TALENT MANAGEMENT

By: Priyanka Rawat MBA(4th sem)

What is Talent Management?

The purpose of TM is to ensure that the right supply of talented workforce is ready to realize the strategic goals of the organization both 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 of integrated systems of recruiting, performance management, maximizing employee potential, managing their strengths and developing retaining people with desired skills and aptitude

Talent Management

TM introduced by Mc Kinsey consultants, late 1990s TM is identified as the critical success factor in corporate world TM focuses on differentiated performance: A, B, C players influencing company performance and success identifying key positions in the organization

!!! Surveys show that firms recognize the importance of talent management but they lack the competence required to manage it effectively

What is Talent?
According to McKinsey; talent is 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.

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)

Why Organizations Need Talent Development?

To compete effectively in a complex and dynamic environment to achieve sustainable growth 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

Talent Management System

Implementation program of the talent strategy which has a set of processes and procedures (1) assessment tools (2) multi-rater assessment (3) diagnostic tools (4) monitoring processes If the management is not willing to use assessment in their organizations they cant do talent management

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

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

Diagnostic Tools
SuperkeeperTM reservoir. SuperkeepersTM are employees whose performance greatly exceeds expectations & who inspire others. Keeper Key position backups. The insurance policies that ensure organization continuity. Every key position should have at least one backup at the Keeper (exceed job expectations) level. Surpluses. Positions with more than one replacement for an incumbent.. Voids. Positions without a qualified backup. Blockages. Non-promotable incumbents standing in the path Problem employees. Those not meeting job expectations

Monitoring Processes
Evaluate the results of talent management system on a regular basis for quality, timeliness and credibility

What is competency?
Competencies are the core elements of talent management practices
They are the demonstrable and measurable knowledge, skills, behaviors, personal characteristics that are associated with or predictive of excellent job performance. Examples

Adaptability, teamwork, decision making, customer orientation, leadership, innovation etc.

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 and goals of the organization And should be able and willing to contribute to the success of the organization So, developing your talent is not enough, the organizations need to take all the measures to motivate, reward their talent pool to gain their commitment and contribution. Retention is also essential to gaurantee future alignment of the talent with the right key positions

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

Talent Management Process

Organization Analysis -Job descriptions -Job spesifications

Analysis
Potential Candidates

Performance Evaluation Buss. Results Personal Development Activities

Assessing the Emloyees

Assessment
Career Potancial Candidates Committees and Succession Lists

Approval of the Lists

Development
Talent Development Programs

January - March

April

May on......

Structure of a Talent Management Program

Building Block 1: Identification and assessment of competencies Building Block 2: Performance appraisals Building Block 3: Succession and career planning Development of talent (coaching, mentoring, training) Linking compensation with the program (reward and motivate) Targeting culture as an important driver of TM programs Secure senior executives commitment to make the talent management model work Evaluate the results of talent management system on a regular basis

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

CHALLENGES TO TM:

Recruiting talent (Talent war) Training and Developing talent Retaining talent Developing Leadership talent Creating talented ethical culture

HR and TM
HUMAN RESOURCES MANAGEMENT o Broad Scope (entire employees) oFocus on administrative functions oTransactional TALENT MANAGEMENT oFocus on segmentation (key group of core employees and key positions) o Focus on potential people oFocus on the attraction, development and retention of talent oFocus on integratation of HR systems