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Managing talent


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Here is an overview of the most important elements which make a difference at “Top Companies for Leaders.”

Strategy - There is a clear link between the strategy of the company and the strategy of leadership development. Successful organizations closely examine which talent programs are needed and which interventions are necessary to realize their company strategy.
Involvement - The responsibility of talent development lies at the top of the organization, and top management is also actively involved in the development of future management. The top managers themselves are frequently active as mentors, coaches or trainers, and frequently share their experiences and insights. Often the CEO plays a prominent, active role in training or action learning, i.e., using high potentials coupled with experienced leaders on essential questions. Also, CEO’s are involved in the programs by means of internal communication.
Talent Pipeline – Talent development is considered as a “mission-critical” company process. The best performing companies see the filling of the talent pipeline organization-wide as a necessity. They use sharp definitions of talent (high potentials), measurable criteria and a rigorous process for to determine who belongs in the talent pool and who does not. The outcomes of this are measured with KPIs.
Ongoing Processes – The Top Companies for Leaders have incorporated management development in their business cycles. The companies think about ongoing, recurring development processes instead of one-time initiatives. Talent management has a high priority in these organizations. Much attention is given to identifying high potentials, determination of specific career paths for these high potentials, coaching and their active contribution to training and development programs. High potentials are assisted in their development by means of training, e-learning, coaching and job rotation, as well as action learning. Thanks to this approach, leadership and company development evolve continuously together.
Behavior – In these Top Companies, leaders are significantly more aware of which behavior is expected of them. This also becomes apparent in all aspects of the organization: performance management (leaders are rewarded for the degree desired behaviors are demonstrated), promotion decisions (people are only promoted when the desired behaviors are shown), recruitment and selection (leadership behavior is an essential selection criterion) and communication from the top of the organization.
Critical Objective - High potential talent is considered as a strategic advantage and the development of this talent is and the development of a robust talent pipeline is considered a critical objective for the organization’s top management.
Leadership Programs – Only leadership programs with high added value for talent development are organized.

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Managing talent

  1. 1. 3-4 5-7 8-9 10-12 13-14 15-16 17-25 26-29 30-36 37-38 39-40 41-44 45-49 50-57 58-67 68-74 75-77 78-92 93-98 99-100 Introduction to Toronto Training and HR Definitions Core characteristics or talents Key assumptions Individual development plans Drill Global talent risk Organizational effectiveness Linking reward to talent management Battle for talent in China A talent-based recipe Tailoring talent strategy to context Effective talent conversations Example-talent management in the finance sector Emergent best practices Implementation of talent management processes Making talent programs work The future talent agenda Case studies Conclusion and questions
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  3. 3.      Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden 10 years in banking 10 years in training and human resources Freelance practitioner since 2006 The core services provided by Toronto Training and HR are: - Training course design - Training course delivery - Reducing costs - Saving time - Improving employee engagement & morale - Services for job seekers Page 4
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  5. 5. Who is talent? What is critical talent? What is missing talent? Talent and skills scarcities-the numbers Link between top-performing talent and productivity advantages Page 6
  6. 6. TESTS FOR Know them Know them Know them TALENT by what they want by their influence on others by how they demand to be spoiled Page 7
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  8. 8. Vision Self-belief Passion and principles A questioning disposition The networking factor Page 9
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  10. 10. Talent is a key driver of organizational performance across the entire business lifecyclegrowth and recession Don’t think talent management, but rather talentinformed strategic decision-making Page 11
