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AWARENESS PRESENTATION FOR HR TEAM TALENT MANAGEMENT

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SOMR STATISTICS i. All the 5 most valuable firms in USA, 4 have been innovation leaders in new talent management practices in the last five years. ii. In a survey of top corporate change priorities by Fortune top 20 companies globally in 2012, the need to grow innovation ranked no 1. 80% of them indicated their innovation is people driven. iii. Of the 20 countries with least productive workforce globally in a productivity survey of 2011, none of the Country's top business recorded a score of at least 5 out of 10 in a talent management practices adoption survey done in 2010

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BACKGROUND Starting with the end in mind- A PWX industry report of 2012 indicated many insurance companies in the region are facing mounting skills shortages. Yet, investment in recruitment, training and career development often trails behind other financial sectors.

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Background- In a competitive labour market, successful companies will need to develop a strategic approach to HR management capable of anticipating and responding to evolving business needs and workforce expectations. They will also need to identify and realise opportunities to differentiate benefits, career development prospects and other key aspects of their employment brand in home and emerging markets.

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TALENT MANAGEMENT The evolving models of people Management; 1) Personnel Management 2) Human Resource Management 3) Human Capital Management 4) Talent Management Where would you rate your employer organization?

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TALENT Talent Management was first outlined by Mckinsey in 1990 and they defined talent as the sum of: 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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OUR TAKE From our experience, we add that talent is the combination of those attributes that makes an individual specifically suited to the business model of the specific organization. A talented Tax Accountant for a State Corporation is not necessarily a talented Tax Accountant for a commercial enterprise as the two have a completely different business models.

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NOTE Is this talent to XYZ Ltd?; a. Grade A candidate 1 st class honours? b. Smart, fast thinker? c. Eloquent, fluent in speech?

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ANSWER Yes and no dependant? - TM Model - Success in talent resourcing and - Stage in TM Strategy How many years do you estimate P&G has taken to achieve current practices?

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CONCLUSSION Good talent is business and job specific. Should be clearly defined based in real business needs as derived from business strategy, business model etc. (See Competence Mapping and Competence Modelling)

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APPLYING TALENT CONCEPT In todays competitive business environment, an organization that is seeking talented employees should be looking for employees who;

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- Talented employee - a)Demonstrate clear understanding of the business model and create innovative solutions to emerging challenges or innovative products/services in response to emerging customer needs. (Have competencies essential to drive business model)

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Talented employee... b ) Repeatedly demonstrate exceptional ability and achievement over a range of activities not just their job tasks. Can your receptionist effectively participate in your customer service review meetings and propose significant improvements in your customer service touch points?

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Talented employee.... c) They have transferable competence from task to task, project to project or job to job. Every organization is involved in multiple projects of varying size and scope from a simple software purchase project to a complex new product development project. Employees who think in blocks of tasks, jobs or functions can only participate in one or two such projects and completely miss their footing in other projects

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Talented employee.. d ) They are high impact people who can deal with business complexities across functions, projects or programmes.

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WHY TALENT MANAGEMENT Why is talent management important to your business? Looking at it with the end in mind what is the ultimate benefit?

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THE ULTIMATE IN TM a) A vibrant talent pipeline that has the capacity to satisfy diverse competencies existing and emerging business needs at both operational and strategy level b) Good supply of leaders from within an organization to lead operations, core functions and business strategy.

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TALENT ULTIMATE At the invidual level, employees who are ready to take a pole position in transforming business and drivingi t to the future from the low positions they hold

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GOOD TM PRACTICES What organizations do you know with good TM Practices and what stands out?

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P&G New recruitment is only at entry level positions. All vacancies are filled from within with automatic promotion for positions below. All employees are ready for the challenges of the next higher position at any one time.

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Google Application of people analytics in Talent Modelling- data based people management decision making. All people decisions at Google are based on data and analytics The goal is to bring the same level of rigor to people-decisions that we do to engineering decisions

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Example A retention algorithm it developed a mathematical algorithm to proactively and successfully predict which employees are most likely to become a retention problem. This approach allows management to act before its too late and it further allows retention solutions to be personalized.

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Most common model Fortune 500 Companies Competency based TM i. Clear competence model ii. Competence based recruitment iii. Competence based training and development iv. Competence based performance management

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QUESTION Should TM focus on all employees or the few talented employees?

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FOCUS OF TM?

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PILLARS OF TALENT MANAGEMENT The focus of Talent Management is the building of an effective talent pipeline 1. Defining Talent talent mapping and modelling 2. Talent Resourcing 3. Talent Development 4. Engaging Talent 5. Rewarding Talent

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TALENT MAPPING AND MODELLING Do your job descriptions include essential competencies for each job? What process was used to define the competencies? On what are the job competencies based on? Are the competencies aligned to business strategy or model?

