaged, determinedto outperform competition and ensure aleading position in the market.Irene PaganopoulouHR DirectorPfizer Pharmaceuticalswhichdrives andenables highperformance?One of the biggest risks that manyorganizations face is to have the right people in the right position thatwill enable them create long-term organizational success. Identifying, developing and retaining the high performing and high potential employees is essential for theorganization’s future growth. It is a never-ending course of action that requires continuous effort.To achieve success in business, the most importantthing is to recognize the talent, in all levels, that canaccompany the organization in achieving its goals.Talent Management in organizations is not justlimited to attracting the best people but it is a continuous process that also involvessourcing, hiring, exploring the hidden qualities, developing, retaining and promoting them to meet the organization’s requirements.For Merck, talent management is crucialin order to foster outstanding businessand organizational performance in accordance with the Company’s culture and values. For this reason,certain processes & tools have been developed in order to help us identifythe talents within our organizationand fit them at the right place.Anastasios TsoumanisHR & GA Senior ManagerLG Electronics HellasNowadays, that resourcesare limited and cost effectiveness is more important than ever, having talented people in your organization is a crucial factor. But just having talents isnot always enough, as talented people should be developed and motivated inorder to be productive and retained.At hellas online, talent management is a key organizational objective. We assesstalents, trying to identify the desirable skills, using various evaluations, includingperformance appraisals, 360οfeedback and competency based interviews. In thelast couple of years, we have created a multilevel talent team, with members fromall company’s departments. Our focus is on the customer operations and telesalesteams, where mostly young and highly educated people who manage our customers,seek new opportunities, through a promotion or a new position thatbetter matches their educational background and goals. In fact, mostof hellas online’s new position openings are covered internally.Our objective regarding talent management is and continues to bethe empowerment, support and rewarding of our people, offeringthem opportunities for internal development and training through programs such as the Mini MBA, which ran for about 60 high performers and talented people. Even under difficult circumstances, we strive to continue our growth as a companyand retain our talents.Talent management is incorporated into theDNA of our organization through processes that enable identifying, developing and engagingour talents.Talent is identified through structured processesthat are embedded in our performance manage-ment system and company culture. Operatingmechanisms, such as self-assessment, country reviews and shared talent inventories, enable us to recognize employees with rare skills,expertise or with the potential to grow.Talent is developed through businessdriven development actions, linkedto succession planning for critical and leadershiproles.The gaps in experience and competencies, identified in the succession profiles, are addressed by individual developmentplans, proactive experiences, coaching and training that stimulatecontinuous improvement of existing capabilities and ensure readiness for future roles.Talent is engaged through open communication, recognition, reward, care, trust and respect.Talent engagement is crucial inmaximizing contribution and intent to stay, making employees feel part of the organization and going above and beyond toachieve their goals. Our engagement initiatives focus on key individual motivators of employees, aligning maximum job satisfaction to maximum job contribution.Thus, through these integrated processes, high performance is based on continuous growth and motivation of our talents. Investment in our talent is investment in our growth!Miranda ChatziioannouHR Manager MDX Eastern EuropeGE HealthcareEddy GerekosHuman Resources DirectorHellas onlineIs talent managementwithin your companyseen as a keyorganizational objectivewhichdrives andenables highperformance?7ExecutiveNewswire 06/13Aphrodite SiokouHuman Resources ManagerMerck Hellas
Dimitris Papanikitopoulos, President, Linkage GreeceDimitris has been accredited by Linkage Inc. as a Professional Coach and he has consulted as a Personal Coach with more than25 senior leaders in the Greek market from a variety of business sectors on topics as talent management, career planning,leadership development, attitude change. He is certified in numerous Leadership and Team Assessment Tools, includingLeadership Assessment Instrument, Thomas & FACET Personality Tests, 360 Executive View. He has participated as a lecturerand coordinator in more than 30 Conferences and has experience of more than 1,500 days of training. He is a member of theAssociation of Chief Executive Officers (Ε.Α.Σ.Ε.) for the last 10 years. He is also the Secretary General of the Board of Directorsof the Greek Institute of Sales (Ι.Π.Ε.) and finally an Honorable Member of the Board of the Greek Institute of Customer Service(Ε.Ι.Ε.Π.) for which he was the General Secretary for two years, a member of the Consulting Committee of the Hellenic Associationof Management Consulting Firms (Σ.Ε.