  11. 11. A focus on human capital in a knowledge economy A focus on scarce and valuable people (the power curve) – the exclusive rather than inclusive approach A focus on buy rather than make A focus on potential rather than experience Page 12
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  13. 13. Definition Strengthening the individual development plan Opportunities to bolster talent over the entire span of the employee life cycle A critical re-recruiting tool A massive middle radar tool A baby boomer transition planning tool Page 14
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  17. 17. Introduce strategic workforce planning Ease migration Foster brain circulation Increase employability Develop a talent “trellis” Encourage temporary and virtual mobility Extend the pool Page 18
  18. 18. INTRODUCE STRATEGIC WORKFORCE PLANNING Define job families and future critical skills. Model workforce supply and demand with a five to ten year planning horizon. Undertake a gap analysis to uncover potential shortages and surpluses. Link workforce planning to the company’s business strategy. Systematically determine actions from gap analysis; develop skills database for potential job rotations. Inform employees of the skills they will need in future growth areas. Page 19
  19. 19. EASE MIGRATION Establish multilingual and virtual company presence to recruit beyond national borders and neighbouring countries. Seek expertise in immigrant pools while investing in the development of current employees. Recruit beyond national borders and neighbouring countries. Foster a migration-friendly culture. Brand your company internationally as “talent friendly”. Page 20
  20. 20. FOSTER BRAIN CIRCULATION Offer generous return packages to highly skilled people and relocation assistance, including spouse career services and child care programs. Keep your talent mobile through: Horizontal and vertical mobility within the company International assignments Job rotation Encourage employees to take short-term assignments or sabbaticals abroad. Encourage foreign employees to build relationships with potential partners businesses in their home countries. Page 21
  21. 21. DEVELOP A TALENT “TRELLIS” "Step into the talent’s shoes" to understand what diverse, talented employees seek (compensation, organizational flexibility, meaningfulness of business, etc.) Develop long-term retention strategies to retain scarce talent (e.g. flexible career systems). Provide a variety of development opportunities, such as virtual/cultural training, entrepreneurial training, peer-topeer learning and lifelong learning. Ensure horizontal and vertical mobility opportunities. Build an international profile and use web 2.0/social media to attract, recruit and retain scarce talent. Page 22
  22. 22. TEMPORARY AND VIRTUAL MOBILITY Introduce flexible work arrangements. Explore virtual work opportunities for employees abroad. Set up rotation programs and short-term assignment between business units and geographies. Foster virtual recruiting events and activities. Page 23
  23. 23. EXTEND THE TALENT POOL Create a presence for the company brand at universities locally and internationally. Display cultural sensitivity in targeting minorities and women. Hire graduates from abroad with limited language skills and offer intensive language courses. Give employees support to contribute part-time as they raise families. Engage retirees (your own or those of other companies) to mentor, consult or complete short-term assignments. Recruit from other industries’ pools with similar skill sets. Page 24
  24. 24. INCREASE EMPLOYABILITY Make education a priority of the corporate social responsibility agenda (e.g. through pro bono training locally and internationally). Offer internships and vocational training opportunities Offer certified training opportunities beyond current job and educational leaves to foster upskilling. Engage with academia and government to equip talent with a balance of theoretical and practical skills (e.g. “teach the teachers” program). Page 25
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  26. 26. Definition Page 27
  27. 27. LEADERSHIP Vision Vigour ORGANIZATIONAL ENABLERS Capability Architecture Action ENTERPRISE ACCELERATORS Enterprise alignment Enterprise agility Page 28
  28. 28. IMPLICATIONS FOR TALENT MANAGEMENT Talent management is central to the success of the entire business machine Talent management strategies and practices must be aligned Talent management strategies and practices also must become agile Page 29
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  30. 30. INTRODUCTION Banish silos Get some data Be inclusive Show people the way Link reward and performance Pick some quick wins Communicate benefits Be creative Keep it simple Measure and review Page 31
