Talent Management By The Numbers

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Talent Management By The Numbers

  1. 1. Talent Management By The Numbers Presenter: JoAnn Corley Founder, CEO – The Human Sphere
  2. 2. Talent Management defined: Talent management is the integrated process of ensuring that an organization has a continuous supply of highly productive individuals in the right job, at the right time and managed in the best way.
  3. 3. Aberdeen Group Talent Management Study - 2013
  4. 4. Rather than a one-time event, talent management is a continuous process that plans talent needs, which includes the following: • builds an image to attract the very best • (being “preferred employer”) • ensures that new hires are immediately productive • helps to retain the very best • facilitates the continuous movement of talent to where it can have the most impact within the organization Talent Management is…
  5. 5. Talent Management Mindset: 4 Key Factors • It takes an integrated approach within HR. • It integrates people processes into standard business processes. • It shifts responsibility to managers for executing people management • It measures success with productivity that impacts profits.
  6. 6. This implies 4 key business practices: • Key leadership is involved in what is otherwise considered “HR functions”. • The HR Team is seen and treated as a leadership collaborator regarding business strategy. • Managers have an enhanced roll and collaborate more closely with HR • HR plays a closer role in support management functions
  7. 7. to increase overall workforce productivity through the improved attraction, retention, and utilization of talent The goal of talent management… Solid hire = Best fit = Best performance management = best management
  8. 8. …aka… to create, keep and increase profits via effective people management strategies & practices
  9. 9. Key Competency of Talent Management • See past the person to their behavior. • Connecting dollar value to behavioral outcomes. • Behaviors cost you profits and behaviors serve your profits.
  10. 10. Measuring: Talent Management By The Numbers
  11. 11. As you listen to the U.S. findings, note some of the key themes. Here’s what I observed: • Mismatch - best fit • Ramp-up time • Demoralizes other team members • Time wasted - best use of leadership’s time • Measuring cost • Replacement cost / cost of turnover Future Foundation: The Cost of Poor People Management
  12. 12. What’s a solid hire to you? What’s does “best fit” mean?
  13. 13. How much can a “bad” hire cost you?  What does a bad hire look like to you?  How much would it cost you?
  14. 14. What’s a solid hire to you? What’s does “best fit” mean?
  15. 15. What’s effective performance management? > Clear – understood expectations = job – job scope & job competencies = relating to others > Documenting / Tracking > Feedback Coaching – formal & informal > Improving performance as you go
  16. 16. What’s a competency? Consider the “hand in glove” metaphor
  17. 17. Performance Assessment Map
  18. 18. Assessing – Identifying Behaviors 3 Scenarios: 1.The HR manager 2.The Sales Person 3.The Manager
  19. 19. Here are some of questions: • What behaviors on the part of the HR Manager contributed to this financial loss? • What behaviors on the part of the harassing manager were involved? • Who else might the manager been harassing and what kind of liability exposure has gone unreported? • Where were the areas of financial loss in this story beyond the obvious of the settlement? (e.g. sick days, lower productivity of the employee…etc.) • What would be the competencies needed (or “critical success factors”) for an HR Manager to be effective. • How would those competencies positively contribute to a company’s bottom line?
  20. 20. One More – The Disrespectful, Abusive Manager
  21. 21. The Science of Talent Management _______ Validated Assessments
  22. 22. Assessments Roughly 18% of companies currently use personality tests (behavioral assessments) in the hiring process, according to a survey conducted by the Society for Human Resource Management. Since the cost of a bad hire is widely estimated to be at least one year’s pay, there are huge incentives for organizations to get hiring right. http://blogs.hbr.org/2013/09/how-to-use-psychometric-testin/
  23. 23. Assessments  Knowledge, Aptitudes, Thinking capabilities  Personality = preferred behavior expression  Behavioral Preferences | Psychometric & Validated These assessments are more complex in design and therefore offer more dimension in the results. They tend to be more scientifically based. Psychometric defined: The branch of psychology that deals with the design, administration, and interpretation of quantitative tests for the measurement of psychological variables such as intelligence, aptitude, and personality traits. In Talent Management = > Looking to assess competencies
  24. 24. Succession Building For the Future… by planning in the present
  25. 25. Why Does It Matter? Let’s do the numbers…
  26. 26. Successions By The Numbers A recent PricewaterhouseCoopers survey of more than 1,600 family-owned or managed businesses around the world found that 27 percent expect to change hands in the next five years. But 47 percent of the companies had no succession plans in place; 34 percent of companies based in North America expect to bypass their families altogether for succession, according to the report… There are more than 17 million family businesses in the United States, representing 64 percent of gross domestic product and employing 62 percent of the U.S. work force. Thirty-five percent of the businesses that make up the S&P 500 are family controlled.
  27. 27. Successions Stats… Family businesses are also more successful than non-family businesses, with an annual return on assets that’s 6.65 percent higher than the annual return on assets of non-family firms. Unfortunately, only a little more than 30 percent of family businesses survive into the second generation. 66 percent of the 78 million Baby Boomers are currently employed full- time–many in leadership or management roles. 40 percent of the workforce will most likely be retiring in the next 5 years. That means that 40 percent of the most experienced leaders and workers will be gone in the mid-term. (Source: Chavez, The Case for Succession Planning, 2011)
  28. 28. 3 Stage Process Overview 1. Build the Big Picture 2. Identify Candidates & Assess 3. Leadership & Performance Integration
  29. 29. Power Tip • Expand your view of “succession planning” across your organization and leadership levels • The key…the sooner, the better • Let’s start with you…
  30. 30. “Good is the enemy of great.” Jim Collins
  31. 31. • Download the app: The 1% Edge Portable Coach • Bring a workshop to your company: www.thehumansphere.com • Consider enrolling in The Management Intensive™ www.themanagementintensive.com • Subscribe to the management blog: use link above Continue The Learning!

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