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COMPETENCE MAPPING Is the Conner stone of Talent Management to which all other initiatives should be well aligned to: It is the process of profiling or defining essential competencies ; a) Business and functional/professional level b) Job level End product is business and job competence maps

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COMPETENCE MODEL The corporate level approach to talent mapping covering the range of competencies that need to be defined at corporate and functional level. See sample talent model University of London

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ILLUSTRATION KEY CHALLENGES GERMAN INSURANCE INDUSTRY How to capture growth in a two-speed global economy How to adapt business models to structural shifts in the industry (low-interest-rate environment, Solvency II, aging populations) How to create competitive advantage through execution excellence in distribution, claims, pricing, and closed books How to leverage global scale in a multi-local industry How to build the capabilities necessary to win

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ILLUSTRATION HR COMPETENCE BASED JD

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QUESTION What corporate level competence categories/bands can you consider for your organization from this list? 1. Technical competencies 2. Professional Competencies 3. People competencies 4. Interpersonal competencies 5. Business competencies

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Competence list... 6. Strategy competencies 7. Innovation competencies 9. Technology competencies 10. Personal competencies

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LINKING COMPETENCE MAPPING TO TM What will you apply your competence maps to?

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COMPETENCE MAP APPLICATION 1) Recruitment Competence Assessment 2) T&D- Competence based training (CBT) 3) Business reorganization Competence Assessment (CA) 4) Career Progression CBT & CA 5) Performance Management- Competence based Performance Appraisal (CBPA)

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PILLAR 2- TALENT RESOURCING There is only one acceptable approach to Talent Resourcing Talent Hunting and best accomplished through only one method- Assessment Center.

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ASSEMENT CENTER A method of evaluating candidates through a set of standardized evaluation techniques under controlled conditions as prescribed by the International Congress on Assessment Center Method

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WHY ASSESSMENT CENTER 1) Easily in-builds competence model 2) Variety of methods for Competence Assessment Actual or potential competence 3) Objectivity of process 4) Identifies competence gaps for development 5) Justification adequate documentation of process and outcomes

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MODEL ASSESSMENT CENTER See possible range of tools Challenges: i) Developing job specific assessment tools aligned to competence map. ii) Using assessment tools to accurately evaluate competence and behaviour. iii) Compiling a suitable report to inform decision making.

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TM PILLAR 3- TALENT DEVELOPMENT Three essential methods; 1) Talent based training (CBT) 2) Coaching and Mentoring 3) Career Progression

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CBT APPROACH 1. Clear Definition of Competence Maps 2. Assessment of competence gaps preferably before and after training 3. Targeted Training to address competence gaps with due consideration to best ways to develop the competence.

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EXCERCISE What would be the most ideal ways to develop the following competencies; i. Foreign exchange trading ii. Strong interpersonal skills for front line staff. iii. Good understanding of the business model iv. Insight to mortgage market trends for product development v. Leadership skills

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COMPETENCE ASSESSMENT The most challenging aspect of CBT. Recommendation = a 360 degree approach- the more objective and measurable the method the better. Best with evidence based work based feedback system rather than exclusive assessment systems.

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MENTORING AND COACHING The default approach to talent development for TM; 1) Job specific 2) Organization specific 3) real time training real issues, live illustration, immediate impact 4) Task specific procedure, method or system specific 5) Immediate assessment feedback 6) Cost effective- uses existing work systems

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COACHING /MENTORING - Coaching - Task specific demonstration and guidance - Mentoring broad guidance more on performance influencing behaviour. Best equated to role modelling though not exactly one and the same thing

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ROLE OF HR C&M What is the role of HR in C&M

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ROLE OF HR IN C&M - On boarding socializing new employees into C&M - Training managers on C&M. - Developing guidelines for implementing C&M and systems for monitoring C&M. - Accountability for C&M HR Partnership Managers should account for the input in training and discipline before other alternatives are considered.

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WHAT ARE THE LIMITATIONS OF C&M Many for example cannot be used to develop non existing competencies the superior does not herself posses. Be conscious of organization specific limitations

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CAREER PROGRESSION Current trend is moving away from brick based career progression to merit based progression based on; 1. Competence assessment 2. Competitive progression Rule of thumb have a clear policy that suits organization environment and business needs

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PILLA4: ENGAGING AND ENABLING TALENT Talent thrives in dynamic and flexible working environment that appreciates and empowers it to optimize its potential. Engagement the level of optimum focus and devotion to the organization, best seen as percentage of total working time spent on constructive contribution to organizational betterment

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ENGAGING TALENT Creating an facilitative environment for talent to thrive; i. Eliminating barriers to effective performance especially creativity and innovation. ii. Providing avenues and incentives for expressing creativity and innovation.

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ENGAGING TALENT-QUESTION What common barriers exist in your environment to higher talent engagement.? The solution = effective engagement survey

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ENABLING TALENT Recognizing and appreciating talents worth to the business; i) Effective and effective performance measurement and reporting. ii) Recognition, appreciation acknowledgement ii) Effective internal communication and feedback system (information is power)

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ICT APPLICATION IN ENGAGEMENT AND ENABLEMENT a. Engagement survey and feedback. b. Effective and affordable employee communication and feedback

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REWARDING TALENT A talent oriented reward system essential but ideally part of an integrated Talent Management Strategy. Require a lot of out of the box interventions in; a. Identifying high potential and actual talent. b. Flexible placement system to place talented employees in the most suited jobs or roles. c. Applying flexible reward systems especially incentives

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TALENT MANAGEMENT STRATEGY

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MEASURING AND REPORTING TRM TRM Matrix =Thats which gets measured, gets done Developing indicators for talent reporting

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TRM MATRIX How can you measure your success in; a. Talent resourcing -% of good talent out of total recruits, learning curve etc b. Talent mapping level of fit between defined competencies and business needs. c. Talent developing cost of training as a % different variables, learning curve, competence index growth etc