  31. 31. TAKING AN INTEGRATED APPROACH Less likely to experience problems attracting critical-skill employees and top-performing employees Less likely to report having trouble retaining critical-skill employees and top-performing employees More likely to be high-performing organizations Page 32
  32. 32. BEST PRACTICES TO ADOPT Define an organization-wide employee value proposition (EVP) for attraction, retention, pay and talent management Manage and design programs according to an organization-wide total rewards philosophy Perform formal workforce planning activities that optimize the supply of talent versus demand Page 33
  33. 33. BEST PRACTICES TO ADOPT Leverage competency models across recruiting, career management and pay activities Facilitate healthy work/life balance and take measures to moderate employees’ levels of work-related stress Page 34
  34. 34. BEST PRACTICES TO ADOPT Link employee performance goals to the business, and effectively communicate performance expectations and results to employees Leverage total cash rewards through differentiation of merit increases and annual incentive awards Link individual and organization results to rewards Effectively deploy recognition programs Page 35
  35. 35. TO CONCLUDE Align Integrate and optimize Execute Page 36
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  37. 37. Reboot employer branding efforts Create local development opportunities Offer viable career paths Be smart about pay Become a quasi-local company Page 38
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  39. 39. Top-down plan Bottom-up: shared mindset Workforce alignment Acquiring talent: pre-qualify source Releasing employees: outplacement Enrich talent pool: diversity, fit and (serial in)competence Facilitate interpersonal connectivity: Increase absorptive capacity Workforce fluidity Expand role orientations Unleash talent pool Align incentives Workforce Scalability – Right numbers Right types of people Right places Doing right things
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  41. 41. RECRUIT AND INTEGRATE How are the requisite capabilities obtained? How are job candidates selected? Page 42
  42. 42. DEPLOY, REVIEW AND DEVELOP How does talent get deployed? What level of career guidance should be provided? What types of behaviours get rewarded? To what extent do we differentiate performance? What are the boundaries for under-achievement? Page 43
  43. 43. ENGAGE AND CONNECT How do we keep talent connected to one another? How do we energize our talent? Page 44
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  45. 45. QUESTIONS TO ASK Do I have the right person in the job? Who are our rising stars and next generation leaders? Who should I promote? How do I get more out of …? Who is my successor? Page 46
  46. 46. WHY TALENT REVIEWS OFTEN FAIL There is too little focus on strategic context Predicting executive success is tough Vested interests can lead to uninspired conversations Page 47
  47. 47. PRINCIPLES FOR IMPROVING THE TALENT CONVERSATION Get clear on the critical role requirements Pick your spots Holistic assessment Focus on learning potential Put the right people in the assessment room Figure out the role of HR Actively seek meaningful conversations Open and honest Page 48
  48. 48. PRINCIPLES FOR IMPROVING THE TALENT CONVERSATION Act with good will Focus on identifying development opportunities Page 49
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  50. 50. INTEGRATED TALENT MANAGEMENT Definition of talent Recruitment and talent identification Competency frameworks Targeted development Comprehensive learning Structured career paths Performance measurement and reward Ongoing review Page 51
  51. 51. CHALLENGES AHEAD How do CFOs structure the finance function and the roles within it to ensure maximisation of resources and a strong long-term talent pipeline? How do CFOs access the specialists they need – must they recruit or can internal talent be trained? What is the best way to improve the commerciality of the finance function and boost its internal credibility? Page 52
  52. 52. CHALLENGES AHEAD How can individuals in roles deemed less critical be motivated and their expertise retained if they see training priorities being focused on others? How can the organization create a sufficiently stimulating career path to retain the talents of Generation Y? How can finance assess return on investment in its people in order to target learning and development and general talent management spend most effectively? Page 53
  53. 53. STRATEGY FOR ORGANIZATION DESIGN What is the value-creating objective of the organization? Where and how can finance best contribute to supporting the organization in value creation? (What do our internal and external stakeholders want and need from the finance function?) How capable is finance in delivering these objectives currently? Page 54
  54. 54. STRATEGY FOR ORGANIZATION DESIGN How much will it cost and what metrics can be used to measure success? Could a new structure – people, process, systems – improve the success of finance in supporting the organization? Page 55
