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War for talent by Prof. Dr.Aung Tun Thet
The document discusses the war for talent and strategies for winning it. It outlines five ways for organizations to address talent shortages including making learning on-demand, redefining success, clarifying career paths, lifting the veil on opportunities, and building agility. An integrated talent management system is needed to strategically recruit, develop, engage and retain top talent. Doing so requires anticipating talent needs, succession planning, performance management and developing a leadership pipeline.
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War for talent by Prof. Dr.Aung Tun Thet
- 1. THE WAR FORTALENT Prof.Dr.Aung Tun Thet
- 2. OVERVIEW 1. Introduction 2. WinningWFT 3. Five Ways 4. Integrated Talent Management System 5. Conclusion
- 3.
- 4. THE WAR FORTALENT (WFT) 1997 2001 Persist for next two decades
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- 6. WFT Recognising strategic importanceof human capital Value talent creates New approach to talent management
- 7. WFT Create winning EVP(employee value proposition) Make company uniquely attractive to talent Build long-term recruiting strategy Job experiences, coaching, and mentoring to cultivate potential
- 8. WFT Investing in Aplayers Developing B players Acting decisively on C players
- 9. WFT Pervasive talent mindset Deepconviction Competitive advantage comes from better talent at all levels Build stronger talent pool
- 10. WFT Competition among organizations Attractand retain most able employees Workers compete for most desirable jobs Employers compete to find right talent
- 11. MYANMAR LABOUR MARKET Tight Intensecompetition for talent Retain talent rather than rely on costly replacement and retraining
- 12. RETENTION OF TALENT Vitalfor business growth Build organisational competencies Competitive advantage
- 13. WFT Root cause oftalent and skills shortages – Generational Younger skilled workers less interested in traditional roles See themselves as free agents
- 14. WFT Management slow torespond Scarcity of people with skills required for new emerging roles Most critical market shortage
- 15. TOP 3 WAYSTO ADDRESS TALENT SHORTAGE 1. Enlist and empower management in talent management – don’t leave it to HR 2. Focus on developing clear career paths 3. Take holistic approach to talent management
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- 17. COMPANIES Lagging in competitionfor talent Prioritize talent strategies around recruiting, retaining, and developing key employees
- 18. TALENT SHORTAGES Going frombad to worse By 2020, employers in world’s richest nations forecast to be short as many as 18 million college-educated workers Situation will worsen
- 19. WFT Can’t be wonby poaching from outside Developing employees internally Connection between employee engagement and retention
- 20. WINNING WFT Paradigm shift Givingemployees more control of own development Unleashing hidden talent hidden
- 21.
- 22. 1. MAKE LEARNINGON-DEMAND Effective learning = dealing with immediate circumstances and challenges
- 23. 1. MAKE LEARNINGON-DEMAND ‘Consumer’ model Development tailored to each individual and available when most needed Employees valued as individuals Trusted to make informed choices Individualized development investment, not cost
- 24. 2. REDEFINE SUCCESS Clarify Success:‘Do your best in whatever path you choose’ Engineer, sales professional, or expert in finance or law Not just moving up corporate ladder to senior executive position
- 25. 2. REDEFINE SUCCESS Redefine"talent" Shifting discussion from "high potential" to "high value" employees Fill all "high value" jobs Not those in senior leadership roles
- 26. 3. CLARIFY PATH Mostemployees don’t know how to progress in careers Most companies aren’t clear on what’s necessary for employees to be ready for promotion or other opportunities
- 27. 3. CLARIFY PATH Enlisthelp of best performers in high-value jobs Ask them about knowledge, skills, experiences, and personal qualities needed
- 28. 3. CLARIFY PATH Makeinformation available to everyone Employees and managers - fruitful discussions of what’s required to be successful today Prepare for roles that fit organization’s future talent needs
- 29. 4. LIFT VEIL Minehidden leadership talent inside organization Tell everyone how to qualify to be on "high potential" list Let employees who aspire to have opportunity to prove themselves
- 30. 4. LIFT VEIL Outstandingperformance record Willingness to take on bigger jobs Personal characteristics and behavior expected of leader Doesn’t guarantee promotion Step up to challenge if they want
- 31. 5. BUILD AGILITYAND VERSATILITY Change only constant Knowledge and skills rapidly becoming obsolete Job requirements redefined Technology and automation change face of workforce
- 32. 5. BUILD AGILITYAND VERSATILITY Forward-thinking organizations: Give best performers variety of experiences and challenges early in careers Out of comfort zones
- 33. 5. BUILD AGILITYAND VERSATILITY Build confidence to tackle bigger jobs “First-time" assignments in other functions, businesses, and geographies
- 34. WFT Cannot be wonovernight Less paternalistic, more bottom-up strategy vital
- 35. WINNING WFT Giving peopleto take control of destinies Right development opportunities at right time Clear path forward to achieving career aspirations
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- 37. TALENT Scarce resource Managed tofullest effect New pressures Strategic emphasis
- 38. TALENT MANAGEMENT Anticipating needfor human capital Setting plan to meet it Succession planning
- 39. TALENT STRATEGY: RECRUIT& INTEGRATE Strategic Choices Grow your own Hire In Potential Job Fit
- 40. TALENT STRATEGY: DEPLOY,REVIEW AND DEVELOP Strategic Choices Structural move Open Market Self-managed Guided Development Individual Team Egalitarian Meritocratic Perform or go Grow or go
- 41. TALENT STRATEGY: ENGAGEMENTAND COMMITMENT Strategic Choices Formal Informal Meaning Tangible Benefits
- 42. TALENT MANAGEMENT Driven fromtop Little employee engagement Talent Management Cycle
- 43. TALENT MANAGEMENT CYCLE Proactiveanalysis and planning Long-term strategic development and deployment human resources Systematic identification, assessment, planning, and developmental action
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- 45. TALENT MANAGEMENT CYCLE Essentialelements: 1. Talent Acquisition: Proactively recruiting diverse talent and providing on-boarding support 2. Talent Development: Developing and executing learning and development programs, processes and assessment to grow current and future leaders
- 46. TALENT MANAGEMENT CYCLE 3.Performance Management: Creating work environment where people perform to best of abilities 4. Succession Planning: Developing leadership pipeline or assuring near-term leadership continuity 5. Organisational Results: Achieving outcome expected
- 47. TALENT DEVELOPMENT Expensive todevelop all talent internally Training people take long time Require accurate predictions about skills in future
- 48. TALENT DEVELOPMENT “Make orBuy” Make and Buy
- 49. “MAKE” DECISION Hiring personwho doesn’t yet have all needed skills to fulfill role Trained (“made”) to develop them Distinguish between high-potential employees from mediocre employees
- 50. “BUY” DECISION Hiring employeewith necessary skills and experience to fulfill role from day one Useful when too difficult to predict skills needed in future
- 51. BENEFITS OF GOODTALENT MANAGEMENT Three talent management practices effect performance: 1. Creating consistent talent evaluation processes 2. Achieving cultural diversity 3. Developing and managing leaders
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- 53. REVIEW 1. Introduction 2. WinningWFT 3. Five Ways 4. Integrated Talent Management System 5. Conclusion
- 54. GOOD TO GREAT ‘RightPerson on the Bus’ ‘Wrong Person off the Bus’ ‘Right Person in the Right Seat’
- 55.