Managing talent January 2011

Managing talent by Toronto Training and HR January 2011

3-4 Introduction to Toronto Training and HR 5-7 Definitions 8-9 Core characteristics or talents 10-12 Key assumptions13-14 Individual development plans 15-16 Drill 17-25 Global talent risk 26-29 Organizational effectiveness30-36 Linking reward to talent management37-38 Battle for talent in China39-40 A talent-based recipe 41-44 Tailoring talent strategy to context45-49 Effective talent conversations50-57 Example-talent management in the finance sector 58-67 Emergent best practices68-74 Implementation of talent management processes75-77 Making talent programs work78-92 The future talent agenda 93-98 Case studies99-100 Conclusion and questionsContents

Introduction to Toronto Training and HRToronto Training and HRis a specialist training and human resources consultancy headed by Timothy Holden 10 years in banking10 years in training and human resourcesFreelance practitioner since 2006The core services provided by Toronto Training and HR are:Training course design

Training course delivery- Reducing costsSaving time

Improving employee engagement & morale

Services for job seekersPage 5Definitions

Definitions 1 of 2Who is talent?What is critical talent?What is missing talent?Talent and skills scarcities-the numbersLink between top-performing talent and productivity advantages

Definitions 2 of 2TESTS FOR TALENTKnow them by what they wantKnow them by their influence on othersKnow them by how they demand to be spoiled

Core characteristics or talents

Core characteristics or talentsVisionSelf-beliefPassion and principlesA questioning dispositionThe networking factor

Key assumptions 1 of 2Talent is a key driver of organizational performance across the entire business lifecycle-growth and recessionDon’t think talent management, but rather talent-informed strategic decision-making

Key assumptions 2 of 2A focus on human capital in a knowledge economyA focus on scarce and valuable people (the powercurve) – the exclusive rather than inclusive approachA focus on buy rather than makeA focus on potential rather than experience

Individual development plans

Individual development plansDefinitionStrengthening the individual development planOpportunities to bolster talent over the entire span of the employee life cycleA critical re-recruiting toolA massive middle radar toolA baby boomer transition planning tool

Global talent risk 1 of 8 Introduce strategic workforce planningEase migrationFoster brain circulationIncrease employabilityDevelop a talent “trellis”Encourage temporary and virtual mobilityExtend the pool

Global talent risk 2 of 8INTRODUCE STRATEGIC WORKFORCE PLANNINGDefine job families and future critical skills.Model workforce supply and demand with a five to ten year planning horizon.Undertake a gap analysis to uncover potential shortages and surpluses.Link workforce planning to the company’s business strategy. Systematically determine actions from gap analysis; develop skills database for potential job rotations.Inform employees of the skills they will need in future growth areas.

Global talent risk 3 of 8EASE MIGRATIONEstablish multilingual and virtual company presence to recruit beyond national borders and neighbouring countries.Seek expertise in immigrant pools while investing in the development of current employees.Recruit beyond national borders and neighbouring countries. Foster a migration-friendly culture. Brand your company internationally as “talent friendly”.

Global talent risk 4 of 8FOSTER BRAIN CIRCULATIONOffer generous return packages to highly skilled people and relocation assistance, including spouse career services and child care programs.Keep your talent mobile through:Horizontal and vertical mobility within the companyInternational assignmentsJob rotationEncourage employees to take short-term assignments or sabbaticals abroad.Encourage foreign employees to build relationships with potential partners businesses in their home countries.

Global talent risk 5 of 8DEVELOP A TALENT “TRELLIS”"Step into the talent’s shoes" to understand what diverse,talented employees seek (compensation, organizationalflexibility, meaningfulness of business, etc.)Develop long-term retention strategies to retain scarce talent (e.g. flexible career systems).Provide a variety of development opportunities, such asvirtual/cultural training, entrepreneurial training, peer-to-peer learning and lifelong learning.Ensure horizontal and vertical mobility opportunities. Build an international profile and use web 2.0/social media to attract, recruit and retain scarce talent.

