Talent management

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Talent management

  1. 1. Talent Management Andy Noon and Lori Buchanan 1
  2. 2. Agenda • Starting Point • Talent Management Strategy • Talent Management Objectives • Identifying High Potentials • Development Cycle • Formal Activities • What We have Learned • Next Steps 2
  3. 3. Mutual of Omaha • Fortune 500 Company • 97+ year history • 4500+ employees, majority in Omaha • Sell Individual and Group insurance through agents, brokers, and direct 3
  4. 4. Starting Point (2003) • Difficulty identifying and retaining external leaders • Majority of senior leaders over age 50 • Minimal leadership development above supervisor level • Limited succession planning discussions 4
  5. 5. Evolution of Talent Management • 2004 - Full-day Sr. Management off-site • Discussed leadership talent • 2005 - Identified high-potential leaders • Introduced Talent Management Program • Annual talent discussion • 2006 - Began program’s development activities • Annual talent discussion 5
  6. 6. Identifying High-Potentials • Nomination process • Career achievement • Development focussed • Strong leadership ability • Consensus discussions at business unit level • EVP, mgr, and participant completed career discussion • Executives discussed at off-site (2005) 6
  7. 7. Talent Management Strategy • Strengthen leadership talent • Deepen leadership bench strength • Build a diverse leadership team • Retain and engage leadership talent • Align leadership strengths 7
  8. 8. Talent Management Objectives • Increase self-awareness • Establish customized development plans • Provide exposure to Senior Management • Enhance leadership skills and abilities • Provide opportunities to solve critical business problems • Heighten learning through peer interaction • Enhance understanding of the business 8
  9. 9. Development Cycle Leadership Standards Measure and Assess and Business Strategy Monitor Success Diagnose Vision Corporate Objectives Strategic Principles Development Discuss Strengths/ Planning Development Areas 9
  10. 10. Self-Awareness Fatal Flaw is a Lack of Self-awareness (Shipper & Dillard, 2000) 10
  11. 11. Self-awareness Individuals with greater self-awareness: • less arrogant • less likely to overdo strengths • more likely to neutralize derailment 11
  12. 12. Hogan Personality Inventories Potential Derailers Effectiveness Characteristics 12
  13. 13. Multi-rater Feedback • Short 44-item survey linked to competencies • Structured feedback from multiple sources • Manager • Peers • Direct reports • Customers • Detailed report • includes comments 13
  14. 14. Discussion of Strengths/ Development Needs • Participants completed “Achieving Your Leadership Potential” • Managers participated in “Developing Others” • Participant receives coaching from internal Talent Management Coach • Manager and participant have open discussion about assessment results • Assessment results for development only 14
  15. 15. Development Planning • Assessment results used to create development plan • Participant and management finalize development plan together • Development plan presented to SBU/Operation Senior Management Team 15
  16. 16. Three E’s of Development • Experience (70%) • On the job tasks and special projects • Job changes • Special assignments • Broadening leadership opportunities • Exposure (20%) • Feedback from others • Opportunities for visibility in the organization • Coaching and mentoring • Education (10%) • Internal or external seminars or education 16
  17. 17. Measure and Monitor Success • Development plans must have specific success measures • Gather and provide feedback frequently • Review progress with participant quarterly • TM coach review progress with manager and participant 2x per year 17
  18. 18. Mutual of Omaha Development Plan EMPLOYEE INFORMATION Name: Jane Doe Employee Number: 11111 Job Title: Project Manager Manager Name: Joe Manager COMPETENCIES TO BE DEVELOPED: Competency: Development Actions: Target Completion: Support Needed: Measurement: Unplanned Development Quarterly Progress Report: Report your progress for each quarter 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 18
  19. 19. Formal Development • Business Information Seminars • Exposure to Sr. Management • Business Acumen • Peer networking • Executive mentoring • Strategic Leadership Experience 19
  20. 20. Next Steps • Continue… • Business Information Seminars • Executive mentoring • Multi-rater feedback • Potential activities… • Experiential learning • University-based education 20
  21. 21. Challenges • Defining high-potential • Not going to get commitment from everyone • Management owning development • Development Planning!! • Allowing time for development 21
  22. 22. What we have learned • HR is the driver but not the owner of Talent Management • Develop a solid definition of high-potential • Align development to group and business needs • Utilizing assessments is critical • Providing objective internal TM coaches adds value • Importance of peer networking • Importance of leaders teaching leaders 22
  23. 23. Program Evaluation • % of TM development plans created • % of quarterly development plan meetings completed • TM participant satisfaction • TM manager satisfaction • Change in leadership behavior • Retention of TM participants • Number of participant promotions • Number of developmental assignments 23
  24. 24. Questions? 24

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