Σ.Μ.Α.).Dimitris has graduated from the University of Piraeus, Greece andfrom London School of Economics, UK.Management of the company taking into consideration all important aspects that draw the effectiveness & efficiency of anemployee, such as performance appraisals, competencies and leadership skills.All these significant elements provide a very useful insight about both the performance and the potential of an employee,which enables the company to identify their Talents. As the identification is only the first step of a Talent ManagementSystem, the following steps need to focus on identifying and assessing the development needs of their Talents, through a development center approach and the use of Business Simulations. After identifying their Talents, the Organizations need to build their capabilities by providing them trainings and actively involve them in difficult and demanding projects.Only by taking the responsibility of tough decisions and by joining Senior Team meetings the Talents will reach a higher level of satisfaction which in turn will achieve the increase of their retention rates.Organizations in our days have started to realize that the successful way to overcome challenges and exploit opportunities is through their Talents, appreciating that these are themost important and reliable asset of a company. It is our strong belief that today, more thanever before, organizations need to focus on their people and demonstrate trust to their highpotential members. The concept of the“War of Talents”has been developed since the early90’s, however it is now the time that companies really need to invest in it!Take care of ourpassionate champions?????????????????????????????????????An effective Talent Management System is critical to the long-term success of any organization. Itwill build sustainable competitive advantage for those organizations that take the time and effort to designand implement the system in a consistent manner. The Talent Management System needs to be embedded in theorganization’s strategy and to serve effectively the organization’s goals.Developing Talent is a long-term strategic goal, therefore the Talent Management System needs to be designed to meetthe future needs of the organization and not just those associated with its current success.A systematic approach to Talent Management is based on four strategic considerations that are the success factors ofthe system:Nowadays, a significant number of organizations haverealized the need to work on their Talents and identifythe members of their staff that have the ability toaccelerate the organization during the crisis in orderto get prepared for the next day. The question thatlies among CEOs and HR professionals is“are Talentseasy to find nowadays”? The answer is“Yes, if you areready and willing to find them”. The identification oftalents is not a straight forward process and requiresthe development of a well-structured and sound TalentManagement System that enables to identify theTalents among high performers.In Linkage, we work with leaders and leadership teams worldwide to build organizations that produce superiorresults and with many companies that express their need to identify those Talents that have a“will to win”attitude anddeliver results at a very high level of quality. We usually call them the“Passionate Champions”and we focus our efforts inidentifying them for the critical positions of a company. This is accomplished in cooperation and full alignment with theThecorporateworldtodayisgoingthroughchallengingtimes.Thecompanies’resourcesarebecominglimitedandthemarketsaremorecautious.Thecompaniesarenowrealizingthatinordertosurviveandsucceed,theyneedtobeinapositiontoidentifytheirTalentsanddevelopaneffectiveTalentManagementSystemthatattracts,developsandretainshighpotentialmembersoftheorganization.Organizationsarenowclearlymandatedmoreintensivelythaninthepast,tobeinnovativeandtoworkontheirTalents.1. Needstobetiedtotherequirementsofthebusiness.2. Plansareputinplaceoverthecourseofyears,notmonths.3. Requiresasolidthinkingandplanningaheadapproach,ensuringthatthetargetoftheTalentManagementSystemisfuture-oriented.4. IncludesactivitiesthatrequireownershipbyandactiveparticipationofSeniorManagement.Talent identification:a Corporate Culture or a Management System?9ExecutiveNewswire 06/13
Talent Management begins as soon asrecruiters identify potential candidatesand continues throughout employees’life cycle in the organization, includingthe exit process.The ability toeffectively manage an integratedtalent management process is onetrue competitive advantage oforganizations.Talent Managementgoes beyond developing hi potentials/top performers and identifying criticalroles.The real value of an effectivetalent review process comes fromtangible actions across all functionalareas: search and selection, learning anddevelopment, performance management,promotion process, rewards, exitmanagement. Upon defininga series of meaningful interventions throughout talent’s tenure in all aboveareas, the next step is to execute in a consistent way.It is important to emphasize more on“hows”than“whats”. Many times, companies are developing great talent management plans, but they miss theexecution. For this reason, it is better to plan a handful of actions and commitin making these happen, than list numerous ideas on talent management whichremain on paper. Finally, talent management is not HR’s job.The primary responsi-bility falls in line managers. HR contribution