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Talent Management


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Talent Management

  1. 1. TALENTTALENT MANAGEMENTMANAGEMENT Mr. Sem Shaikh Department of Commerce & Business Management MASTER OF COMMERCE The M.S. University of Baroda
  2. 2. What is Talent Management? The purpose of TM is to ensure that the right supply of talented workforce is ready to realize the strategic goals of the organization both today and in the future. Organization’s efforts to attract, select, develop, and retain key talented employees in key strategic positions. Talent 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
  3. 3. Talent Management • 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
  4. 4. What is Talent? 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.
  5. 5. Who are Talented People? • They regularly demonstrate exceptional ability and achievement over a range of activities • They have transferable high competence • They are high impact people who can deal with complexity (Robertson, Abbey 2003)
  6. 6. 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 train
  7. 7. 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 excellence should be embedded in HR systems as selection criteria, competency definitions, performance and promotion criteria and development processes.
  8. 8. The Talent Creed • “A TM creed is the set of core principles, values and mutual expectations that guide the behavior of an institution and its people” • It describes in general terms what types of people are expected to work in the organization and what type of a culture is desired to achieve success
  9. 9. The Talent Strategy Describes what type of people the organization will invest in and how it will be done Besides the specific elements of their creed, the talent strategy of all high performing organizations should have these directives: 1) Identify key positions in the organization (not more than 20, 30 %) 2) Assess your employees and identify the high performers (classify according to their current and future potential) 3) Retain key position backups 4) Make appropriate investments (select, train, develop, reward)
  10. 10. Assessing the Employees Superkeepers- greatly exceed expectations (3-5%) Keepers – exceed expectations (20 %) Solid citizens- meet expectations (75 %) Misfits- below expectations (2-3 %) (Berger and Berger, 2011)
  11. 11. Allocating Investments in People Superkeepers- receive about 5 % of all the resouces; need very high recognition, compensate much more than the pay market, promote very rapidly Keepers –receive about 25 % of all the resources, need high recognition, compensate more than the pay market, promote rapidly Solid citizens- receive about 68 % of all the resources, need recognition, compensate at the market level or just above Misfits- receive about 2 % of all the resources for some, compensate at below market average (Berger and Berger, 2011)
  12. 12. Talent Management System Implementation program of the talent strategy which has a set of processes and procedures (1) assessment tools (2) multi-rater assessment (3) diagnostic tools (4) monitoring processes If the management is not willing to use assessment in their organizations they can’t do talent management
  13. 13. Assessment Tools for TM The five assessment tools should be linked to ensure that each assessment is consistent with the four other evaluations • Competency Assessment • Performance Appraisal • Potential Forecast • Succession Planning • Career Planning
  14. 14. Multi-Rater Assessment • Employee. The owner of the career plan that is aligned with the succession plan • Boss. The primary assessor • Boss’s boss. The key link in the vertical succession and career plan • Boss’s peer group. Source of potential new assignments in the same or other function
  15. 15. Diagnostic Tools SuperkeeperTM reservoir. SuperkeepersTM are employees whose performance greatly exceeds expectations, who inspire others to greatly exceed expectations, and who embody institutional competencies. Keeper Key position backups. The “insurance policies” that ensure organization continuity. Every key position should have at least one backup at the “Keeper” (exceed job expectations) level. Surpluses. Positions with more than one replacement for an incumbent. While ostensibly a positive result of the talent management process, it can be a potential source of turnover and morale problems if the replacements are blocked by a non-promotable incumbent and/or there is no realistic way most of the promotable replacements can advance. Voids. Positions without a qualified backup. Determine whether it will transfer someone from the surplus pool, develop alternative candidates, or recruit externally. Blockages. Non-promotable incumbents standing in the path of one or more high-potential or promotable employees. Problem employees. Those not meeting job expectations (measured achievement or competency proficiency). Give opportunity to improve, receive remedial action, or be terminated. The time frame should be no longer than six months. (Lance and Dorothy Berger, 2011)
  16. 16. Monitoring Processes Evaluate the results of talent management system on a regular basis for • quality, • timeliness and • credibility
  17. 17. What is competency? CCompetenciesompetencies are the core elements of talentare the core elements of talent management practicesmanagement practices They are the demonstrableemonstrable and measurable knowledge, skills, behaviors, personal characteristics that are associated with or predictive of excellentexcellent job performance. Examples – Adaptability, teamwork, decision making, customer orientation, leadership, innovation etc.
