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Talent management & talent management life-cycle
Talent management refers to anticipating an organization's human capital needs and planning to meet those needs. It involves attracting, selecting, developing, and retaining skilled employees. The key aspects of talent management include talent planning, acquiring talent through attracting and selecting, developing talent through training and career development, and retaining talent with competitive pay and benefits. Talent management benefits both employees through career growth and job satisfaction, and organizations by enhancing productivity and retaining top talent.
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Talent management & talent management life-cycle
- 1. Talent Management Ligo Koshy,Assistant Professor, MACFAST
- 2. Talent Management • Talentmanagement refers to the anticipation of required human capital for an organization and the planning to meet those needs. • Talent management refers to the skill of attracting and nurturing highly skilled employees, integrating new employees, and developing and retaining current employees to meet the current and future business objectives. • Also Known as Human Capital Management. Ligo Koshy, Assistant Professor, MACFAST
- 3. International Talent Management •“Global talent management includes all organizational activities for the purpose of attracting, selecting, developing, and retaining the best employees in the most strategic roles (those roles are necessary to achieve organizational strategic priorities) on a global scale.” (Scullion & Collings 2011) Ligo Koshy, Assistant Professor, MACFAST
- 4. Talent Management Process •A complete talent management Methodology involves • Plan talent • Acquire talent • Develop talent • Retain talent Ligo Koshy, Assistant Professor, MACFAST
- 5. Talent Planning • Competency: •Competencies are lasting individual attributes that cause or predict high levels of performance. • Measurement Criteria: • Criteria for each identified competency. • Talent Audit: • Different assessment methods include psychometric tests and questionnaires, in-depth interviews, case studies, and analysis of most recent performance reviews. Ligo Koshy, Assistant Professor, MACFAST
- 6. Acquiring Talent • AttractingTalent • Selecting • Employing/ on boarding • This is the process of bringing a person into the organization, or it could mean promoting a person within the organization to a new position. Ligo Koshy, Assistant Professor, MACFAST
- 7. Develop talent • TalentReadiness Training • Training Program targeting managers to equip with the skills and competencies needed to implement Talent Management. • Career Development & Training • Performance Management • performance appraisals, rewards and recognition programs etc. • Coaching & Mentoring Ligo Koshy, Assistant Professor, MACFAST
- 8. Talent Retention • Competitivepay and long-term incentives • Career Planning • Flexible working arrangements • Create a Talent Culture: • Employees need to derive satisfaction from their work, feel respected, and be physically comfortable. Creating Positive work environment is a key factor to retain talent Ligo Koshy, Assistant Professor, MACFAST
- 9. Talent Gap Talent Gapalso known as skill gap, is where there are jobs but less qualified or skilled people to fill them. Ligo Koshy, Assistant Professor, MACFAST
- 10. Employee Gap Analysis •Identify areas of proficiency needed and include it in multiple choice questions in the application process. • Development of Professional Development Plan (PDP). • Skill gaps are recognized and the new hire is provided learning opportunities by the organization • Their proficiency level is reassessed at least every 90 days to ensure it is increasing. • If their proficiency is not increasing – or it is decreasing – managers can easily, and objectively, have a conversation with the employee about their development. • As the employee changes positions, their PDP will update as well with the needs of the position. Ligo Koshy, Assistant Professor, MACFAST
- 11. Talent management -Benefitfor Employees • Promotes long-term association with the organization. • Persistent and higher productivity of employees. • Keeps the employees motivated which helps in career development. • Helps the employees get job satisfaction from their work. Ligo Koshy, Assistant Professor, MACFAST
- 12. Talent management -Benefitfor Organization • Enhances individual and group productivity and capacity • Assists in hiring quality workforce. • Establishes better match between jobs and skills. • Helps retain top talent thereby reducing the cost of hiring new recruits. • Helps in understanding the employees better. • Keeps employees engaged constructively. • Helps develop leaders for tomorrow within the organization. • Helps in evaluating employee’s readiness to take up new roles. Ligo Koshy, Assistant Professor, MACFAST
- 13. Talent Management Lifecycle Talent Acquisition / Recruitme nt Employment Selection On- Boarding Training & Development Performance Management Succession Planning Ligo Koshy, Assistant Professor, MACFAST
- 14. TALENT ACQUISITION/ RECRUITMENT Engaging Candidatesby: • Connecting with candidate using interactive recruitment strategies • Providing a realistic job preview as part of the recruitment campaign • Including internal candidates in recruitment plans • Creating and maintaining a talent pipeline of skilled candidates Ligo Koshy, Assistant Professor, MACFAST
- 15. EMPLOYMENT SELECTION/ASSESSMENT Engaging Candidates by: •Assessing candidate “fit” or the compatibility of the candidate with the organization as a whole as well as with the target job • Using a candidate-friendly mode of administration Ligo Koshy, Assistant Professor, MACFAST
- 16. ON-BOARDING Engaging New Employeesby: • Providing a formal on- boarding process for new hires • Providing supervisors and new hires with the information and support necessary to make a successful career transition • Offering a “buddy” program for new executive recruits Ligo Koshy, Assistant Professor, MACFAST