is pivotal in setting up the rules of theroad, establishing the framework and ensuring consistency across the organization. Then, it is up to the managers to drive the process further down in the organization.At Citi, talent management is an ongoing process well embedded in the culture of theorganization.Talent reviews are conducted on a regular basis covering all geographiesgoing up to CEO level. Business’involvement is intensive and HR facilitation is performedby using advanced tools supported by a technology infrastructure for talent, which is integrated into the company’s core HRMS, increasing this way the efficiency of the process.An important asset in optimizing productivity will alwaysbe the organization’s top talent and its management.Irrespective of the economic situation it is importantto remain competitive, by leveraging the benefits ofeffectiveTalent Management.Talent Management helpsincrease organizational efficiency and effectiveness andhas a proven strong link to financial returns of any privatesector organization.Talent Management is about:1. Filling positions with the right candidates2. Promoting high potentials3. Developing staff to increase theirefficiency in their current role4. Increasing performance and retainingthe best employeesThis means that forTalent Management to be successful, an organizationshould develop and implement methodological and well-thought processesand tools in such areas as recruitment, compensation, performancemanagement, career planning and learning, in order to identify, developand retain talents, while simultaneously enhancing their performance.Knowledge, experience, competencies and skills are the ingredients ofhuman capital that need to be supported by governance, sustained andincreased, in order for any organization to flourish.The guiding principle must be to establish clear, quantifiable business goalsto be achieved throughTalent Management.These could include,reducing personnel overheads or optimizing Comp. & Benstructures; or they could be focused on increasingproductivity, by increasing the quality of newhires or the availability of a well-structuredsuccession plan.Organizations, in order to respond to the rapidly changing environment and theenormous challenges they face, have realized that a strategic talent managementapproach is a business imperative for sustaining a competitive position in today’s marketplace.The efficiency and success of talent management depends on multiple factors.There are howevertwo key issues to be taken into consideration when implementing any relevant strategy:Ability of HR Professionals to understand the business strategy and work in partnership withSenior Management to stir the organization to the desired future state. HR with the appro-priate infrastructure and systems should build processes that will offer business solutionsby defining organizational needs and then by identifying, developing and deployingtalents within the organization. All these processes should be aligned to the leader-ship behaviors and skills that the company has defined as critical to succeed.The importance of the function of Line Managers who have the most directimpact on talents. Line Managers need to understand their personalresponsibility in fostering talents, enhancing diversity and creating a talentculture throughout the organization.Their role in employee engagement,one of the most important ingredients to improve performance andmultiply talents, is vital.In conclusion, efficient talentmanagement is not just an HR process.A holistic approach is requiredwhere organizations understand thestrategic value of their talents andeach individual assumes their rolein creating and embedding a talentmindset throughout the business.Organizations succeed or fail because of their people andthe available strong talent. People with the talent to make the rightdecisions, to think ahead and to operate successfully under today’s greatuncertainty are moving their organizations forward and directing them toachieve business strategies.Talent Management in leading organizations has been proved to be a businessstrategy with direct financial impact.First of all, talent strategies need to be driven by and aligned to the organisation’sbusiness strategy in order to obtain business goals and deliver desired outcomes.They must fit to the business needs, the talent objectivesand the organization environment and culture.Another fundamental factor for successful talentmanagement strategies is to be considered, by everymember of the organization and especially managers, asa key priority and a core business process.The challenge of attracting, developing and retainingtalent should no longer be seen as the sole domain ofthe human resources function. Managers must acceptresponsibility for developing and maintaining excellencein people management.Finally, talent management must be integrated into thecompany’s standard business processes, such as budgeting, qualitycontrol, etc. and be a continuous/seamless process of workforceplanning, employment branding, recruiting, orientation,performance management, development, deployment andretention of talented employees.Spyros A. RaptakisHuman Resources ManagerELPEDISON POWERIoanna PapakonstantinouBusiness & Organizational Strategy ManagerEXCEL Maritime LtdZetta KotrotsouHR Director Greece & IsraelJohnson & Johnson Medical GreeceCostas TsalikisSenior Vice PresidentDeputy HR Head - Citibank GreeceWhich aretheTalentManagementsuccess factors?
