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Talent management

  2. RETURN ON TALENT MEASUREMENT • What is ROT? • ROT = knowledge generated + knowledge applied. For generations, companies have used ROI to determine value. Increasingly, companies are now also using ROT. If you have talented people, knowledge is just one component. The generation of that knowledge is the most important thing talent can provide. It becomes an asset only when it is captured and used effectively. • Understand the value of knowledge. The value of knowledge generated increases with its effective deployment. This leads to a more creative workforce, smoother processes, continued improvement and enhanced communication. It helps management be flexible, capitalizes on opportunities and keeps pace with the changing business climate. Talented people influence those around them and share their knowledge over time.
  3. • ROT measures payback from your investment in people. It shows whether managers are hiring the right talent and how effectively they use it. ROT can be a qualitative or quantitative measurement, based on the viewpoint of management. If you want to see quantitative results, you must put a price on knowledge generated based on results achieved. • Knowledge becomes a key productivity factor. It joins more traditional resources such as raw materials, buildings and machinery. To make your investment more profitable, you must constantly measure and continuously improve ROT.
  4. OPTIMIZING INVESTMENT IN TALENT • INVESTMENTS IN TALENT An organization makes multiple investments in acquiring and effectively utilizing its talent: • Management time and effort – Numerous man hours spent by business and HR managers in recruiting and managing talent. • Operating costs – The largest human resource costs in a company are in areas of recruitment, training, staff welfare, travel for human resource related processes, etc.
  5. • Overall employee costs – This is an aggregation of cost to company (compensation and benefits) of all employees. These costs are part of every company’s profit & loss statement and normally tend to increase over time.
  6. Integrating Compensation with Talent Management Compensation •Compensation is the total cash and non cash payments that you give to an employee in exchange for the work they do for your business. •It is typically one of the biggest expenses for the businesses with employees.
  7. There are those who believe that compensation is of secondary importance to most people in their decisions to stay at or leave organizations. These people conclude that to retain top talent, pay only needs to be fair and competitive. There are others who believe that compensation is the primary tool for attracting and retaining talent. compensation can be a potent tool for retaining important contributors, but only in the context of an integrated package of tangible and intangible rewards that operate within the framework of a reward philosophy that supports a winning business strategy.
  8. Talent value chain Superkeepers: Creating a “magnetic culture” to attract, retain and energize people that represent your top talent. These are the 3% to 5% of the organization Keepers: Maintaining an environment and reward programs that recognize those that make a continual difference to the organization. These individuals represent the 25% to 30% of the organization who have clearly demonstrated their leadership capabilities and exceed expectations for both job accountabilities and core competencies. Solid Citizens: Providing rewards that keep those who are the baseline contributors on even keel without requiring an undue investment and create an environment that motivates these individuals to move up the talent chain. These individuals are those 65% or so of the organization who meet expectations in terms of core competency requirements and job responsibilities and may be able to lead others. Misfits: Making the tough decisions regarding those 3% to 5% who do not appear to fit within the organization and clearly do not perform as expected or demonstrate essential competencies.
  9. Key Principles to know how compensation plans creates value 1) Compensation plans need to be tailored to the specific needs and unique characteristics of the organization 2) To effectively manage and maximize talent, compensation plans need to be expanded and integrated with programs, tools and practices that impact the actions of people 3) Rewards need to be meaningful to the individual and directly relate to the strategy and key drivers of the organization’s success 4) Rewards need to directly support the creation of magnetic cultures.
  10. Elements of total rewards Salaries and other forms of secured compensation, • Variable pay and the opportunity to share in the success of achievements, • A stake in the long-term growth and future of the organization through equity participation, career opportunities or job security. • The investment in one’s development and increasing competencies, • The opportunities to have challenging and meaningful work, • The appreciation and recognition of one’s contributions to the organization, • The involvement in decisions that impact one’s work and career, • The ability to make meaningful decisions and exert some degree of control over resources commensurate with one’s role in the organization, • The confidence in the leadership, mission and importance of the organization in one’s community,
  11. Designing Integrated Rewards—Making the Strategy Real The process of developing an integrated rewards philosophy that can be translated into real programs addresses five key questions: 1. Who are those that we believe are critical to the present and future success of our organization? 2. What are the things that they value or find important at this stage in their careers and in the foreseeable future? What are the basic talent segments of the organization? 3. What do we as an organization need from them that will enable us to sustain or enhance our marketplace leadership? 4. How effective and how competitive (or distinctive) do the programs we offer need to be to reinforce the commitment and performance of these individuals? 5. What are we willing to do and not do as an organization?
  12. DEVELOPING TALENT MANAGEMENT INFORMATION SYSTEM • Information technology and system have changed the way business gets conducted. Every decision- making process is enhanced with utilization of an information system. Information systems have been deployed by human-resource team to enhance employee employer relationship. • Companies require great deal of contribution from employee for its success though information systems have made several processes automated.
  13. Purpose of Talent Management Information System • Employee Competency Assessment • Succession Planning • Training and Professional Development • Compensation • Providing Additional Features as Required & Integeration
  14. Structure • TMIS has all the tools to perform the task of • recruiting , on-boarding , performance management, training and development , need assessment and succession planning. • with these function and the complete picture of every employee TMIS provides, manager and employee build career path • A fully integrated TMIS enables companies to merge traditional analysis with their talent management plans
  15. Recruiting • TMIS make recruiting process more efficient for companies and candidates • With online recruiting system , the job application process can be done completely online • As communication tools TMIS is the fastest way to get information to the applicants • Companies can place detailed requirement including education, work experience and proficiency level for each position
  16. On-boarding • Use technology for on-boarding reduce costs,turnover and time for new employee to be productive • Use technology to help them with - Automating communication and filling out forms - Tracking new employees progress • During on-boarding process company pushes information to new recruits through TMIS to develop them
  17. Performance Management • companies can use TMIS to design customized performance management programs which are online, paperless, efficient & easy to use • Automatic alerts let manager know when upcoming revieware near as well as other deadline • Employees , manager and anyone involved in 360- degree review can complete questions online making it much easier for HR • HR can calibrate reviews based on each reviewer’s past evaluation which are stored by the TMIS
  18. Training and Development - using TMIS companies can - administer their Training and Development - set up courses - Enroll employee - develop career paths - monitor training and development budget , in addition to compensation and benefits
  19. Succession Planning • Succession planning enables companies to react and plan for changes in the workplace • with TMIS , companies can plan for changes in individual positions and changes in whole workforces
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