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01.2014
Vol.2 No.1

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07222633

Talent Benchstrength

By Doris Sims

The Talent Questions
Every...
12.2013
Vol.2 No.1

Presented By

$9.99 a month

Features

07222633

Talent Benchstrength

By Doris Sims

The Talent Quest...
Winning The War For Talent 2.0

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In ASIA Pacific Region.
By Sattar Bawany

I n 1997, a groundbreaking McKinsey...
Winning The War For Talent 2.0

business objectives. The term “talent management” is often
used to denote e-recruitment an...
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Winning War for Talent 2.0 in Talent Management Excellence Essentials Jan 2014_Edition

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Winning War for Talent 2.0 in Talent Management Excellence Essentials Jan 2014_Edition

  1. 1. 01.2014 Vol.2 No.1 Presented By $9.99 a month 07222633 Talent Benchstrength By Doris Sims The Talent Questions Every Board of Directors Should Ask. Purpose Revived By Brian Mohr Ask Yourself and Your Employees the Most Important Question of All. Fish Bowls and Talent Pools By Julie Winkle Giulioni  The Advantages of Differentiated Compensation By Anke Mogannam Fish Bowls and Talent Pools Julie Winkle Giulioni
  2. 2. 12.2013 Vol.2 No.1 Presented By $9.99 a month Features 07222633 Talent Benchstrength By Doris Sims The Talent Questions Every Board of Directors Should Ask. Purpose Revived By Brian Mohr Ask Yourself and Your Employees the Most Important Question of All. Fish Bowls and Talent Pools By Julie Winkle Giulioni  Fish Bowls and Talent Pools When I was a kid, our community hosted a carnival each fall. Every year, either my brother or I won a goldfish by sinking a ping pong ball into a tiny cup. PG.26 TALENT MANAGEMENT 7 Talent Benchstrength Doris Sims 17 Winning The War For Talent 2.0 Sattar Bawany 9 Succession Planning Eric Kilponen 18 Ask, Listen, Involve Robin Guarnieri 10 Talent Mindset Jan Hills 11 Sourcing Talent Ken Keis 13 Flying Talent Maite Barón 14 Human Capital and Talent Management Terry Booysen & Dr Dicky Els 16 Measuring Recruiting QUALITY Nick Tubach 19 Sucession Planning Sonalee Arvind Self-appraisals Dominique Jones 25 The Five Biggest Mistakes Managers Make in Recognizing their Employees John Schaefer PERFORMANCE MANAGEMENT 26 Fish Bowls and Talent Pools Julie Winkle Giulioni 22 Purpose Revived Brian Mohr 27 Four Ways To Get Your Employees To Care Like Owners Louis Effron 20 Training ReLoaded Arupa Tesolin 23 Performance Reviews Dave Rietsema 24 How Managers Can Help Their Employees Write Great 28 Managers Taking on Front Line HR Management Margot Uson 31 Forced Ranking The Advantages of Differentiated Compensation By Anke Mogannam Performance Appraisal Method Pawan Alamchandani 32 Goal Alignment Steven Hunt COMPENSATION MANAGEMENT 33 The Advantages of Differentiated Compensation Anke Mogannam 34 War For Talent Ian Dunnington 35 Sales Compensation Report Card Joseph Di Misa 36 The Psychology of Managing Compensation Karen D. Sacdalan
  3. 3. Winning The War For Talent 2.0 Interactive In ASIA Pacific Region. By Sattar Bawany I n 1997, a groundbreaking McKinsey study exposed the “war for talent” as a strategic business challenge and a critical driver of corporate performance. Then, when the dot-com bubble burst and the economy cooled, many assumed the war for talent was over. It’s not. Subsequently in 2001, the authors of the original study revealed that, because of enduring economic and social forces, the war for talent will persist for the next two decades. McKinsey & Company consultants Ed Michaels, Helen Handfield-Jones, and Beth Axelrod argued that winning the war for leadership talent is all about much more than frenzied recruiting tactics. It’s about the timeless principles of attracting, developing, and retaining highly talented managers - applied in bold new ways. And it’s about recognizing the strategic importance of human capital because of the enormous value that better talent creates The outcome of the study is applicable to many companies operating in Asia Pacific markets as it was fortified by five years of in-depth research on how companies manage leadership talent - including surveys of 13,000 executives at more than 120 companies and case studies of 27 leading companies - the authors propose a fundamentally new approach to talent management. They describe how to: create a winning EVP (employee value proposition) that will make your company uniquely attractive to talent; move beyond recruiting hype to build a long-term recruiting strategy; use job experiences, coaching, and mentoring to cultivate the potential in managers; and, strengthen your talent pool by investing in A players, developing B players, and acting decisively on C players. Central to this approach is a pervasive talent mindset - a deep conviction shared by leaders throughout the company that competitive advantage comes from having better talent at all levels. Using practical examples from companies such as GE, The Home Depot, PerkinElmer, Amgen, and Enron, the authors outline five imperatives that every leader - from CEO to unit manager - must act on to build a stronger talent pool. Written by recognized authorities on the topic, this is the definitive strategic guide on how to win the war for talent. Today’s Context in Asia Pacific Region In today’s tight labor market in fast growing Asia Pacific region, companies are facing intense competition for talent – and are giving increased attention to ways to retain talent rather than rely on costly replacement and retraining. Retention of talent with critical skill sets is vital for achievement of business growth and to build organizational competencies, which represent a competitive advantage. The loss of needed talent is costly because Talent Management excellence essentials presented by HR.com | 01.2014 of the resultant bidding up of market salaries for experienced hires to replace them, the costs of recruiting and assimilating new talent, the lost investment in talent development, and the hidden costs of lost productivity, lost sales opportunities, and strained customer relationships. Can companies win the “war for talent”? Will we be able to define and implement a retention strategy that will give us the stable, committed, capable workforce required to achieve a competitive business advantage? Consulting firm and research organization reports, published books and articles, and internal company retention studies suggest that everyone is following the same overall plan. How will this approach give a company an edge? Few, if any, organizations