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Talent Management
Teri Ray, MBA, SPHR,
Professor of Human Resource Management
Murray State University
tray@murraystate.edu...
How much does a bad hire cost?
40% employers reported typical new hire costs
$1000
33% reported between $1001-$5000
27% gr...
Impact on Bottom line?
41% lower productivity
40% lost time to recruit and train another
worker
37% cost to recruit and tr...
Why do bad hires occur?
38% needed to fill jobs quickly
34% Not sure; sometimes you make a mistake
11% didn’t check refere...
Talent Management Strategy
Acquisition
Retention
Measurement
Acquisition
Critical Decision Points Talent Acquisition:
Can the person do the job?
Will the person do the job?
Does the p...
Can the person do the job?
Specify job requirements general and specific
Identify critical success factors a candidate
mus...
ONET--FREE
Sponsored by the DOL, largest provider of
occupational information
Worker Characteristics
Worker Requirements
E...
Onet Free Resources
Provides info on
Job descriptions and specifications which are
legally required by ADA, FMLA, & WC
Bas...
Other Decision Points
Will the Person do the job?
Does the person match the organization?
Value set between organization a...
How to Assess Candidates
Structured Interview
Standardized questions
Interview based on job duties and requirements
Benchm...
Situational Structured interviews
It is the night before your vacation. You are all packed and ready
to go. Just before yo...
Behavioral Descriptions
Based on the premise past performance is the best
predictor of future performance
Describe a time ...
Additional Interview Guide
http://www.performancesolutions.nc.gov/staffi
nginitiatives/selection/docs/selection_interview
...
Retention
Why Talent Stays
Interesting, challenging work
Opportunities for advancement and learning
Collegial workforce
Fair compens...
What Can You Do?
Clear Expectations
Sense of Control
Keep them in the Loop
Room to grow
Recognition
Leadership
Measuring Human Capital
Investor Metrics for Human Capital
Spending on Human Capital
Total amount spent on employees
Total amount spent in support...
Metrics (cont.)
Leadership Depth
Percentage of defined positions that have an identified
successor
Percentage of open defi...
Metrics (cont.)
Employee Engagement
Index of relevant questions from employee survey
Information on the response rate and
...
Measuring Resources
SHRM/ANSI Investor Metrics
http://hrstandardsworkspace.shrm.org/apps/group_public/docu
ment.php?docume...
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Human Capital and Talent Management

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Human Capital and Talent Management

  1. 1. Talent Management Teri Ray, MBA, SPHR, Professor of Human Resource Management Murray State University tray@murraystate.edu Copyright © 2014 Teri T Ray
  2. 2. How much does a bad hire cost? 40% employers reported typical new hire costs $1000 33% reported between $1001-$5000 27% greater than $5000
  3. 3. Impact on Bottom line? 41% lower productivity 40% lost time to recruit and train another worker 37% cost to recruit and train another worker 36% Negative impact on employee morale 22% Negative impact on client solutions
  4. 4. Why do bad hires occur? 38% needed to fill jobs quickly 34% Not sure; sometimes you make a mistake 11% didn’t check references All point to negligence of employer!!! CareerBuilder Survey http://www.careerbuilder.com/share/aboutus/pressreleasesdetail.aspx?id=pr 609&sd=12%2F13%2F2010&ed=12%2F31%2F2010
  5. 5. Talent Management Strategy Acquisition Retention Measurement
  6. 6. Acquisition Critical Decision Points Talent Acquisition: Can the person do the job? Will the person do the job? Does the person fit the organization? Value fit Future growth
  7. 7. Can the person do the job? Specify job requirements general and specific Identify critical success factors a candidate must have to succeed on the job
  8. 8. ONET--FREE Sponsored by the DOL, largest provider of occupational information Worker Characteristics Worker Requirements Experience Requirements Occupational Requirements Occupational Characteristics Occupation Specific Information http://www.onetonline.org/
  9. 9. Onet Free Resources Provides info on Job descriptions and specifications which are legally required by ADA, FMLA, & WC Base of job success factors and performance criteria Assist in market rate for various jobs Onet Resources: Tool Kit http://www.onetcenter.org/toolkit.html JD Writer http://www.careerinfonet.org/jobwriter/default.aspx
  10. 10. Other Decision Points Will the Person do the job? Does the person match the organization? Value set between organization and person Future growth potential of organization & applicant
  11. 11. How to Assess Candidates Structured Interview Standardized questions Interview based on job duties and requirements Benchmark answers Take notes Legally defensible and twice as likely to predict future job performance
  12. 12. Situational Structured interviews It is the night before your vacation. You are all packed and ready to go. Just before you get into bed, you receive a phone call from the plant. A problem has arisen that only you can handle. You are asked to come into take care of things. What would you do in this situation? Scoring Guide 4 – I would go into work and make certain everything is OK. Then I would go on vacation. 3 – There are no problems that only I can handle. I would make certain that someone qualified was there to handle things. 2 – I would try to find someone else to deal with the problem 1 – I would go on vacation.
  13. 13. Behavioral Descriptions Based on the premise past performance is the best predictor of future performance Describe a time when you were not satisfied with your own performance. What did you do about it? Give me an example of a problem you faced on the job, and how you dealt with it. Describe how you handled a situation where you found yourself dealing with someone who didn’t like you. Give me an example of an important goal you had to set and tell me about your progress in reaching that goal. What steps did you take?
  14. 14. Additional Interview Guide http://www.performancesolutions.nc.gov/staffi nginitiatives/selection/docs/selection_interview formats_behaviorbasedinterviewquestions.pdf
  15. 15. Retention
  16. 16. Why Talent Stays Interesting, challenging work Opportunities for advancement and learning Collegial workforce Fair compensation A respected manager Recognition for accomplishment Feeling a valued member of a team A substantial benefits package The feeling “their work” makes a difference Overall pride in company’s mission and products
  17. 17. What Can You Do? Clear Expectations Sense of Control Keep them in the Loop Room to grow Recognition Leadership
  18. 18. Measuring Human Capital
  19. 19. Investor Metrics for Human Capital Spending on Human Capital Total amount spent on employees Total amount spent in support of employees Total amount spent in lieu of employees Total amount invested in training and development Ability to Retain Talent Voluntary and total turnover Broken down by EEO -1 job types Industry std. formula (#terminations during the period/average active headcount during period).
  20. 20. Metrics (cont.) Leadership Depth Percentage of defined positions that have an identified successor Percentage of open defined positions filled internally during the period. Leadership Quality Index of relevant questions from employee surveys Information on the response rate and methodology/tools
  21. 21. Metrics (cont.) Employee Engagement Index of relevant questions from employee survey Information on the response rate and methodology/tool Human Capital Discussion and Analysis Narrative to provide context and discussion of the reported metrics Disclosure of any material risks or any other material information related to human capital
  22. 22. Measuring Resources SHRM/ANSI Investor Metrics http://hrstandardsworkspace.shrm.org/apps/group_public/docu ment.php?document_id=6504&wg_abbrev=mamt02 Cascio, W. & Boudreau, J. 2008. Investing in People: Financial Impact of Human Resource Initiatives. Pearson LTD: Upper Saddle River, NJ. Free calculator for metrics: http://hrcosting.com/hr/index.cfm?timeout=true

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