Global talent risk 6 of 8TEMPORARY AND VIRTUAL MOBILITYIntroduce flexible work arrangements. Explore virtual work opportunities for employees abroad.Set up rotation programs and short-term assignment between business units and geographies.Foster virtual recruiting events and activities.

Global talent risk 7 of 8EXTEND THE TALENT POOLCreate a presence for the company brand at universities locally and internationally.Display cultural sensitivity in targeting minorities and women. Hire graduates from abroad with limited language skills and offer intensive language courses.Give employees support to contribute part-time as they raise families.Engage retirees (your own or those of other companies) to mentor, consult or complete short-term assignments.Recruit from other industries’ pools with similar skill sets.

Global talent risk 8 of 8INCREASE EMPLOYABILITYMake education a priority of the corporate social responsibility agenda (e.g. through pro bono training locally and internationally).Offer internships and vocational training opportunities Offer certified training opportunities beyond current job and educational leaves to foster upskilling.Engage with academia and government to equip talent with a balance of theoretical and practical skills (e.g. “teach the teachers” program).

Organizational effectiveness

Organizational effectiveness 1 of 3 Definition

Organizational effectiveness 2 of 3 LEADERSHIPVisionVigourORGANIZATIONAL ENABLERSCapabilityArchitectureActionENTERPRISE ACCELERATORSEnterprise alignmentEnterprise agility

Organizational effectiveness 3 of 3 IMPLICATIONS FOR TALENT MANAGEMENTTalent management is central to the success of the entire business machineTalent management strategies and practices must be alignedTalent management strategies and practices also must become agile

Linking reward to talent management

Linking reward to talent management 1 of 6INTRODUCTIONBanish silosGet some dataBe inclusiveShow people the wayLink reward and performancePick some quick winsCommunicate benefitsBe creativeKeep it simpleMeasure and review

Linking reward to talent management 2 of 6TAKING AN INTEGRATED APPROACHLess likely to experience problems attracting critical-skill employees and top-performing employees Less likely to report having trouble retainingcritical-skill employees and top-performing employees More likely to be high-performingorganizations

Linking reward to talent management 3 of 6BEST PRACTICES TO ADOPTDefine an organization-wide employee valueproposition (EVP) for attraction, retention, payand talent managementManage and design programs according to anorganization-wide total rewards philosophyPerform formal workforce planning activities thatoptimize the supply of talent versus demand

Linking reward to talent management 4 of 6BEST PRACTICES TO ADOPTLeverage competency models across recruiting,career management and pay activitiesFacilitate healthy work/life balance and takemeasures to moderate employees’ levels ofwork-related stress

Linking reward to talent management 5 of 6BEST PRACTICES TO ADOPTLink employee performance goals to thebusiness, and effectively communicate performance expectations and results to employeesLeverage total cash rewards throughdifferentiation of merit increases and annualincentive awardsLink individual and organization results to rewardsEffectively deploy recognition programs

Linking reward to talent management 6 of 6TO CONCLUDEAlignIntegrate and optimizeExecute

Battle for talent in China

Battle for talent in ChinaReboot employer branding effortsCreate local development opportunitiesOffer viable career pathsBe smart about payBecome a quasi-local company

A talent-based recipeTop-down planBottom-up: shared mindsetWorkforce alignmentAcquiring talent: pre-qualify sourceWorkforce Scalability – Right numbersRight types of peopleRight placesDoing right thingsReleasing employees: outplacementEnrich talent pool: diversity, fitand (serial in)competenceWorkforce fluidityFacilitate interpersonal connectivity:Increase absorptive capacityExpand role orientationsUnleash talent poolAlign incentives

Tailoring talent strategy to context

Tailoring talent strategy to context 1 of 3RECRUIT AND INTEGRATEHow are the requisite capabilities obtained?How are job candidates selected?