Now that great performance is more essentialthan ever, the question of what makes adifference between an average performer and atalent is again on the table.There are two mainschools of thought: the first one says that it is hardwork that makes all the difference.The other holdsnature responsible.In my opinion, this is not an easy dilemma, and the answer is definitely not astraightforward one. However, the evidence from scientific studies doesn’t seemto favour the belief that top performers are determined by their inborn talents. Infact, many successful people have quite average IQs. It seems that practice andperseverance are more important than DNA.What makes all the difference is something more than hard work. It is something thatresearchers call“deliberate practice”. Deliberate practice is certainly hard, but it seemsto be working for those willing to engage in it. Geoff Colvin has identified some of itscharacteristics: first of all, it is not random but it is specifically designed, ideally withthe support of a mentor or a coach. Furthermore, it has one specific goal: to improveperformance by stretching the individual beyond his/her current abilities.In other words, by taking him/her to what NoelTichy calls“the learning zone”.The learning zoneis between the comfort and the panic zone andit is the location where one can make progress.Identifying the learning zone is not easy, butstaying continuously within it is even harder.Theorganizations that seem to recognize this notionas well as find ways to incorporate it in theircultures seem to be the most successful ones.In today’s very challenging and aggressive economic climate, having the right talentthroughout the organization is a critical source of competitive advantage. Bettertalent is what will separate the winning companies from the rest. In Minerva SA EdibleOils Enterprises, it is becoming a top priority to ensure that the employees who play acritical role in the success of the company’s strategy are prepared for the present andcoming business challenges.Talent Management in Minerva is a conscious and deliberate approach in order to attract,develop and retain the employees that have the aptitude and abilities to meet current and future organizationalneeds. Understanding employee aspirations, the process gives clarity to all talented people in our organization ontheir career and personal growth opportunities, and therefore drives excellent performance.The identification and continuous review of key roles, the succession planning, the personalized approach of high potential employees career planning, as well as thementoring program are just a few of the processes that ensure that Minerva has the necessary talent needed for achieving its strategy and objectives.There are quite a few measures we use in order to validate talent management’s success.The most important are the recruitment cost for critical positions, as well asthe % of those covered internally, the number of managers that move to other roles in the group (global, regional etc.) and the retention rate in the talent pool.Finding talented employees has always been challenging, but nowadays the challenges have intensified. Globalization, different opportunities, additionalrequirements and demanding candidates have increased the difficulty to recruit and retain talented people. Companies should look for talent in every possible fieldand hire talent at all levels -entry, mid and top. Once the right ingredients are in place, then through challenging job experiences, helpful coaching and mentoring, the talent can also be developed and fortified.Through my experiences gained inworking in a large organization,participating in sports and raisingchildren, I have seen that natural talentexists. It is an undeniable fact thatpeople may have a natural aptitudein some areas. But this does not meansuccess by default. The key issue is whatyou do with your“gift of nature”. Naturaltalent can give you a head start but willnot win you the race. Natural talent needs to be developed andtranslated into an actual strength. Natural talent gives you thepotential, but you need to render that potential into success. Andhow do you transform a natural talent into success? You need hardwork and passion for what you are doing. And how can exceptionalleaders ensure this happens? Inspire, Motivate and Engage!Does this mean we forget about areas where one does not have anatural talent? Quite the opposite. Natural talent only gives you aneasier beginning.What brings the desired result irrelevant of whether anatural talent exists is continuous effort and focus. And how do leadersensure continuous effort? By rewarding and acknowledging the effortevery step of the way!Panagiotis KessoglouHuman Resource Director - MINERVA SA Edible Oils (member of PZ Cussons plc)Menelaos MossialosChief HR Officer - ING Life GreeceLiza MagiakouGroup HR ManagerM. J. MAILLIS GROUPIs talentNatural orDeveloped?11ExecutiveNewswire 06/13Is strategy-drivenTalent Managementa leadershipimperative?
