Managing talent


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Talent management is just another one of those pesky Human Resources terms. Right? Wrong. Talent management is an organization's commitment to recruit, retain, and develop the most talented and superior employees available in the job market.

So, talent management is a useful term when it describes an organization's commitment to hire, manage and retain talented employees. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce.

What appears to differentiate talent management focused practitioners and organizations from organizations that use terminology such as human capital management or performance management, is their focus on the manager's role, as opposed to reliance on Human Resources, for the life cycle of an employee within an organization.

Practitioners of the other two employee development and retention strategies would argue that, for example, performance management has the same set of best practices. It is just called by a different name.

Talent management does give managers a significant role and responsibility in the recruitment process and in the ongoing development of and retention of superior employees. In some organizations, only top potential employees are included in the talent management system. In other companies, every employee is included in the process.

Talent management is a business strategy and must be fully integrated within all of the employee related processes of the organization. Attracting and retain talented employees, in a talent management system, is the job of every member of the organization, but especially managers who have reporting staff (talent).

An effective strategy also involves the sharing of information about talented employees and their potential career paths across the organization. This enables various departments to identify available talent when opportunities are made or arise.In larger organizations, talent management requires Human Resources Information Systems (HRIS) that track the career paths of employees and manage available opportunities for talented employees.

Managing human resources includes, but is not limited to:

planning and allocating resources,
providing direction, vision, and goals,
developing an environment in which employees choose motivation and contribution,
supplying or asking for the metrics that tell people how successfully they are performing,
offering opportunities for both formal and informal development,
coaching successful contribution and performance development,
setting an example in work ethics, treatment of people, and empowerment worthy of being emulated by others,
leading organization efforts to listen to and serve customers,
managing the performance management system,
challenging the employees to maintain momentum, and
removing obstacles that impede the employee's progress.