  55. 55. FINANCE FUNCTION EFFECTIVENESS Centres of excellence Shared services Outsourcing and offshoring Business partnering Page 56
  56. 56. INTEGRATED TALENT MANAGEMENT Centres of excellence Shared services Outsourcing and offshoring Business partnering Page 57
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  58. 58. Recruit Develop Engage Assess Retain Page 59
  59. 59. TURNOVER RISK Those with skills in short supply and high demand High performers Key contributors/technical experts Those with leadership potential at mid-level Those with leadership potential at an entry level Those in roles critical to delivering the business strategy Senior leadership The entire workforce Page 60
  60. 60. PRIORITIES Performance management Assessing/developing high potentials and top talent Recognizing exceptional performers Assessing/developing senior leaders Measuring/increasing employee engagement Strengthening the talent pipeline and succession management Training managers Page 61
  61. 61. PRIORITIES AND EFFECTIVENESS Mentoring of key talent Deploying key talent across roles/functions/regions Career pathing and planning Identifying and integrating competencies Onboarding Developing/implementing an employment value proposition Page 62
  62. 62. WHAT DOES TALENT WANT? Accessible talent borders Diversity High level of freedom of mind Inspiring work environment Lifelong learning opportunities Positive country brand Skill recognition institutions The “Perfect Employer” Inc. Virtual mobility Page 63
  64. 64. CATEGORIES OF BENEFIT THAT DETERMINES IF TALENT STAYS OR LEAVES Great leaders Great company Great job Attractive compensation Page 65
  65. 65. ACCOMODATING THE REQUIREMENTS OF GENERATION Y More flexi-time options More recognition programs Access to state-of-the-art technology Increased compensation Access to educational programs Pay for cell phones and blackberrys Telecommuting options More vacation time Page 66
  66. 66. HARNESSING THE TALENT OF SKILLED IMMIGRANTS Building increased awareness among senior leaders and decision makers of the significance of the immigrant population as a source of skilled talent Providing recognition for the value and transferability of international skills and credentials Developing a data-driven understanding of the potential benefits of employing skilled immigrants Creating awareness among leaders of the value of skilled immigrants for access to international markets, and local niche/ethno-specific markets Recognizing that skilled immigrants bring access to new ideas and perspectives to support innovation Page 67
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  68. 68. Linking rewards more closely to performance Giving employees self-service tools to search and apply for new roles in the organization Focusing more on key workforce segments Giving business leaders greater ownership and accountability for building the talent pipeline Using branding/marketing techniques to enhance the employment value proposition Page 69
  69. 69. Creating more consistency in how talent is identified, developed and moved throughout the organization Creating a formal governance structure and process for talent management activities Redefining the critical attributes and competencies needed for the next generation of leaders Integrating talent management processes more directly into business strategy and operations Page 70
  70. 70. Scaling and adapting talent strategies on a global basis Increasing use of technology to streamline talent management processes and activities Giving managers self-service tools to source and deploy internal talent Creating an experience “punchlist” for critical roles and designing targeted career paths to ensure adequate succession Page 71
  71. 71. Improving quality and use of analytics to monitor the need for, and supply of, talent and better differentiate performance Adopting just-in-time talent-sourcing approaches, including contingent workforce designs Leveraging social networking tools to access and engage the workforce in new ways Page 72
  72. 72. PROCESSES MOST CRITICAL TO ACHIEVING RESULTS AND TOUGHEST TO IMPLEMENT & SUSTAIN Integrating talent management processes more directly into business strategy and operations Giving business leaders greater ownership and accountability for building the talent pipeline Redefining the critical attributes and competencies needed for the next generation of leaders Creating more consistency in how talent is identified, developed and moved throughout the organization Page 73
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  75. 75. Clearly communicate the core objectives-set expectations at the start and manage them throughout Even though the organization as a whole may sponsor talent activities, it is beneficial to have HR/talent running the program, and visibility is important to maintain credibility and consistency Consider implementing a selection process for the top talent program to increase its perceived value and motivate participants to perform-make the selection process a learning event in itself and ensure all applicants receive constructive feedback Page 76