Tailoring talent strategy to context 2 of 3DEPLOY, REVIEW AND DEVELOPHow does talent get deployed?What level of career guidance should be provided?What types of behaviours get rewarded?To what extent do we differentiate performance?What are the boundaries for under-achievement?

Tailoring talent strategy to context 3 of 3ENGAGE AND CONNECTHow do we keep talent connected to one another?How do we energize our talent?

Effective talent conversations

Effective talent conversations 1 of 4QUESTIONS TO ASKDo I have the right person in the job?Who are our rising stars and next generation leaders?Who should I promote?How do I get more out of …?Who is my successor?

Effective talent conversations 2 of 4WHY TALENT REVIEWS OFTEN FAILThere is too little focus on strategic contextPredicting executive success is toughVested interests can lead to uninspired conversations

Effective talent conversations 3 of 4PRINCIPLES FOR IMPROVING THE TALENT CONVERSATIONGet clear on the critical role requirementsPick your spotsHolistic assessmentFocus on learning potentialPut the right people in the assessment roomFigure out the role of HRActively seek meaningful conversationsOpen and honest

Effective talent conversations 4 of 4PRINCIPLES FOR IMPROVING THE TALENT CONVERSATIONAct with good willFocus on identifying development opportunities

Example-talent management in the finance sector

Example-talent management in the finance sector 1 of 7INTEGRATED TALENT MANAGEMENTDefinition of talentRecruitment and talent identificationCompetency frameworksTargeted developmentComprehensive learningStructured career pathsPerformance measurement and rewardOngoing review

Example-talent management in the finance sector 2 of 7CHALLENGES AHEADHow do CFOs structure the finance function and the roles within it to ensure maximisation of resources and a strong long-term talent pipeline?How do CFOs access the specialists they need – must they recruit or can internal talent be trained?What is the best way to improve the commerciality of the finance function and boost its internal credibility?

Example-talent management in the finance sector 3 of 7CHALLENGES AHEADHow can individuals in roles deemed less critical bemotivated and their expertise retained if they see training priorities being focused on others?How can the organization create a sufficiently stimulating career path to retain the talents of Generation Y?How can finance assess return on investment in its people in order to target learning and development and general talent management spend most effectively?

Example-talent management in the finance sector 4 of 7STRATEGY FOR ORGANIZATION DESIGNWhat is the value-creating objective of the organization?Where and how can finance best contribute to supporting the organization in value creation? (What do our internal and external stakeholders want and need from the finance function?)How capable is finance in delivering these objectives currently?

Example-talent management in the finance sector 5 of 7STRATEGY FOR ORGANIZATION DESIGNHow much will it cost and what metrics can be used to measure success?Could a new structure – people, process, systems – improve the success of finance in supporting the organization?

Example-talent management in the finance sector 6 of 7FINANCE FUNCTION EFFECTIVENESSCentres of excellenceShared servicesOutsourcing and offshoringBusiness partnering

Example-talent management in the finance sector 7 of 7INTEGRATED TALENT MANAGEMENTCentres of excellenceShared servicesOutsourcing and offshoringBusiness partnering

Emerging best practices

Emerging best practices 1 of 9RecruitDevelopEngageAssessRetain

Emerging best practices 2 of 9TURNOVER RISKThose with skills in short supply and high demandHigh performersKey contributors/technical expertsThose with leadership potential at mid-levelThose with leadership potential at an entry levelThose in roles critical to delivering the business strategySenior leadershipThe entire workforce

Emerging best practices 3 of 9PRIORITIESPerformance managementAssessing/developing high potentials and top talentRecognizing exceptional performersAssessing/developing senior leadersMeasuring/increasing employee engagementStrengthening the talent pipeline and succession managementTraining managers

Emerging best practices 4 of 9PRIORITIES AND EFFECTIVENESSMentoring of key talentDeploying key talent across roles/functions/regionsCareer pathing and planningIdentifying and integrating competenciesOnboardingDeveloping/implementing an employment value proposition