Over the last few years,talent management has become an area of ever increasing importance in the corporate agenda. The effectiveness of HR departments maynow be evaluated by their ability to drive andfacilitate talent development and retention. It isessential that talent management is embedded inthe culture of an organization and an integral partof succession planning process and organizationaldevelopment. A successful and meaningful talentmanagement approach depends on a number of factors. It is crucial that senior leaders are active sponsors in thisprocess and invest time and effort in reviewing talentdevelopment on a frequent basis. It is imperative that thecompany’s definition of talent is crystal clear and commonknowledge across the organization. Moreover, the companyneeds to have a solid talent identification and succession planning and review process.The HR department’s role is criticalas it is the owner of this process. HR has a key role in engagingsenior leadership and line managers across the business, ensuring a transparent process in talent identification, facilitatingand coordinating talent development activities in close collaboration with line management andsafeguarding a succession planningprocess. Nevertheless, the success oftalent management does not residesolely on HR but is a corporateresponsibility driven by seniorleadership.Mrs.Vasilia Moschona insights regarding theTalent ManagementDefinitely, strategic drivenTalent Management is a core competitive asset in business organizations that has a great impact on its financial results.There are alwaystalents to be found, no matter the social or economic situation or the technological phase we are in and regardless the gender or age group.There are talentseverywhere: in our schools, universities, social groups and companies.History has shown that many talents did not come out necessarily from successful companies or specific universities. Of course the talents we need depend on ourbusiness sector, the chosen strategy and what we intend to achieve.The challenge is“how we can allow these talents to flourish, to show and utilize their potential in ourcompanies”especially in an uncertain economic environment where the focus is more on how to avoid mistakes and less on how to create and develop.So, which are the main processes to ensure that the necessary talents are available for each company’s business strategies? First of all, talent acquisitionstarts with the right recruitment process. It`s critical to have in mind what skills and competencies we need in our companies for the future and not onlyfor the present needs of the different projects we run in the short term. Secondly, companies must have a performance appraisal system that is linkedwith the competencies of the company, the business goals and can enable high performance. Continuous training, opportunities for new projects,mentoring and coaching are also very powerful tools for talent management success. Moreover, Space, Communication andTime are theTalentManagement success factors.We have to offer space for the talents to deploy their capabilities.We need to allow them to learn, combine knowledgeand experiences, to think, dream and experiment.Talents need space to bring new ideas and to drive innovation through the organization.Throughcommunication, we need to make clean that talent management is a value in our companies and that we constantly support it through specificmechanisms and practices that are concrete, clear and transparent.Talent Management is an ongoing process and therefor we need to invest time init.To conclude,Talent for me is a combination of a brilliant mind and a personality that allows the individual to innovate, create and cooperate with adetermination to achieve. So my answer to the question“is talent natural or developed?”, is both: natural in terms of intellectual capability but you candevelop the right competencies for the individual to support it.Research has repeatedlyproven that high performing organizations tend to integrate talent management components, more than low performing organizations.Talent management is the business strategy that provides superior workforce,helps retain exceptional employees and ensures outstanding leaders. It stems from the organization’s mission, vision, values and goals and enables every employee to see where he or she fits within the organization.This, in turn, makes it possible for crucial employees to feelthat they are part of something bigger than their current job.SuccessfactorsofTalentManagementincluderobustactivitiesandworkprocesses,suchas:Clear role descriptions that include skills, abilities and experience needed from an employee.An appropriate selection process that can select employees who, not only have a superior potential, but fit the organization’s culture as well.A performance development system with which requirements, accomplishment- based performance standards and outcomes are clarified and measured by AND the employee’s interests for career development are included.Employee on-boarding and ongoing learning & development opportunitiesthat cater for both the employee’s and the organization’s needs.Coaching, mentoring and feedback processes provided, so the employee feels guided,supported and, hence, valued.Compensation and recognition systems that reward people for their contributions. Researchreveals that employers of choice aim to pay above market for talented employees and havean assortment financial and non monetary rewards in place.Career development and advancement opportunities for employees within a system thatincludes career paths, succession planning and on-the-job training opportunities.Most common impediments to effective integrated talent management efforts include conflicting priorities, limited resources, non-supportive corporate cultures, incompatibleorganizational processes and senior leaders who are too political or undervalue integratedtalent management.Research Supports that the following practices help eliminate barriers, increase chances for success and multiply positive impact :Talent Management is endorsed and actively supported by top management. Havingtalent management KPIs as individual targets within their performance matrix helps tremendously.All relevant processes are part of a standardized annual (or half-year) talent review proce-dure and are enhanced by an organizational culture that supports talent management.A single functional owner is appointed as the champion of talent management internallyand facilitates implementation and consistency.Connectivity and consistency among all performance and talent management activities.Dimitris IoannovichHead of Human ResourcesGreece & BalkansMarks & SpencerPerpinia EfharisVice PresidentHellenic Institute ofHuman ResourcesManagementWhich aretheTalentManagementsuccess factors?