  76. 76. Review the structure of the talent program/pool with the business sponsor-coaching, mentoring and networking are the elements most valued by senior talent pool members Develop ways of harnessing the peer group created as part of the talent program by creating opportunities beyond the lifespan of the program Page 77
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  78. 78. DEFINING THE FUTURE TALENT AGENDA What leadership competencies/attributes are required to drive our business strategy and lead the evolution of the culture? How robust is our existing leadership pipeline, and where are there risks? What are the pivotal job families/roles most critical to executing our business strategy? How will we differentiate talent strategies/investments accordingly? Page 79
  79. 79. DEFINING THE FUTURE TALENT AGENDA What are the implications for skill development, given our business strategy? What are our existing/emerging talent requirements in the various markets we serve, and how will we attract/deploy the right talent to these markets? How can we optimize investments in talent and reward programs to achieve the right performance outcomes and evolve the culture? Does the talent function have the right structure, capabilities and people to deliver value to the organization at the right cost? Page 80
  80. 80. TALENT MANAGEMENT IN THE NEW WORLD Differentiation Assessment and ranking Performance management Performance improvement Transparency Page 81
  81. 81. FUTURE ISSUES FOR THE TORONTO FINANCIAL SERVICES INDUSTRY Local and global competition for talent Gaps in leadership talent Significant loss in critical knowledge and skill with retirees Attracting younger workers and managing multigenerational workforces Integrating immigrant workers and managing increasingly diverse workforces Page 82
  82. 82. QUESTIONS TO ASK IN TORONTO Which segments of the workforce create the value for which we are most rewarded in the marketplace? Which areas of our business will be most impacted by impending waves of retirement? What are we doing to prepare successors? What impact will anticipated retirement have on the skills and productivity necessary to meet future demand? Page 83
  83. 83. QUESTIONS TO ASK IN TORONTO In what areas is the talent market heating up (i.e., demand will outpace supply)? Which segments of our workforce will be most impacted? What are the potential top-line and bottom-line implications? What skills will we need over the next five years that we don’t currently possess? How will we create that capacity? What happens to our business if we don’t? Page 84
  84. 84. QUESTIONS TO ASK IN TORONTO What is our turnover within critical areas? How much is it costing us? In customers? In productivity? In innovation? In quality? What are we doing to resolve the root cause? Are we actively developing talent portfolios or workforce plans that will help us to understand and communicate the financial consequences of talent decisions on our business? Page 85
  85. 85. A TIPPING POINT FOR TALENT MANAGEMENT? Integrated talent management remains more aspiration than reality Current talent management practices are insufficiently forward-looking Page 86
  86. 86. CHALLENGES AHEAD-WESTERN COUNTRIES A step change in productivity is required New kinds of jobs Aging population Different preferences of Generation Y compared to other groups Different offering needed from employers Page 87
  87. 87. CHALLENGES AHEAD-DEVELOPING COUNTRIES China alone will build “one Canada” in the next ten years Asia returning to its natural half-share of the world economy Emerging markets provide access to large skilled talent pools Not all graduates are treated equally The supply of professionals in China is fragmented Page 88
  88. 88. CHALLENGES AHEAD-DEVELOPING COUNTRIES China alone will build “one Canada” in the next ten years Asia returning to its natural half-share of the world economy Emerging markets provide access to large skilled talent pools Not all graduates are treated equally The supply of professionals in China is fragmented Page 89
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  90. 90. CHALLENGES AHEAD-SUMMARY Is talent management strategy as embedded as business and financial strategy? Are you tapping into non traditional talent pools and who are you competing against? Is your employee value proposition as tailored as possible to key segments (age, gender, diversity) and do you have five “compelling” stories? To what extent are you accelerating the development of high performers and how are you retaining them? Page 92
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  98. 98. Summary Questions Page 100