Emerging best practices 5 of 9WHAT DOES TALENT WANT?Accessible talent bordersDiversityHigh level of freedom of mindInspiring work environmentLifelong learning opportunitiesPositive country brandSkill recognition institutionsThe “Perfect Employer” Inc.Virtual mobility

Emerging best practices 6 of 9REASONS TO JOIN A PARTICULAR ORGANIZATIONEmployeeEmployer

Emerging best practices 7 of 9CATEGORIES OF BENEFIT THAT DETERMINES IF TALENT STAYS OR LEAVESGreat leadersGreat companyGreat jobAttractive compensation

Emerging best practices 8 of 9ACCOMODATING THE REQUIREMENTS OF GENERATION YMore flexi-time options More recognition programsAccess to state-of-the-art technologyIncreased compensationAccess to educational programsPay for cell phones and blackberrysTelecommuting optionsMore vacation time

Emerging best practices 9 of 9HARNESSING THE TALENT OF SKILLED IMMIGRANTSBuilding increased awareness among senior leaders and decision makers of the significance of the immigrant population as a source of skilled talentProviding recognition for the value and transferability of international skills and credentialsDeveloping a data-driven understanding of the potential benefits of employing skilled immigrantsCreating awareness among leaders of the value of skilledimmigrants for access to international markets, and localniche/ethno-specific marketsRecognizing that skilled immigrants bring access to new ideas and perspectives to support innovation

Implementation of talent management processes

Implementation of talent management processes 1 of 6Linking rewards more closely to performanceGiving employees self-service tools to search and apply for new roles in the organizationFocusing more on key workforce segmentsGiving business leaders greater ownership and accountability for building the talent pipelineUsing branding/marketing techniques to enhance the employment value proposition

Implementation of talent management processes 2 of 6Creating more consistency in how talent is identified, developed and moved throughout the organizationCreating a formal governance structure and process for talent management activitiesRedefining the critical attributes and competencies needed for the next generation of leadersIntegrating talent management processes more directly into business strategy and operations

Implementation of talent management processes 3 of 6Scaling and adapting talent strategies on a global basisIncreasing use of technology to streamline talent management processes and activitiesGiving managers self-service tools to source and deploy internal talentCreating an experience “punchlist” for critical roles and designing targeted career paths to ensureadequate succession

Implementation of talent management processes 4 of 6Improving quality and use of analytics to monitor the need for, and supply of, talentand better differentiate performanceAdopting just-in-time talent-sourcing approaches, including contingent workforce designsLeveraging social networking tools to access and engage the workforce in new ways

Implementation of talent management processes 5 of 6PROCESSES MOST CRITICAL TO ACHIEVING RESULTS AND TOUGHEST TO IMPLEMENT & SUSTAINIntegrating talent management processes more directly into business strategy and operationsGiving business leaders greater ownership and accountability for building the talent pipelineRedefining the critical attributes and competencies needed for the next generation of leadersCreating more consistency in how talent is identified, developed and moved throughout the organization

Implementation of talent management processes 6 of 6IMPLEMENTING A PROACTIVE TALENT MANAGEMENT PROGRAMCreedStrategySystem

Making talent programswork

Making talent programs work 1 of 2Clearly communicate the core objectives-set expectations at the start and manage them throughoutEven though the organization as a whole may sponsor talent activities, it is beneficial to have HR/talent running the program, and visibility is important to maintain credibility and consistencyConsider implementing a selection process for the top talent program to increase its perceived value and motivate participants to perform-make the selection process a learning event in itself and ensure all applicants receive constructive feedback

Making talent programs work 2 of 2Review the structure of the talent program/pool with the business sponsor-coaching, mentoring and networking are the elements most valued by senior talent pool membersDevelop ways of harnessing the peer group created as part of the talent program by creating opportunities beyond the lifespan of the program

The future talent agenda

The future talent agenda 1 of 14DEFINING THE FUTURE TALENT AGENDAWhat leadership competencies/attributes are required to drive our business strategy and leadthe evolution of the culture?How robust is our existing leadership pipeline, and where are there risks?What are the pivotal job families/roles most critical to executing our business strategy?How will we differentiate talent strategies/investments accordingly?

