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1. strategic talent management

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1. strategic talent management

  1. 1. STRATEGIC TALENT MANAGEMENT
  2. 2. WHAT IS TALENT MANAGEMENT? Talent Management is about identifying, attracting, integrating, developing, motivating and retaining key people across the whole of the business, not just the ‘elite few’ decision-makers, as is so commonly the case. Talent management activities can include performance management, succession planning, talent reviews, development planning and support, career development, workforce planning and recruiting” 2
  3. 3. TM introduced by Mc Kinsey consultants, late 1990’s TM is identified as the critical success factor in corporate world TM focuses on differentiated performance: A, B, C players influencing company performance and success identifying key positions in the organization
  4. 4. Why Organizations Need Talent Development?
  5. 5. Why Organizations Need Talent Development? 5 • To compete effectively in a complex and dynamic environment to achieve sustainable growth • To develop leaders for tomorrow from within an organization • To maximize employee performance as a unique source of competitive advantage • To empower employees: Cut down on high turnover rates Reduce the cost of constantly hiring new people to train
  6. 6. STRATEGIC TALENT MANAGEMENT • In the same way that a successful business strategy is underpinned by an effective HR strategy, to be successful, the talent strategy must be aligned to the business, and both drive and deliver business directives. • Strategic talent management ensures that effective and timely people strategies are in place to reduce the business risk of being under human-capitalised. • Business goals need to be translated into workforce needs in order to drive success (Farley, 2005).
  7. 7. The key to inciting a workforce to greatness is to align your talent management with company strategy, define consistent leadership criteria across all functional areas, and identify specific competencies (analytical, technical, education, experience) to cultivate for continuing growth. 7
  8. 8. The Talent Strategy Describes what type of people the organization will invest in and how it will be done Besides the specific elements of their creed, the talent strategy of all high performing organizations should have these directives: 1) Identify key positions in the organization (not more than 20, 30 %) 2) Assess your employees and identify the high performers (classify according to their current and future potential) 3) Retain key position backups 4) Make appropriate investments (select, train, develop, reward)
  9. 9. What is talent ? 9
  10. 10. What is talent ? 10 • a person’s abilities, • his or her intrinsic gifts, • skills, knowledge, experience , • intelligence, • judgment, attitude, character, drive, • his or her ability to learn and grow.
  11. 11. HR and TM HUMAN RESOURCES MANAGEMENT TALENT MANAGEMENT o Broad Scope (entire employees) o Emphasize egalitarianism oFocus on administrative functions oTransactional oFocus on systems with silo approach oFocus on segmentation (key group of core employees and key positions) o Focus on potential people oFocus on the attraction, development and retention of talent oFocus on integratation of HR systems
  12. 12. TALENT MANAGEMENT FRAMEWORK 12
  13. 13. THE FOUR PILLARS OF TALENT MANAGEMENT 13
  14. 14. Talent Management Model
  15. 15. Talent Management Aligned with Strategy HCS Certification Course, V.2.1, 2009
  16. 16. Talent Management Adoption Model Line Managers to Talent Leaders, V.1, 2009
  17. 17. GOOD TALENT MANAGEMENT PRACTICES 17 Cost of losing a talented employee – $250K-$500K Number of employees the average manager’s actions directly affect – 12 Cost of poor hire – $300K - $500K impact Acquire Engage Develop Deploy Retain Plan Evaluate Lead Value of top performers – 2 to 3 times the performance of average employees Average time required for a new manager to become productive – 6 months 70% of organizations have a weak pipeline Cost per day when operating without a key player - $7,000
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  20. 20. Talent Management System assessment tools multi-rater assessment diagnostic tools monitoring processes
  21. 21. Assessment Tools for TM • Competency Assessment • Performance Appraisal • Potential Forecast • Succession Planning • Career Planning
  22. 22. Multi-Rater Assessment • Employee. The owner of the career plan that is aligned with the succession plan • Boss. The primary assessor • Boss’s boss. The key link in the vertical succession and career plan • Boss’s peer group. Source of potential new assignments in the same or other function
  23. 23. Monitoring Processes Results & reviewing regularly: • quality, • timeliness and • credibility
  24. 24. Talent Metrics • Segmented turnover data • Readiness levels for key positions • Segmented engagement levels • Number of strategic/critical jobs unfilled • Percentage of inside vs. outside hires for leadership and critical jobs HCS Certification Course, V.3.0, 2010
  25. 25. Contributing Measures • Quality of incoming candidates • Quality of hire • Segmented turnover within first two years • Time to proficiency in new job • Depth of talent pools for key and feeder positions • Number of people promoted outside of department • Percentage of first choice hires accepting

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