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Managing talent in the 21 st century

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Defining talent <ul><li>Everyone is talent and therefore talent management is about looking after all human capital </li></ul><ul><li>Top slicing – identify high potential individuals and accelerate their progression through the business </li></ul><ul><li>Top slicing and business critical roles </li></ul>

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The prize A 10-point increase in an average Fortune 500 company's talent quotient score will add between US$70 million and US$160 million to the firm's bottom line over the next two to three years. Hewitt Associates.

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The difference <ul><li>Old way </li></ul><ul><li>Short half life </li></ul><ul><li>Most of the effort in the initial selection </li></ul><ul><li>Minimal measures with organisational objectives </li></ul><ul><li>Subject to social loafing </li></ul><ul><li>New way </li></ul><ul><li>It’s tough to get in and stay in </li></ul><ul><li>It’s worth the effort – it fits with my needs and helps me succeed </li></ul><ul><li>It makes a step change to organisational capability and retention </li></ul>

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It’s tough to get in and stay in <ul><li>Makes it more attractive for those who want to succeed </li></ul><ul><li>The threat of losing the privilege makes people invest more effort </li></ul><ul><li>It reduces social loafing </li></ul><ul><li>It makes it easier for those not involved </li></ul><ul><li>Very visible message to everyone that performance is what matters here </li></ul>

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Who should join?

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How to identify this? Source: Deloitte (2008)

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What about those not included? <ul><li>Performance management for the ‘vital many’ </li></ul><ul><li>Labelling </li></ul><ul><ul><li>67% of CIPD respondents agreed using the term ‘talent’ is demotivating. </li></ul></ul><ul><ul><li>Think about alternatives: high flyers; Aspire? </li></ul></ul><ul><li>Transparent on how to get in and out </li></ul><ul><li>Understood that some will drop off – not right for everyone </li></ul>

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the value of the programme <ul><li>Recognition </li></ul><ul><li>I’m special (exclusivity/ongoing assessment) </li></ul><ul><li>Recognised outside my company </li></ul><ul><li>Opportunities to grow fast </li></ul><ul><li>Stretch </li></ul><ul><li>Choice – in control of what I am doing </li></ul><ul><li>Regular flow of interesting work </li></ul><ul><li>Job promotion/new career opportunities </li></ul><ul><li>Investment in me </li></ul><ul><li>Access to senior people </li></ul><ul><li>Coaching, development, etc – the skills to become great </li></ul><ul><li>Very different kind of experience, eg, social projects </li></ul><ul><li>Reward – different structure for top talent? </li></ul>

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What is it that’s difficult? Matt Pease and Simon Mitchell, Leaders in Transition: Stepping Up, Not Off. DDI.

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It makes a step change to organisational performance <ul><li>Measurable shifts in </li></ul><ul><ul><li>Retention </li></ul></ul><ul><ul><li>Speed of promotion </li></ul></ul>

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KPIs for talent programmes Source: Deloitte (2008) Source: Deloitte (2008) Other

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What makes a difference? <ul><li>Openness, teamwork, autonomy, career development, training </li></ul>Hiltrop, J-M. (1999) The Quest for the Best: Human Resource Practices to Attract and Retain Talent . European Management Journal 17(4), 422-430.