Post on 03-Apr-2018
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TALENT MANAGEMENT
By: Priyanka Rawat
MBA(4th
sem)
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What is Talent Management?
The purpose of TM is to ensure that the right supply of talentedworkforce is ready to realize the strategic goals of the organizationboth today and in the future
Organizations efforts to attract, select, develop, and retain key talented
employees in key strategic positions.
Talent management includes a series ofintegrated systems of
recruiting,
performance management,
maximizing employee potential, managing their strengths anddeveloping
retaining people with desired skills and aptitude
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Talent Management
TM introduced by Mc Kinsey consultants, late 1990s
TM is identified as the critical success factor in corporateworld
TM focuses on
differentiated performance: A, B, C players influencingcompany performance and success
identifying key positions in the organization
!!! Surveys show that firms recognize the importance oftalent management but they lack the competencerequired to manage it effectively
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What is Talent?
According to McKinsey; talent is the sumof
a persons abilities,
his or her intrinsic gifts,
skills, knowledge, experience ,
intelligence,judgment, attitude, character, drive,
his or her ability to learn and grow.
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Who are Talented People?
They regularly demonstrate exceptional
ability and achievement over a range of
activities
They have transferable high competence
They are high impact people who can deal
with complexity (Robertson, Abbey 2003)
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Why Organizations Need Talent
Development?
To compete effectively in a complex anddynamic environment to achieve sustainablegrowth
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
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Talent Management System
Implementation program of the talent strategy whichhas a set of processes and procedures
(1) assessment tools
(2) multi-rater assessment(3) diagnostic tools
(4) monitoring processes
If the management is no t wi l l ing to useassessment in their organizations they cant dotalent management
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Assessment Tools for TM
The five assessment tools should be linked to
ensure that each assessment is consistent
with the four other evaluations
Competency Assessment
Performance Appraisal
Potential Forecast
Succession Planning
Career Planning
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Multi-Rater Assessment
Employee. The owner of the career plan that
is aligned with the succession plan
Boss. The primary assessor
Bosss boss. The key link in the vertical
succession and career plan
Bosss peer group. Source of potential new
assignments in the same or other function
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Diagnostic Tools
SuperkeeperTMreservoir. SuperkeepersTM are employees whose
performance greatly exceeds expectations & who inspire others.
Keeper Key posi t ion backups. The insurance policies that ensureorganization continuity. Every key position should have at least onebackup at the Keeper (exceed job expectations) level.
Surpluses. Positions with more than one replacement for anincumbent..
Voids. Positions without a qualified backup.
Blockages. Non-promotable incumbents standing in the path
Problem emplo yees. Those not meeting job expectations
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Monitoring Processes
Evaluate the results of talent management systemon a regular basis for
quality,
timeliness and credibility
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What is competency?
Competencies are the core elements of talent
management practices
They are the demonstrable and measurable
knowledge, skills, behaviors, personalcharacteristics that are associated with or
predictive of excellent job performance.
Examples
Adaptability, teamwork, decision making, customer
orientation, leadership, innovation etc.
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Talent Management
TALENT=COMPETENCE+COMMITMENT+CONTRIBUTION
Being competent is not only enough to be a talent
The competent person should be committed to the causes andgoals of the organization
And should be able and willing to contribute to the success of theorganization
So, developing your talent is not enough, the organizations need totake all the measures to motivate, reward their talent pool to gaintheir commitment and contribution.
Retention is also essential to gaurantee future alignment of thetalent with the right key positions
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Talent Management Model
Expectations for the future. Businesses should identify
Job roles
Specific objectives
Competencies
Capabilities to meet the expectations Work environment
Managerial support
Rewards and recognition
Removing barriers
Feedback systems needed to Focus
To keep on track
Develop
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Talent Management Process
Organization
Analysis
-Job descriptions
-Job spesifications
Assessing the Emloyees
A B C D
Potential
Candidates
Performance
Evaluation
Buss. ResultsPersonal
Development
Activities
Career
CommitteesPotancial Candidates
and
Succession Lists
Approval
of the
Lists
Analysis
Assessment
Development
Talent
Development
Programs
January - March April May on......
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Structure of a Talent Management
Program
Building Block 1: Identification and assessment ofcompetencies
Building Block 2: Performance appraisals
Building Block 3: Succession and career planning
Development of talent (coaching, mentoring, training)
Linking compensation with the program (reward andmotivate)
Targeting culture as an important driver of TM programs
Secure senior executives commitment to make thetalent management model work
Evaluate the results of talent management system on aregular basis
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Stages included in TM process:
Understanding the Requirement Sourcing the Talent
Attracting the Talent
Recruiting the Talent
Selecting the Talent
Training and Development
Retention
Promotion
Competency Mapping
Performance Appraisal Career Planning
Succession Planning
Exit
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CHALLENGES TO TM:
Recruiting talent (Talent war)
Training and Developing talent
Retaining talent
Developing Leadership talent
Creating talented ethical culture
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HR and TM
HUMAN RESOURCES
MANAGEMENT
TALENT MANAGEMENT
o Broad Scope (entire
employees)
oFocus on administrative
functions
oTransactional
oFocus on segmentation
(key group of coreemployees and key
positions)
o Focus on potential
people
oFocus on the attraction,
development and retention
of talent
oFocus on integratation of
HR systems
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