  18. 18. Competencies and Definitions Action Orientation Targets and achieve results,overcomes obstacles, accepts responsibility, creates a results-oriented environment..... Interpersonal Skill Effectively and productively engages with others and establishes trust, credibility, and confidence with them Creativity/Innovation Generates novel ideas and develops or improves existing and new systems that challenge the status quo, takes risks, and encourage innovation Teamwork Knows when and how to attract, develop, reward, be part of, and utilize teams to optimize results. Acts to build trust, inspire enthusiasm, encourage others, and help resolve conflicts and develop consensus in supporting higperformance teams (Berger and Berger, 2011)
  19. 19. Why Competencies? The challenge is to identify which competencies the organization expects to see in their people The starting point of the model is the creed (values, principles, expectations) and the business strategies  Through a competency model the organization sends a consistent message to the workforce about “what it takes” to be successful in the job  Helps employees understand what helps drive successful performance  The Competency Model approach focuses on the “How” of the job.  Competency model is behavioral rather than functional, focuses on the people rather than jobs  Competency models are outcome driven rather than activities (Job descriptions focus on activities, competencies focus on outcomes)  Integrates HR strategy with business strategy –both focus on outcomes
  20. 20. Why Competencies? The competency model serves as the foundation upon which all workforce processes are built. Competencies promote alignment of talent management systems by creating a common language that enables these systems to talk with each other! That is, results of one TM system is used as the input data for the following TM system.
  21. 21. The Competency Model • The Competency Model identifies usually three groups of competencies: – Core competencies for the entire organization to shape the organizational capabilities and culture required to achieve the strategic goals(5 or 6) – Leadership competencies for the management teams of various levels for selection, career planning and development – Functional (technical)competencies (specific for each job family)
  22. 22. Developing a Competency Model Use commonly available “ready to use” models with small adjustments for your organization Develop own competency model with help of consultants Behavioral Benchmarking compare superior performers with other best people in the organization and in other benchmark companies
  23. 23. Developing Organization’s Own Competency Model  Overview of current tasks and responsibilities  Come to agreement about what successful “outcome driven” performance looks like  Review of competency library and selection of “must haves” for the position  Rank top competencies as demonstrated by exemplary (superior) performers  Identify of those competencies that align with the vision, mission and strategic plan of the organization  Verify the competencies with a larger sample of the organization
  24. 24. Choosing Competencies Before choosing competencies in an organization following requirements must have been completed: • Establishment of vision, mission, values • Strategic business goals • Identification of the tasks, responsibilities and outcomes expected from each position • Identification of the superior (exemplary) performers • Satisfactory competency library
  25. 25. Talent Management TALENT=COMPETENCE+COMMITMENT+CONTRIBU TION • 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 organization So, 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
  26. 26. Talent Management Model
  27. 27. Talent Management Model • Expectations for the future. Businesses should identify – Job roles – Spesific objectives – Competencies • Capabilities to meet the expectations • Work environment – Managerial support – Rewards and recognition – Removing barriers • Feedback systems needed to – Focus – To keep on track – Develop
  28. 28. Talent Management Cycle
  29. 29. Organization Analysis -Job descriptions -Job spesifications Assessing the Emloyees A B C D Potential Candidates Performance Evaluation Buss. Results Personal Development Activities Career Committees Potancial Candidates and Succession Lists Approval of the Lists Analysis Talent Development Programs January - March April May on...... Assessm ent Tools
  30. 30. Structure of a Talent Management Program • Building Block 1: Identification and assessment of competencies • Building Block 2: Performance appraisals • Building Block 3: Succession and career planning • Development of talent (coaching, mentoring, training) • Linking compensation with the program (reward and motivate) • Targeting culture as an important driver of TM programs • Secure senior executives’ commitment to make the talent management model work • Evaluate the results of talent management system on a regular basis
  31. 31. Integrated Functions of TM • Performance appraisals, assessments of potential, competency evaluations, career planning, and replacement planning (the core elements of talent management) should be linked to each other. • Stand alone functions are destined to end with failure
  32. 32. HR and TM HUMAN RESOURCES MANAGEMENT TALENT MANAGEMENT o Broad Scope (entire employees) o Emphasize egalitarianism oFocus on administrative functions oTransactional oFocus on systems with silo approach o Focus on segmentation (key group of core employees and key positions) o Focus on potential people o Focus on the attraction, development and retention of talent o Focus on integratation of HR systems