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Talent management

Omid Minooee
Omid Minooee
Omid MinooeeMarketing Assistant at my own business

Talent management

Talent management

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Talent management
&
Retention management
Omid Minooee
Talent definition:
1. A natural ability to excel at a duty or action.
2. A group of people, such as employees, who have a
particular aptitude for certain tasks. For example, producers of a
movie might recruit local talent, actors and actresses who live
nearby, to stand in as extras in a film.
www.Business dictionary.com
talent management
.Talent management refers to the anticipation of required
human capital the organization needs at the time then setting a
plan to meet those needs
. Talent Management is the science of using strategic HR to
improve business value and make it possible for companies and
organizations to reach their goals.. A talent management strategy
needs to be linked to the business strategy to make sense.
Talent Matrix
Significance of talent management
• Between 40-70% of all senior execs will become eligible for
retirement in next 5 years at most major corporations
• 50% of organisations have some form of talent management
system
• 84% of managers want to be considered high potential
• 31% of managers feel their current appraisal system is capable
of identifying high potentials
• 60% of managers agree that those identified as high potential
were expected to be become senior managers/partners.
UK HR research organization 2010
Objectives of talent management
1.Identify the key gaps between the
talent in place and the talent required
to drive business success.
2.Develop a sound integrated talent
management plan designed to close
the talent gaps.
3.Facilitate and support management
to implement accurate hiring and
promotion decisions.
4.Develop talent to enhance
performance in current positions as
well as readiness for transition to the
next level.
5.Develop a succession and retention
plan to sustain organizational
excellence
6.Measure business impact and
workforce effectiveness during and
after implementation

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Talent management

  • 2. Talent definition: 1. A natural ability to excel at a duty or action. 2. A group of people, such as employees, who have a particular aptitude for certain tasks. For example, producers of a movie might recruit local talent, actors and actresses who live nearby, to stand in as extras in a film. www.Business dictionary.com
  • 3. talent management .Talent management refers to the anticipation of required human capital the organization needs at the time then setting a plan to meet those needs . Talent Management is the science of using strategic HR to improve business value and make it possible for companies and organizations to reach their goals.. A talent management strategy needs to be linked to the business strategy to make sense.
  • 5. Significance of talent management • Between 40-70% of all senior execs will become eligible for retirement in next 5 years at most major corporations • 50% of organisations have some form of talent management system • 84% of managers want to be considered high potential • 31% of managers feel their current appraisal system is capable of identifying high potentials • 60% of managers agree that those identified as high potential were expected to be become senior managers/partners. UK HR research organization 2010
  • 6. Objectives of talent management 1.Identify the key gaps between the talent in place and the talent required to drive business success. 2.Develop a sound integrated talent management plan designed to close the talent gaps. 3.Facilitate and support management to implement accurate hiring and promotion decisions. 4.Develop talent to enhance performance in current positions as well as readiness for transition to the next level. 5.Develop a succession and retention plan to sustain organizational excellence 6.Measure business impact and workforce effectiveness during and after implementation
  • 7. Strategic Perspectives on Talent Management
  • 8. Perspectives on Talent Management 1.Process: use people management processes to optimise development and deployment of talent. 2.Cultural:belief that talent is most critical factor for success. 3.Competitive:keep talent away from the competition. 4. Developmental: Accelerate the development of high potentials. 5. HR Planning: Ensure right people in right jobs at the right time 6. Change management: Talent management used to drive change
  • 9. Structure and systems to support talent management
  • 10. A framework for developing a Talent Management System
  • 11. The 5 key processes: • Attracting & Recruiting • Developing • Motivating • Appraising • Retaining
  • 12. retention Definition: 1. [noun] the act of keeping in your possession Synonyms: keeping, holding 2. [noun] the power of retaining and recalling past experience; "he had a good memory when he was younger" Synonyms: memory, retentiveness www.eLOOK.org
  • 13. Retention management 1.refers to the various policies and practices which let the employees stick to an organization for a longer period of time. 2.systematic effort by employers to create and foster an environment that encourages current employees to remain at the same employer having policies and practices in place that address their diverse needs”.
  • 14. Principles of Retention Management David Forrest (1999) defines five basic principles of retention management: 1.First the employees need to feel they are appreciated, valued and trusted. It is about respecting people and their contributions to the company effort. 2. The second principle is development. Employees who participate in their own growth and development plans are going to stay with the company because they know their company wants more for them.
  • 15. Principles of Retention Management David Forrest (1999) defines five basic principles of retention management: 3. The next principle is growth in responsibility. Most people want to grow and to feel more competent and more responsible, at any level. A good company helps people manage themselves by consistently focusing on performance and results. The manager teaches the employee what they are good at, what else they need to know and how to get it. As they grow they receive higher levels of responsibility and accountability. This attitude also encourages innovation and creativity.
  • 16. Principles of Retention Management David Forrest (1999) defines five basic principles of retention management: 4.The fourth principle is a good relationship with the manager. The supervisor represents the personal experience of a corporation of employees and therefore reflects, for better or for worse, its underlying attitudes toward them. 5.The fifth principle is success. The valued and successful employee stays. This implies, of course, that the work is meaningful to the corporate enterprise. The strong employer rewards employees for helping to make others successful as well.
  • 17. The procedure of Retention Management The procedure of retention management consists of six steps: 1.Identification of the target and actual needs of the staff 2.Analysis of the fluctuation risk of the staff 3.The Analysis of factors of Motivation/Demotivation of the retention group 4.Identification of the targeted measures 5.Implementation of the measures 6.Evaluation of the measures
  • 18. The retention management process 1) Measurement and Assessment • Turnover measurement • Costing of turnover • Employee surveys • Exit interviews 2) Retention interventions • Selection • Orientation training • Compensation 3) Evaluation and Follow-Up • Review turnover data regularly • Track intervention results • Adjust interventions