Eurobank places emphasis on and reinforces its human resources competitive advantages in line withthe organization’s strategic goals.We strongly believe that our organization’s growth is linked to the de-velopment of each employee. Moreover, the current financial crisis and its consequences have created theneed for an integrated approach towards human resources management, in order to enable our peopleto cope with the adverse effects of the environment and the resulting increased complexity.In order to enhance and strengthen our people capabilities, we have designed and established a Groupwide integrated, innovative and comprehensive Professional Development framework aiming at: Developing a common leadership model across the senior management team, reinforcing a culture of highperformance and continuous improvement Ensuring consistency and enhancing clarity and transparency regarding the career development and talentmanagement practices in our organization Establishing a common Group-wide approach and practice for managing key resources through internal jobmarket and in-house implementation of talent management programs, establishing synergies and achievingcost savings.The Eurobank Professional Development framework includes development and talent management programsaddressed to all hierarchical levels and is based on the design and implementation of customized tools/methodologies, such as 360° feedback, coaching, mentoring and an intranet site, specifically dedicated to professional development. Apioneering approach for talent management programs is the establishment of Development Committees across General Divisions, with theparticipation of each Division’s General Manager, Senior Managers and HR. Development Committees have the ownership of employee development whilst theydiscuss, approve and follow-up individual development plans, ensuring their alignment with Bank’s and Division’s objectives. Also, talent management programshave been designed and delivered in-house from highly trained professionals from HR with relevant certifications, ensuring effectiveness through systematic andtailor made approaches that meet organization’s needs, achievement of cost savings, along with the upgrade of the capabilities of the HR team.Based on our experience to date, significant key factors that enable the successful implementation of talent management programs are the engagement of topmanagement, the dissemination of people development culture and meritocracy which should be a significant prerequisite regarding decisions on peoplemanagement and development issues. Additionally, the establishment of a consistent approach, based on clear and transparent criteria to all employees,proved to be critical for people engagement, especially in hard circumstances, like nowadays.Is talent managementwithin your company seenas a key organizationalobjective which drivesand enables highperformance?AlexandrosTzadimasDeputy GeneralManager HREurobank EFGFor any company, the war for talent is as vitalas the battle for ideas. First of all, talentneeds to be defined. Across the whole spectrum -business, sport, art- it meanssomeone who excels at doing things better.What separates a talented person from a successful one is usually a lot of hard work.Talented people tend to fall into two categories: Those who bring added value to anybusiness through constant outperformance,even though they may have little potentialto operate at higher managerial levels. Those who clearly combine passion andambition with an accomplished skillset toprogress, becoming a leader of the businessin future.The“talent equation”for any business involvesattracting, placing, retaining and developing theright people. It shows good leadership but alsolooks to maintain that leadership element in thequotient through its people in future. Anysports coach shows how a strongteam needs good players in theright combination, and they haveto be coached to work well together as a team, bothon and off the field.They need to be in suitable positions, and toappreciate leadership.Finally, the EQ-IQ combination is found in any talented person.Knowledge and skills, passion and hard work, this blend is whattruly helps someone with the talent potential to combinehead with heart and rise to the top.Talent crisis will affect every region of theworld in the coming years.This challenge will force HR professionalsin organizations of all sizes to recast talentmanagement into“talent creation”.Despite high unemployment, an imbalance between talent supply and jobrequirements will appear, strike globally and create intense competition forpeople with science, technology, engineering and math skills for other educatedprofessionals in most industries.The workforce strategies of most companies will need dramatic improvement.Few companies have plans offering realistic assessments of skills and there is a lackof a comprehensive workforce strategy that maps to a clearly articulated businessstrategy, HR professionals need to obtain and interpret information about theiremployees’skills, identify gaps and map those against what’s needed in the future.While skills gaps affect the entire world, developed-economy countries will beaffected in different ways.For example, talent shortages in developed economies will continue to plague recruitersfrom transportation and communication to IT, trade and health care. By 2020, just findingenough workers will be the pressing issue for employers inWestern Europe due to decliningbirthrates. By 2030, Europe will need to add at least 24 million workers. In particular,professionals with college and graduate degrees will be in urgent demand.HR professionals must foster a culture where all employees constantly think long-term, developtalent and treat training as an investment, collaborate with industry and business partners,establish relationships with education institutions and adapt the workforce planning as astrategy than a plan.Dimitris TsouroplisGroup Head of Human ResourcesLibra GroupMartha MilonaHR Director SouthEastern EuropeGroup DDB, President GPMA13ExecutiveNewswire 06/13Is Talentdifficult to findnowadays?