The future talent agenda 2 of 14DEFINING THE FUTURE TALENT AGENDAWhat are the implications for skill development, given our business strategy?What are our existing/emerging talent requirements in the various markets we serve, and how will we attract/deploy the right talent to these markets?How can we optimize investments in talent and reward programs to achieve the right performance outcomes and evolve the culture?Does the talent function have the right structure, capabilities and people to deliver value to theorganization at the right cost?

The future talent agenda 3 of 14TALENT MANAGEMENT IN THE NEW WORLDDifferentiationAssessment and rankingPerformance managementPerformance improvementTransparency

The future talent agenda 4 of 14FUTURE ISSUES FOR THE TORONTO FINANCIAL SERVICES INDUSTRYLocal and global competition for talentGaps in leadership talentSignificant loss in critical knowledge and skill with retireesAttracting younger workers and managing multi-generational workforcesIntegrating immigrant workers and managing increasingly diverse workforces

The future talent agenda 5 of 14QUESTIONS TO ASK IN TORONTOWhich segments of the workforce create the value for which we are most rewarded in the marketplace?Which areas of our business will be most impacted by impending waves of retirement? What are we doing to prepare successors? What impact will anticipated retirement have on the skills and productivity necessary to meet future demand?

The future talent agenda 6 of 14QUESTIONS TO ASK IN TORONTOIn what areas is the talent market heating up (i.e., demand will outpace supply)? Which segments of our workforce will be most impacted? What are the potential top-line and bottom-line implications?What skills will we need over the next five years that we don’t currently possess? How will we create that capacity? What happens to our business if we don’t?

The future talent agenda 7 of 14QUESTIONS TO ASK IN TORONTOWhat is our turnover within critical areas? How much is it costing us? In customers? In productivity? In innovation? In quality? What are we doing to resolve the root cause?Are we actively developing talent portfolios or workforce plans that will help us to understand and communicate the financial consequences of talent decisions on our business?

The future talent agenda 8 of 14A TIPPING POINT FOR TALENT MANAGEMENT?Integrated talent management remains more aspiration than realityCurrent talent management practices are insufficiently forward-looking

The future talent agenda 9 of 14CHALLENGES AHEAD-WESTERN COUNTRIESA step change in productivity is requiredNew kinds of jobsAging populationDifferent preferences of Generation Y compared to other groupsDifferent offering needed from employers

The future talent agenda 10 of 14CHALLENGES AHEAD-DEVELOPING COUNTRIESChina alone will build “one Canada” in the next ten yearsAsia returning to its natural half-share of the world economyEmerging markets provide access to large skilled talent poolsNot all graduates are treated equallyThe supply of professionals in China is fragmented

The future talent agenda 11 of 14CHALLENGES AHEAD-DEVELOPING COUNTRIESChina alone will build “one Canada” in the next ten yearsAsia returning to its natural half-share of the world economyEmerging markets provide access to large skilled talent poolsNot all graduates are treated equallyThe supply of professionals in China is fragmented

The future talent agenda 12 of 14Page 90

The future talent agenda 13 of 14

The future talent agenda 14 of 14CHALLENGES AHEAD-SUMMARYIs talent management strategy as embedded as business and financial strategy?Are you tapping into non traditional talent pools and who are you competing against?Is your employee value proposition as tailored as possible to key segments (age, gender, diversity) and do you have five “compelling” stories?To what extent are you accelerating the development of high performers and how are you retaining them?

Managing talent January 2011

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Managing talent January 2011