1 / 34

Trends in Evidence-Based Talent Management

Trends in Evidence-Based Talent Management. Nashville PMI luncheon - April 21, 2015. Session Objectives. Define terms in talent management Apply data and analytics to your business story Debunk 4 Myths in Talent Management Talent is easy to identify and assess

rosejones
Download Presentation

Trends in Evidence-Based Talent Management

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Trends in Evidence-Based Talent Management Nashville PMI luncheon - April 21, 2015

  2. Session Objectives • Define terms in talent management • Apply data and analytics to your business story • Debunk 4 Myths in Talent Management • Talent is easy to identify and assess • Talent competencies are static • Statistics can’t be trusted; Statistics deceive • Consultants add value • Determine your next steps

  3. Your Objectives/ Expectations • What are you “a little concerned about?” • What do you measure? • _____________________ • What would make this session outstanding for you? • What would make this session outstanding for your organization?

  4. Intro to Doug Gray • VP of Consulting Solutions at The Work Institute • PhD student in Organizational Leadership • Consultant since 1997, author, speaker, executive coach

  5. Talent Management- Overview • $6 trillion market in U.S. corporations labor expenses • $15 billion market in HR technology software • In 2014 the top 50 HR technology deals were more than $560 million • IBM aquiredKenexa- talent software • Linked In aquired Bright- employee matching • SkillsoftaquiredSumTotal - Learning Management System (LMS) • Greatest expense for most companies is people/ payroll- from 30-60% of gross revenue- and 100% manageable • The #1 concern of executives is TM; however, only x% invest in TM

  6. Definitions • Talent Management = Human Capital: • The costs and benefits of your people (financial view) • The strengths and capacity of your people (psychological view) • Behaviors designed to attract, develop and retain people (organizational view) • The art and science of using information to make decisions that improve business value and increase the probability of reaching business goals (strategic view)

  7. Definitions • Talent Competency: • Set of desired behaviors • Examples: • 1. Communication skills for sales people • 2. Analytical skills for accountants • 3. Risk Taking, Business Focus, Determination for Inc 500 CEO’s

  8. Definitions • Consulting: • A process designed to improve a client’s condition • Results represented by 1) new value, 2) objectives met and 3) validated by key metrics • Examples: • 1. A need for expertise (medical, legal, business, etc.)? • 2. A need for recommendations (referral, data, perspective, etc.)?

  9. Definitions • Evidence - Based Consulting: • A process that uses validated data to make informed decisions. • How do you decide to make: • 1. A big investment? • A hiring decision? • A business decision (operations, strategy, sales, etc.)?

  10. Improved Decision Making • Start with Valid Data • Quantitative & Qualitative • Internal & External • Use all Resources and Expertise • Best practices • Assessments • Consulting • Analyze Impact • Effectiveness • Efficiency • Outcomes GOAL: Make smarter evidenced-based decisions from data to action

  11. What is your Story? • Beginning Situation/ Context What information is available? Missing? How do we gather data? • Middle Solutions/ Options How do we solve the problem? Connect the dots? • End Results/ Impact How do we measure impact?

  12. Example 1- Costs of Talent Management Gross revenue $3,000,000 N = 10 employees at $80,000 = $800,000 Costs 800,000/ 3,000,000 = 27% = very low Technology Company Manufacturing Company Gross revenue $3,000,000 N = 40 employees at $60,000 = $2,400,000 Costs 2,400,000/ 3,000,000 = 80% = very high Gross revenue $ _____________ N = ___ employees at $ __________ = $ _________ Costs _________/ __________ = ____ % Your Company

  13. Example 1- Trends in Talent Management N = 34,273 (N = 34,273)

  14. Example 2- Sample Company

  15. Example 2– Sample Objectives • Achieve operating income of 9.5% • Double store count to 2,100 by 2018 • Increased focus on private label brands • Strategic approach to pricing – price optimization • Continue to improve systems and logistics • Continuous improvement process – Tractor Value System (customer focus and expense reduction)

  16. Example 3- Sample Turnover Data Annual Cost of Turnover : $71,401,547 15% Reduction in Turnover would result in savings of $10,710,232

  17. Example 3- Predictive Data

  18. Example 3- Leadership Development Metrics • Define metrics • How do we select leaders? • How do we assess strengths and gaps? • What options exist for controlling costs? Efficiency Effectiveness • Performance Impact • How do we know that leaders developed desired knowledge and skills? • What competencies increase bench strength and succession planning? • Business Improvement • How does this LD program influence business metrics? • Based on this data, how can we predict expenses? Outcomes

  19. What is your Story? (2 of 2) • Beginning Situation/ Context What information is available? Missing? How do we gather data? • Middle Solutions/ Options How do we solve the problem? Connect the dots? • End Results/ Impact How do we measure impact?

  20. 4 Myths

  21. Myth #1 Talent is easy to identify and assess “I’d rather have a lot of talent and a little experience, than a lot of experience and a little talent.” John Wooden, UCLA basketball coach, plus…

  22. Fact #1 Talent Assessment is an art and a science

  23. 9-Box Talent Assessment

  24. Myth #2 Talent competencies are static “We can train anyone to do this job.”

  25. Fact #2 Talent competencies vary organizationally

  26. Fact #2 Talent competencies vary individually

  27. Myth #3 Statistics can’t be trusted

  28. Fact #3 Statistics inform decision making

  29. Myth #4 Consultants add value

  30. Fact #4 – Are your Consultants?

  31. Review Your Objectives/ Expectations • What are you “a little concerned about?” • What do you measure? • _____________________ • What would make this session outstanding for you? • What would make this session outstanding for your organization?

  32. Your Next Steps • 1. Contact us for a complimentary, confidential conversation about your personal or professional story at 888.750.9008 • 2. Share these slides broadly • 3. Sample the complimentary Manager’s 180TM Scorecard as our gift. • 4. Join us at www.TalentSummits.com

  33. Our Recent Clients Include:

  34. Contact Information • Contacts: • Doug Gray, PCC, VP Consulting Solutions • doug.gray@twiconsultingsolutions.com • Yancey Bond, Director of Information Systems • Mark McWatters, Director of Client Solutions The Work Institute | 1620 Westgate Circle, Suite 100 | Brentwood, TN 37027 Toll Free:  1-888-750-9008 | Phone:  615-777-6400 www.WorkInstitute.com

More Related