2. What is Talent?
Talent can be described in many ways.
There are four main factors in defining
talent in contemporary management:
High productivity
Multi-skilled
Self-motivated
Innovative
3. What is Talent Management?
Developing and integrating new workers
Developing and retaining current workers
Attracting skilled workers to work for the
company
4. How is Talent Management
Important?
Sets a standard for a certain level of
quality
Keeps skilled workers loyal and motivated
Creates competition within departments
to increase performance
5. The War for Talent
This was a phrase coined by Steven
Hankin in 1997 which refers to the
competitive environment of recruiting
and retaining talented workers.
However, this war has just begun.
6. The War for Talent (HBR Article)
Many top companies are struggling in the
war.
18% of companies claim to be winning the
war for talent.
72% portrayed it as an endless struggle in
which they were neither gaining nor losing
ground.
10% declared that the war for talent was
winding down in defeat for their enterprise.
7. The War for Talent (HBR Article)
The war can be lost on ignorance.
Keep talent-assessment systems on par
with company priorities to help define
talent.
8. Challenges
A common theme for managers is poor
employee retention.
Not enough effort spent in keeping
employees with the company.
Too many resources into attracting new
employees.
9. More Challenges
A suffering economy only adds to the
trouble.
As people become better-rounded, the
bar of talent quality rises.
This makes job openings very specific and
exclusive.
10. Retention Challenges
Employee retention always has room for
improvement.
Other companies / job openings offer
higher salary
Dead-end with no opportunities
Burnout
11. Tour of Duty
The IT field can lend a lot of insight to
talent management
There are several departments within IT, all
with varying responsibilities and expected
skill sets.
Swapping high potential employees from
department to department (6-12months)
provides a new perspective (Tour of Duty)
12. Benefits of “Tour of Duty”
Lets employees try something different
Helps a business maintain talented
individuals
Gives talented workers the benefits of a
new job while keeping things familiar
Creates loyalty between individual and
the company
13. Tips to Improve Retention
First, it’s important to realize what makes
retention work. Companies need to
provide the following:
Clear goals
Balanced work environment
Performance tracking
Fair evaluations
Proper compensation
14. Tips for Improving Retention
If these factors are ignored, the talented
individual can find them elsewhere.
Talented workers need a reason to stay
Keep employees motivated
Reward them accordingly
Consider Fast tracking
15. Fast Tracking
Fast tracking essentially takes high-
potential employees and puts them in
upper management as the years progress
This is key to having talented individuals
stay
However, there are pitfalls
16. Pitfalls of Fast Tracking
Improper time spent in the department,
which leads to insufficient experience
Employee may not be able to lead
effectively (can cause Domino effect)
New managers are introduced too
frequently for certain projects to finish
properly
17. Retention Systems (Walmart)
Walmart has developed their own
retention system.
Closely monitor and track top executives
Reward those with high scores, discuss
how to improve the ones with lower
scores
Review and share data
This creates healthy competition to strive
for high quality.
18. Retention Systems (IBM)
Often, talent-management efforts are
difficult to measure and can take years to
play out
Mike Markovits’ tracking system
Keeps track of career paths, assessments,
and training
Easier to discover flaws and conversely,
what works.
19. Summary
Talent Management is an ongoing
process.
Talent requirements are becoming more
and more specific.
Talent management systems such as
Markovits’ and Cude’s creations can help
improve talent management.