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Managing talent

  1. 1. Managing talent
  2. 2. Contents 3-4 Introduction to Toronto Training and HR 5-7Definitions 8-9Core characteristics or talents 10-12Key assumptions 13-14Individual development plans 15-16Drill 17-25Global talent risk 26-29Organizational effectiveness 30-36Linking reward to talent management 37-38Battle for talent in China 39-40 A talent-based recipe 41-44Tailoring talent strategy to context 45-49Effective talent conversations 50-57Example-talent management in the finance sector 58-67Emergent best practices 68-74Implementation of talent management processes 75-77Making talent programs work 78-92The future talent agenda 93-98Case studies 99-100Conclusion and questions 2
  3. 3. Introduction 3
  4. 4. Introduction to Toronto Training and HR • 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 4
  5. 5. Definitions 5
  6. 6. Definitions 1 of 2 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 6
  7. 7. Definitions 2 of 2 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 7
  8. 8. Core characteristics or talents 8
  9. 9. Core characteristics or talents Vision Self-belief Passion and principles A questioning disposition The networking factor 9
  10. 10. Key assumptions 10
  11. 11. Key assumptions 1 of 2 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 11
  12. 12. Key assumptions 2 of 2 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 12
  13. 13. Individual development plans 13
  14. 14. Individual development plans 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 14
  15. 15. Drill 15
  16. 16. Drill 16
  17. 17. Global talent risk 17
  18. 18. Global talent risk 1 of 8 Introduce strategic workforce planning Ease migration Foster brain circulation Increase employability Develop a talent “trellis” Encourage temporary and virtual mobility Extend the pool 18
  19. 19. Global talent risk 2 of 8 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. 19
  20. 20. Global talent risk 3 of 8 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”. 20
  21. 21. Global talent risk 4 of 8 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. 21
  22. 22. Global talent risk 5 of 8 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. 22
  23. 23. Global talent risk 6 of 8 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. 23
  24. 24. Global talent risk 7 of 8 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. 24
  25. 25. Global talent risk 8 of 8 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). 25
  26. 26. Organizational effectiveness 26
  27. 27. Organizational effectiveness 1 of 3 Definition 27
  28. 28. Organizational effectiveness 2 of 3 LEADERSHIP Vision Vigour ORGANIZATIONAL ENABLERS Capability Architecture Action ENTERPRISE ACCELERATORS Enterprise alignment Enterprise agility 28
  29. 29. Organizational effectiveness 3 of 3 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 29
  30. 30. Linking reward to talent management 30
  31. 31. Linking reward to talent management 1 of 6 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 31
  32. 32. Linking reward to talent management 2 of 6 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 32
  33. 33. Linking reward to talent management 3 of 6 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 33
  34. 34. Linking reward to talent management 4 of 6 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 34
  35. 35. Linking reward to talent management 5 of 6 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 35
  36. 36. Linking reward to talent management 6 of 6 TO CONCLUDE Align Integrate and optimize Execute 36
  37. 37. Battle for talent in China 37
  38. 38. Battle for talent in China Reboot employer branding efforts Create local development opportunities Offer viable career paths Be smart about pay Become a quasi-local company 38
  39. 39. A talent-based recipe 39
  40. 40. A talent-based recipe 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 Workforce Scalability – Right numbers Right types of people Right places Doing right things Expand role orientations Unleash talent pool Align incentives 40
  41. 41. Tailoring talent strategy to context 41
  42. 42. Tailoring talent strategy to context 1 of 3 RECRUIT AND INTEGRATE How are the requisite capabilities obtained? How are job candidates selected? 42
  43. 43. Tailoring talent strategy to context 2 of 3 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? 43
  44. 44. Tailoring talent strategy to context 3 of 3 ENGAGE AND CONNECT How do we keep talent connected to one another? How do we energize our talent? 44
  45. 45. Effective talent conversations 45
  46. 46. Effective talent conversations 1 of 4 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? 46
  47. 47. Effective talent conversations 2 of 4 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 47
  48. 48. Effective talent conversations 3 of 4 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 48
  49. 49. Effective talent conversations 4 of 4 PRINCIPLES FOR IMPROVING THE TALENT CONVERSATION Act with good will Focus on identifying development opportunities 49
  50. 50. Example-talent management in the finance sector 50
  51. 51. Example-talent management in the finance sector 1 of 7 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 51
  52. 52. Example-talent management in the finance sector 2 of 7 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? 52
  53. 53. Example-talent management in the finance sector 3 of 7 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? 53
  54. 54. Example-talent management in the finance sector 4 of 7 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? 54
  55. 55. Example-talent management in the finance sector 5 of 7 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? 55
  56. 56. Example-talent management in the finance sector 6 of 7 FINANCE FUNCTION EFFECTIVENESS Centres of excellence Shared services Outsourcing and offshoring Business partnering 56
  57. 57. Example-talent management in the finance sector 7 of 7 INTEGRATED TALENT MANAGEMENT Centres of excellence Shared services Outsourcing and offshoring Business partnering 57
  58. 58. Emerging best practices 58
  59. 59. Emerging best practices 1 of 9 Recruit Develop Engage Assess Retain 59
  60. 60. Emerging best practices 2 of 9 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 60
  61. 61. Emerging best practices 3 of 9 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 61
  62. 62. Emerging best practices 4 of 9 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 62
  63. 63. Emerging best practices 5 of 9 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 63
  64. 64. Emerging best practices 6 of 9 REASONS TO JOIN A PARTICULAR ORGANIZATION Employee Employer 64
  65. 65. Emerging best practices 7 of 9 CATEGORIES OF BENEFIT THAT DETERMINES IF TALENT STAYS OR LEAVES Great leaders Great company Great job Attractive compensation 65
  66. 66. Emerging best practices 8 of 9 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 66
  67. 67. Emerging best practices 9 of 9 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 67
  68. 68. Implementation of talent management processes 68
  69. 69. Implementation of talent management processes 1 of 6 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 69
  70. 70. Implementation of talent management processes 2 of 6 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 70
  71. 71. Implementation of talent management processes 3 of 6 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 71
  72. 72. Implementation of talent management processes 4 of 6 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 72
  73. 73. Implementation of talent management processes 5 of 6 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 73
  74. 74. Implementation of talent management processes 6 of 6 IMPLEMENTING A PROACTIVE TALENT MANAGEMENT PROGRAM Creed Strategy System 74
  75. 75. Making talent programs work 75
  76. 76. Making talent programs work 1 of 2 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 76
  77. 77. Making talent programs work 2 of 2 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 77
  78. 78. The future talent agenda 78
  79. 79. The future talent agenda 1 of 14 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? 79
  80. 80. The future talent agenda 2 of 14 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? 80
  81. 81. The future talent agenda 3 of 14 TALENT MANAGEMENT IN THE NEW WORLD Differentiation Assessment and ranking Performance management Performance improvement Transparency 81
  82. 82. The future talent agenda 4 of 14 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 82
  83. 83. The future talent agenda 5 of 14 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? 83
  84. 84. The future talent agenda 6 of 14 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? 84
  85. 85. The future talent agenda 7 of 14 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? 85
  86. 86. The future talent agenda 8 of 14 A TIPPING POINT FOR TALENT MANAGEMENT? Integrated talent management remains more aspiration than reality Current talent management practices are insufficiently forward-looking 86
  87. 87. The future talent agenda 9 of 14 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 87
  88. 88. The future talent agenda 10 of 14 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 88
  89. 89. The future talent agenda 11 of 14 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 89
  90. 90. The future talent agenda 12 of 14 90
  91. 91. The future talent agenda 13 of 14
  92. 92. The future talent agenda 14 of 14 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?
  93. 93. Case study A 93
  94. 94. Case study A 94
  95. 95. Case study B 95
  96. 96. Case study B 96
  97. 97. Case study C 97
  98. 98. Case study C 98
  99. 99. Conclusion & Questions 99
  100. 100. Conclusion Summary Questions 100