References SilzerRob,DowellBenE(2010).Strategy-DrivenTalentManagement.ALeadershipImperative.Jossey-Bass Welch,J.(2006).Winning.NewYork:HarperCollinsOrganizations are beginning to understand the strategic value of talent and the impact that strong talent can have on financialoutcomes. Between the continuous war for talent, the changing demographic nature of the workforce, the aging of theboomers, the entrance of the millennials, the ever increasing pace of change in technology and the financial marketplace,organizations and their leaders are under tremendous pressure to get the talent equation right.So we are in fact entering the “age of strategic talent” where human capital and talent decisions will be seen as highly criticalbusiness decisions. Jack Welch (2006) made the point that talent management deserves as much focus as financial capital managementin corporations. But the key issue is to match the Executive Talent to Business strategy.Our experience as Executive Search Company, suggests that most individual Senior Executives are more likely to be successful insome environments than others. A Senior Executive who is hired specifically for the skills and abilities to drive business growth maybe less well matched for undertaking a major corporate restructuring or cost-reduction effort. An executive with a strong track recordof financial management and analysis may be more effective in a business cycle that requires strong financial control than one thatrequires a focus on product or service innovation. Increasingly we are getting more effective at identifying the type of talent neededfor different strategies. There is an increasing expectation that the talents of an individual or executive team need to match businessstrategies and organizational demands. While this has been suggested in the past it is now being given more attention in executiveselection decisions. Corporations are now more likely to carefully outline the specific business environment and business strategies andidentify the specific executive skills and abilities required in the position. An effort is made to select executive candidates whose talentprofile matches the position and business situation.The business world is more dynamic today than ever before with an accelerating pace of new technologies, increasing globalizationof markets and competition, mergers and acquisitions. In this tumultuous environment, organizations must continually renew theirorganizational capability to achieve competitive advantage. However, it is increasingly challenging to find the talent needed tocompete in this dynamic business environment.Virginia ArgyratouPrincipal ConsultantStanton Chase Athens officeMatching Executive Talentto Business Strategy
THE NEAR FUTURE WILL BRINGMORE QUALIFIED CANDIDATES“Contradictory”candidatesThese days, people are more reluctant to change jobs although they openly admit they are open to new opportunities. However, they are more careful with their decisions. One of the problems we have to face in our daily activities is the factthat in many cases the prospective employees are not mature and reliable enough. Even though the crisis has maturedthem a bit, they still have not reached the desirable level. This is one of the reasons why we still see many expatriates taking highlevel positions in this country.In the future we will see higher qualified candidates for key positions. The reason is that the employees who are now in the agegroup of 25-35 are more exposed to the corporate environment, they have better studies and they are given more opportunitiesto develop their career in the right way. In the past, people had been given key roles too soon before they had acquired thematurity and experience.The dynamics between reality and expectationThe type of employees that mainly our clients are requesting for are those who do their job above and beyond while continuallylooking for opportunities to learn and grow. Additionally, stable and dedicated people are preferred. Employers will be eager tofind professional who are very strong in Business Development. Also, there will be an increased demand for advanced peoplein different areas of finance. Additionally, the strong market sectors will be energy and IT industry that will show a need foradvanced technical skills. On the other hand, hiring of Romanians abroad has increased over the past two years. One of themain reasons