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TALENT MANAGEMENT & Succesion Management

TALENT MANAGEMENT & Succesion Management. Why Talent management is Important ?.

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TALENT MANAGEMENT & Succesion Management

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  1. TALENT MANAGEMENT& Succesion Management

  2. Why Talent management is Important ? • The things that wakes me up in the middle of the nights is not what might happen to the economy or what our competitors might do next, it is worrying about whether we have the leadership capacity and talent to implement the new and more complex global strategies David Whitman, Chairman, President and CEO Whirpool Corporation

  3. Why Talent management Important ?(Cont’d) • Survey of 400 Fortune Companies revealed that : • Identifying and developing leaders is the single most pressing issue in their companies • Only 8 % rated their company’s leadership as excellent • Nearly 50% rater their leadership capacity to be fair or poor Conference Board DDI • On average, organizations will lose one third of their executives to retirement within next 5 years DDI research ,

  4. Why Talent management Important ? (Cont’d) • Among approximately 6.000 respondents, 2/3 reported that their current leader displays behaviours that could derail his/her career • On average , organizations will pay $1.000.000 each time an executive role is filled with an external candidate Development Dimensions International • Four in ten leaders fail within the first 18 months on the job Manchester Consulting

  5. Talent is the sum of a person’s abilities-his or her intrinsic gifts, skills, knowledge, experience, intelligence, judgment, attitude, character, and drive. It also includes his or her abilityto learn and grow There is no universal definition of an outstanding manager Each company must understand the specific talent profile that is right for it The War for Talent by Michaels, Helen Handfield-Jones and Beth Axelrod What is talent ?

  6. The resource that includes the potential and realized capacities of individual and groups and how they are organized, including those within the organization and those who might join the organization Beyond HR – New Science of Human Capital, John W. Boudreau & Peter M. Ramstad What is talent ?

  7. Some combination of a sharp strategic mind, leadership ability, emotional maturity, communicationsskills, the ability to attract and inspire other talented people, entrepreneurial instinct, functional skills, and the ability to deliver results The War for Talent by Michaels, Helen Handfield-Jones and Beth Axelrod MANAGERIAL TALENT

  8. Talent Management Definition • DDI defines talent management as the system in which people are recruited, developed, promoted, and retained to optimize the organization’s ability to realize positive business outcomes in the face of shifting competitive landscapes and labor requirements.

  9. More specifically ….. • Talent management is a business process that systematically closes the gap between the talent an organization has and the talent it needs to successfully respond to current and emerging business challenges.

  10. To understand how companies build a strong pool of managerial talent - how they attract, develop, and retain the people in the top 200 managerial position and how they build a pipeline of younger talent that might one day move into more senior positions The War for Talent by Michaels, Helen Handfield-Jones and Beth Axelrod THE WAR FOR TALENT surveys

  11. WHAT’S DRIVING THE CURRENT EMPHASIS ON TALENT MANAGEMENT? • There is a demonstrated relationship between better talent and better business performance. • Talent is a rapidly increasing source of value creation. • The context in which we do business is more complex and dynamic. • Employee expectations are also changing. • Workforce demographics are evolving.

  12. Growing propensity to switch companies

  13. Embrace a talent mindset Craft a winning employees value proposition Rebuild your recruiting strategy Weave development into your organization Differentiate and affirm your people A WHOLE NEW APPROACH TO TALENT MANAGEMENT

  14. NEW WAY OF MANAGING TALENT

  15. STARTS WITH A TALENT MINDSET

  16. Establish the gold standard for talent Get actively involved in people decisions deep within the organization Drive a simple, probing talent review process Instill a talent mindset in all managers throughout the organization Invest real money in talent Hold themselves and their managers accountable for strength of the talent pools they build TALENT IS EVERY LEADER’S JOB

  17. REBUILD RECRUITING STRATEGY

  18. New approach to Development

  19. RUN A ROBUST TALENT REVIEW PROCESS

  20. NEW PAY PHILOSOPHY

  21. Talent Management (DDI’s view) • Best Practice #1: Start with the end in mind—your current and future business needs • “We are a global automobile manufacturer that has steadily lost market share. What sort of talent are we going to need to shake up the status quo, rejuvenate our brand, and give us the action-orientation required to turn things around?” • “We are a utility in the midst of deregula- tion. Consumers will have choices. On top of that, we are getting into new busi- nesses. How will the skills of our current talent fit with our new business model?”

  22. Talent Management (DDI’s view) • Best Practice #2: Talent management is Job #1 for senior leaders. • Best Practice #3: You must know what you’re looking for—the role of success profiles. • Best Practice #4: Build a systematic and integrated approach to all work- force development activities. • Best Practice #5: Talent management is much more than succession management • Effective talent management requires not only developing people for their current roles, but also getting them ready for their next transition

  23. Talent Management (DDI’s view) • Best Practice #6: Clear distinctions are made between potential, performance, and readiness. • Best Practice #7: Look at the team mosaic • Best Practice #8: Turn your leaders into talent managers. • Best Practice #9: Talent management is all about putting the right people in the right jobs

  24. Talent Development High potentials stand out

  25. Performance appraisal Potential forecast Measurement scales for performance and potential Core/institutional competencies Mapping and weighting competencies Segmenting the Talent Reservoir Employee and job demographics TALENT MANAGEMENT ASSESSMENT TOOLS

  26. Talent Development Talent Pipeline Talent Development Goal : Acceleration of HiPos in Leadership Talent Pipeline Executives Those who lead organizations Accelerate Quality Internal and External Talent in Leadership Pipeline at All Levels Managers Those who lead businesses and people Domain Experts Those who do not yet lead people and/or have technical focus Entry Level Entry talent – college recruits

  27. Performance and Potential Grade Segmentation of Performance High Potential Low Low Performance High

  28. Superkeepers Those employees who greatly exceed expectation Demonstrated superior performance Who have inspired others to achieve superior performance Who embody the core competencies of the organization Keepers Those employees who exceed organization expectation Solid Citizen Meet organization expectation Misfits Employees who do not meet organization expectations for performance, working with others, and/or organization competencies THE CLASSIFICATION OF EMPLOYEE

  29. Talent Development High potential = behavior + track record + ambition + stretch;  High performers with the ambition to be treated as key talent Has what it takes to grow into bigger, more complex, more senior roles in the organization (cognitive capacity, domain expertise, commitment, maturity/balance) Demonstrates personal accountability and initiative They can be found in the top 20 ranking OR in the 70 ranking due to their current objectives and situation High performers = behavior + track record; Consistently demonstrates and embraces leadership values Has a record over time of sustained high performance Has what it takes to grow to their next role – domain expertise Understand the difference between High Performers and High Potentials Ambition and Stretch Provide examples High potential identification

  30. HiPo Development Cycle Assessment & Planning 360 degree Survey + LPI IDP Selection Consistent • Process • Evaluation criteria HiPo Talent Develop Differentiated needs Targeted development activities Reward & Retain Meritocracy Recognize Talent Pipeline Evaluate Performance Effectiveness • PPR • IDP progress Studies in 1998 by the Hay Group showed that organization with better operating statistics are morelikely to have succession management programs – Grow your own leader- William C Byham,PhD

  31. Thank You

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