- 17. TRAINING AND DEVELOPMENT/SUPPORTING ALL EMPLOYEES EngagingEmployees by: • Ensuring that employees acquire the knowledge and skills they need to perform their jobs Ligo Koshy, Assistant Professor, MACFAST
- 18. PERFORMANCE MANAGEMENT Engaging Employeesby: • Providing feedback and recognition for employee accomplishments. • Bias free performance Appraisal . Ligo Koshy, Assistant Professor, MACFAST
- 19. SUCCESSION PLANNING Engaging Employeesby: •Providing mentoring programs, formal development programs, and training opportunities to support a succession plan Ligo Koshy, Assistant Professor, MACFAST
Editor's Notes
- #5 Plan talent: To involve identifying, defining, and setting criteria for required capabilities, as well as auditing current talent levels. Acquire talent: Utilizing a wide range of strategies to attract talent. Develop talent: To involve providing opportunities for career development and training, managing employees' performance, coaching and mentoring. Retain talent: Through long-term incentives, a flexible and positive work environment, opportunities for advancement and good remuneration
- #6 Competency: Competencies are lasting individual attributes that cause or predict high levels of performance. Measurement Criteria: To evaluate, measure, and develop competencies, you need to establish particular criteria for each identified competency. You need objective criteria to measure competencies effectively. Talent Audit: An audit may include different types of activities designed to evaluate the level of current competence against talent indicators you have defined. Different assessment methods include psychometric tests and questionnaires, in-depth interviews, case studies, and analysis of most recent performance reviews.
- #7 Attracting Talent:This is about inspiring people to work for your organization so that they apply when positions become vacant. Selecting: This includes multiple steps such as interviews, tests, and background checks. Employing: This is the process of bringing a person into the organization, or it could mean promoting a person within the organization to a new position. During this stage, you negotiate a reimbursement package and starting date, and you provide the employee with a positive introduction – sometimes called on-boarding – to the company.
- #8 Talent Readiness Training: This is a defined Training Program targeting managers to equip with the skills and competencies needed to implement Talent Management. Such competencies will help the organization attract, identify and develop Talents. Career Development & Training: Varied training programs are needed to improve people's performance and skills. You need to tailor specific programs to help personnel adjust to new technology and upgrade task-specific techniques, and to prepare employees for future work. Performance Management: Performance management encompasses setting goals, giving performance reviews, and providing feedback. A key component of performance management is giving performance appraisals. Although pay increases or bonuses are important to employees, praise can go a long way toward making employees feel valued. To be effective, rewards and recognition programs should align with what is motivating to employees. Coaching & Mentoring: Coaching and mentoring develop talent by encouraging people to excel at their work and to learn on the job. The one-on-one reflective nature of these techniques provides a supportive and intimate quality that can engage people on a more emotional level. Mentoring is carried out by an individual with proven success in the area that the person who's mentored wants to learn about. The main role of a mentor is as advice giver. A coach works with a client to achieve specific, identifiable goals. The coach and the client are held accountable to the organization. A coach asks provocative questions to expand the individual's awareness and desire to change.
- #9 The longer you keep talented people in your organization, the greater the return on your investment. The strategies that can help retain talent involves Competitive pay and long-term incentives: Pay should be competitive to prevent people from leaving the organization to earn more elsewhere. Long-term incentives such as stock options or vacation days or other benefits increasing over time can encourage people to couple their careers and personal goals with a long-term commitment to your organization. Career Planning:To retain up-and-coming talented people, an organization has to provide them with genuine opportunities for advancement. Flexible working arrangements When working arrangements are inflexible and fixed, the options available to people are circumscribed – forcing them to choose between staying with or leaving an organization. Talent Culture: Employees need to derive satisfaction from their work, feel respected, and be physically comfortable. Managers need to monitor these levels of satisfaction so they can forest all problems before people leave an organization. Positive work environment is a key factor to retain talent
- #11 Identify areas of proficiency needed and include weighted multiple choice questions in the application process. Once the candidate has demonstrated they have the required minimum level of proficiency, then they move on to the interview. Development of Professional Development Plan (PDP). Skill gaps are recognized and the new hire is provided learning opportunities by the organization Their proficiency level is reassessed at least every 90 days to ensure it is increasing. If their proficiency is not increasing – or it is decreasing – managers can easily, and objectively, have a conversation with the employee about their development. As the employee changes positions, their PDP will update as well with the needs of the position.