Ba 509 Spring 2012talent Management.pptx 111

7/28/2019 Ba 509 Spring 2012talent Management.pptx 111

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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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Ba 509 Spring 2012talent Management.pptx 111

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