Talent Management and Retention

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TALENT MANAGEMENT AND

RETENTION


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The Mind Gym Ltd 2

Today

What is talent management? The prize for getting it right

Three keys to 21st century talent

management


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Defining talent

A. Everyone is talent and therefore talentmanagement is about looking after allhuman capital

B. Top slicing identify high potentialindividuals and accelerate their progressionthrough the business

C. Top slicing and business critical roles


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The prize

A 10-point increase in an average Fortune500 company's talent quotient score willadd between US$70 million and US$160million to the firm's bottom line over thenext two to three years.

Hewitt Associates.


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The differences

Old way Short half life

Most of the effort in theinitial selection

Minimal measures withorganisationalobjectives

Subject to socialloafing

New way Its tough to get in and

stay in

Its worth the effort itfits with my needs andhelps me succeed

It makes a step change

to organisationalcapability and retention


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Its tough to get in and stay in

Makes it more attractive for those who wantto succeed

The threat of losing the privilege makes

people invest more effort It reduces social loafing

It makes it easier for those not involved

Very visible message to everyone thatperformance is what matters here


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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?

Performance management for the vitalmany

Labelling

67% of CIPD respondents agreed using theterm talent is demotivating.

Think about alternatives: high flyers; Aspire?

Transparent on how to get in and out Understood that some will drop off not

right for everyone


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Its worth it for me

Appeal to self-interest increases Participation

Willingness to change

Transfer of learning

What talent wants

This helps me get ahead faster I feel proud to have made it onto the programme


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Increasing the value of the programme

Recognition

Im special (exclusivity/ongoing assessment) Recognised outside my company

Opportunities to grow fast Stretch

Choice in control of what I am doing Regular flow of interesting work Job promotion/new career opportunities

Investment in me

Access to senior people Coaching, development, etc the skills to become great Very different kind of experience, eg, social projects Reward different structure for top talent?


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What is it thats 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

Measurable shifts in Retention

Speed of promotion


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KPIs for talent programmes

Source: Deloitte (2008)

Other


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What makes a difference?

Openness, teamwork, autonomy, career development,training

Hiltrop, J-M. (1999) The Quest for the Best: Human Resource Practices to Attract and Retain Talent.European Management Journal 17(4), 422-430.


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Organisational obstacles

Source: McKinsey (2006)


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Whats effective vs. whats popular?

Source: CIPD (2006)


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RETENTION

A COMPANY IS

KNOWN BY THE

PEOPLE IT KEEPS


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WHY A COMPANY FOCUS ON EMPLOYEE

RETENTION

NEW EMPLOYEE HIRING COST

TO KEEP PRODUCTIVITY MAINTAINED

TO RETAIN POTENTIAL TALENT

TO RESCUE FROM THE LEAKAGE OF IMPORTANTINFORMATION

TO MAINTAIN GOOD INTERNAL RELATIONSHIP


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Employee Retention requires

organizations to attract,

manage and nurture talent.

This calls for pro-active

measures on three fronts:--

Organizations will have to create an ambience where talent canbloom.

They have to put in place systems that will help unleash the potential

of their employees

They have to build a reward and recognition mechanism that

provides value for people.


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HOW TO RETAIN EMPLOYEES

CARE & CONCERN

COMPETITIVE SALARIES

INCREASE SALARIES IN ASPECIFIED TIME

EMPLOYEE SATISFACTION

NEW CHALLENGING JOBSARE ADDED

MONETARY & NONMONETORY INCENTIVES

BETTER OPPORTUNITIES

FOR GROWTH

INTERRACTION BETWEENEMPLOYEE WITH HISSUPERIOR , PEERS &

SUBORDINATES

TO MOTIVATE

BY KEEPING INTEREST IN

THE ACTIVITY

UNDERSTANDINGEMPLOYEE


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EXECUTIVE

SUPPORT

SUPERVISOR SKILL

&

ACCOUNTABILITY

A HIGH

RETENTION

ORGANISATION

TEAM MEMBER

INVOLVEMENT


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STRATEGY FOR

EMPLOYEE RETENTION

EXECUTIVES UNDERSTAND THE IMPACT OF TURNOVER & HOLDLEADERS ACCOUTABLE FOR RETENTION

TRAIN LEADERS IN RETENTION COMPETENCIES

INVOLVE TEAM MEMBERS IN REDUCING UNWANTED TURNOVER

EDUCATE THE FRONT LINE ON THE VALUE OF A HIGH RETENTIONORGANIZATION

UNCOVER PROBLEMS BEFORE THEY LEAD TO TURNOVER


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MAIN CAUSE OF HIGH TURNOVER

Todays dynamic market environment will giverise to lot many entrepreneurial opportunities,

which will take away talent from even the best

organizations. Thus the take home pay cheque

will seize to be a major motivator. Excitingopportunities and meaningful work with a

sense of fun will be the preferred choice for

employees


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ONE STEP BEYOND RETENTION

Organizations will have to create smallentrepreneurial islands, where they can

house their best talents to pursue

experiments, innovate, develop cutting edge

products, dream up new and better ways ofdoing business and create value in an

unrestricted manner


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THANK YOU

Talent Management and Retention

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