is that they are more willing to relocate than in the past. Also there are some sectors like the IT Industry that havedeveloped a very good pool of candidates for regional and international roles.The educational system of Romania could not be considered a very advanced one, apart for the Information Technology andCommunication schools. For this reason, the new workers for those industries are quite strong. Unfortunately though, it’s truethat Romania has lost at least part of its attractiveness in terms of skilled labor forceat low cost because quality of education has decreased.Also, we have seen many companies shifting their productionto other countries. Labor cost is one of the reasons;however the major reason is the underdevelopedinfrastructure. In some cases though, international companies are still investing in Romania but not as much as in the past. We have to compete mainly with Asia.Annita PakioufakiManaging DirectorStanton Chase Bucharest office15ExecutiveNewswire 06/13
Regional Newsletter for Southeast Europe and Middle Eastwww.stantonchase.comAMSTERDAM • ATHENS • ATLANTA • AUCKLAND • AUSTIN • BALTIMORE/WASHINGTON • BANGALORE • BEIJINGBELGRADE • BOGOTÁ • BRUSSELS • BUCHAREST • BUDAPEST • BUENOS AIRES • CALGARY • CARACAS • CHENNAICHICAGO • COPENHAGEN • CURITIBA • DALLAS • DELHI • DOHA • DUBAI • DÜSSELDORF • FRANKFURT • GUANGZHOUHAMBURG • HELSINKI • HONG KONG • HYDERABAD • ISTANBUL • JOHANNESBURG • LAGOS • NEW YORK • LIMALISBON • LJUBLJANA • LONDON • LOS ANGELES • LYON • MADRID • MEDELLIN • MEXICO CITY • MIAMI • MILANMONTEVIDEO • MONTRÉAL • MOSCOW • MUMBAI • MUMBAI FS • NASHVILLE • STOCKHOLM • OSLO • PANAMA CITY •PARIS • PRAGUE • PUNE • RIO DE JANEIRO • SAN FRANCISCO • SANTIAGO • SÃO PAULO • SHANGHAI • SOFIA STUTTGART• SYDNEY • TOKYO • TORONTO • VIENNA • WARSAW • ZURICHNowadays, Talent Management is not what it used to be inthe past. More and more research findings suggest that fewerpeople are capable of meeting the demanding future needsof organizations.The Corporate Leadership Council (2005) identifies eightfactors that are challenging for organizations from a talentperspective:mergers and acquisitions increasing business complexity globalizationaging workforcecompetitive specialized talent markets the need to manage global talentsleaner organizational structures the expectations of organizationleaders to control costs whiledriving growth.The above eight factors increase both the importance andthe difficulty of managing critical talent pools. Companies aretaking multiple paths to ensure that they will have the talentthey will need to meet current and future strategic needs.Stanton Chase offices around the world indicate that thechallenge of finding sufficient high-quality leadershiptalent is a critical issue in Asia, Japan and South America.China faces similar shortage of leadership talent due to thedemographic situation and cultural philosophy.Historically, corporations have addressed the issue ofinsufficient internal talent by recruiting successors from theexternal market. Understanding the quality of external talentleads to an increased focus on the development of internaltalent. Organizations risk their future growth if they do notapply equal discipline to the development planning of boththeir talents and their products & services. The extent of theinvestment in identifying, reviewing and managing theirtalent pool highly depends on their internal and externalenvironment.The management of high-performing and high-potential employees (talent) in organizations has attractedattention in recent years because of the assumed links between the ways that talent is managed and theorganizational performance.Talent management is important for at least two primary reasons: i) the first is that effective talent management ensuresthat organizations can successfully acquire and retain essential talent, i) the second has to do with the extent to whichthese employees are engaged.Qualityof ExternalTalent leadsto an Increased Focuson the Developmentof InternalTalentReferences Corporate Leadership Council (2005), Realizingthefullpotentialofrising talent:Vol. 2,Strategiesforsupportingthedevelopmentofhigh-potential employees.Washington, DC: Corporate Executive Board.Manos PanoriosManaging PartnerAccording to Mark Zuckerberg, founder of Facebook, “an exceptional employee is not just a little better thansomeone who is pretty good; he is 100 times better”.