today have an adequate supply of talent. Gaps exist at the top of the organization, in the first- to midlevel leadership ranks, and at the front lines. Talent is an increasingly scarce resource, so it must be managed to the fullest effect. During the current economic downturn we may experience a short ceasefire in the war for talent, but we’re all seeing new pressures put on the talent running our organizations. Are today’s leaders able to do more with less? The A-players can, and there should be a strategic emphasis on keeping those leaders—and developing their successors. Many organizations are reducing their workforces, but let’s be careful not to cut so deep that talent is scarce when the economy rebounds. The supply of leadership talent is critical to any organization’s prosperity and is, therefore, a central element of talent management. The increasing trend of growing leaders from within is based on a dawning realization that a popular alternative for acquiring talent—poaching key people from competitors—ultimately leads to frustration. Outstanding leaders who can ‘ramp up’ quickly are hard to find, increasingly expensive, and even when successfully recruited, tend to move from company to company. So the best approach, usually, is to develop systems and processes to identify available leadership talent. Many studies have shown that an important factor for commitment and retention is the effectiveness of immediate management. Employees say it is an important element of the work environment; research shows it highly correlated with commitment and retention scores, and employees cite poor management as a key reason for leaving a company. Accordingly, there have been many books focused on manager effectiveness. One big seller was First, Break all the Rules, reporting on the Gallup Organization’s findings and recommendations for better management of people. Integrated Talent Management System So, what do we mean by talent management? In the broadest possible terms, it is the strategic and tactical management of the flow of talent through an organization. Its purpose is to assure that the supply of talent is available to align the right people with the right jobs at the right time based on strategic 17
  4. 4. Winning The War For Talent 2.0 business objectives. The term “talent management” is often used to denote e-recruitment and automated applicant tracking systems. This emphasis on staffing and recruiting is more appropriately called the talent acquisition phase of the talent management cycle (see Figure 1), an important but preliminary step in the overall process. Figure 1: CEE Talent Management Cycle Vision, Mission, Strategy and Values 1. Talent Acquisition: Proactively recruiting world-class, diverse leadership talent and providing on-boarding support for them to accelerate their assimilation into their roles. 2. Talent Development: Developing and executing learning and development programs, processes & assessment tools to grow current and future leaders 3. Performance Management: The process of creating a work environment in which people can perform to the best of their abilities. 4. Succession Planning: This is critical towards developing a leadership pipeline or assuring near-term leadership continuity by thoughtful consideration of the availability, readiness, and development of internal talent (including High Potentials) to assume critical “priority” leadership roles. 5. Organizational Results: Achieving favorable and desired results is obviously the ultimate outcome expected out of any effective integrated talent management system. However it is a lagging indicator and business leaders will have to focus on the organizational climate which will have an impact on the other elements of Talent Management Cycle as explained earlier. The flow of effective communication and the systems of recognition and rewards are integral part of the climate which influences the talent’s performance effecting productivity, creativity and in driving results with the right impact. The climate is impacted by a values-driven leadership team. ITM The Talent Management Cycle includes the proactive analysis and planning to assure long-term strategic development and deployment of critical leadership and other resources through systematic identification, assessment, planning, and developmental action. Talent Management Cycle is composed of several essential elements: Prof Sattar Bawany s the CEO of Centre for Executive Education (CEE Global), Managing Director of Executive Development Associates in Asia Pacific and Strategic Advisor of IPMA in Asia Pacific. Email attar.bawany@cee-global.com. Visit www.cee-global.com. Ask, Listen, Involve Optimize Employee Engagement to Retain Key Talent and Drive Higher Performance. Interactive By Robin Guarnieri There’s an old adage from business writer and former management professor Michael LeBoeuf that, “what gets measured gets done.” Yet for many companies, the quest to measure employee engagement isn’t reaping the expected outcomes. In fact, avast majority of North Americancompanies may find employees planning to pursue new job opportunities in 2014. According to a recent onlinepoll by Right Management,83% of 900 employees who responded indicated they intend to actively seek a new position in the New Year.With an improving labor market and employee satisfaction continuing its downward trend, employee engagement should be a top concern for companies who want to keep their best talent. Do you plan to pursue new job opportunities in 2014? 2013 18 2012 2011 2010 2009 Yes, I intend to actively seek a new position. 83% 86% 84% 84% 60% Maybe, so I’m networking. 9% 8% 9% 8% 21% Not likely, but I’ve updated my resume. 3% 1% 2% 3% 6% No, I intend to stay in current position. 5% 5% 5% 5% 13% High employee dissatisfaction has a ripple effect that can hurt the bottom line, disrupt productivity and damage morale. While many companies focus on measuring engagement, few have a true pulse on the significant value an engaged workforce provides. Even fewer are taking the necessary action for driving sustainable change and ensuring a return on their investment. In fact, results of a recent Right Management global survey on the effectiveness of employee engagement shows a majority (56%) of the human resources managers who responded concedingthat their organization’s employee engagement efforts fell short in driving bottom-line business objectives. At the same time, we are in a new Human Age where companies continue to navigate the growth of emerging markets, the Talent Management excellence essentials presented by HR.com | 01.2014

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