Transcript
8/2/2019 Talent+Management Ppm+v1
1/31
TALENTMANAGEMENT
& SuccesionManagement
TALENTMANAGEMENT
& SuccesionManagement
8/2/2019 Talent+Management Ppm+v1
2/31
Why Talent management is
Important ?The things that wakes me up in themiddle of the nights is not whatmight happen to the economy orwhat our competitors might do next,it is worrying about whether we havethe leadership capacity and talent to
implement the new and morecomplex global strategies
David Whitman,
Chairman, President and CEO
Whirpool Corporation
8/2/2019 Talent+Management Ppm+v1
3/31
Why Talent management
Important ?(Contd) Survey of 400 Fortune Companiesrevealed that :
Identifying and developing leaders is the
single most pressing issue in theircompanies
Only 8 % rated their companysleadership as excellent
Nearly 50% rater their leadershipcapacity to be fair or poor
Conference Board DDI
On average, organizations will lose
8/2/2019 Talent+Management Ppm+v1
4/31
Why Talent management
Important ? (Contd) Among approximately 6.000respondents, 2/3 reported that theircurrent 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 externalcandidate
Development Dimensions International
Four in ten leaders fail within the first18 months on the ob
8/2/2019 Talent+Management Ppm+v1
5/31
What is talent ?Talent is the sum of a persons abilities-his
or her intrinsic gifts, skills, knowledge,experience, intelligence,judgment,
attitude, character, and drive. It alsoincludes his or her abilityto learn and
grow
There is no universal definition of anoutstanding manager
Each company must understand thespecific talent profile that is right for it
8/2/2019 Talent+Management Ppm+v1
6/31
What is talent ?The resource that includes the potential
and realized capacities of individual andgroups and how they are organized,
including those within the organizationand those who might join the organization
Beyond HR New Science of Human Capital, John W. Boudreau & Peter M.
Ramstad
8/2/2019 Talent+Management Ppm+v1
7/31
MANAGERIAL TALENT
Some combination of a sharp
strategic mind, leadership ability,emotional maturity, communications
skills, the ability to attract andinspire other talented people,
entrepreneurial instinct, functionalskills, and the ability to deliver
results
8/2/2019 Talent+Management Ppm+v1
8/31
Talent Management
Definition DDI defines talent management asthe system in which people arerecruited, developed, promoted, and
retained to optimize theorganizations ability to realizepositive business outcomes in the
face of shifting competitivelandscapes and labor requirements.
8/2/2019 Talent+Management Ppm+v1
9/31
More specifically ..
Talent management is a businessprocess that systematically closesthe gap between the talent an
organization has and the talent itneeds to successfully respond tocurrent and emerging business
challenges.
8/2/2019 Talent+Management Ppm+v1
10/31
THE WAR FOR TALENTsurveys
To understand how companies build astrong pool of managerial talent - howthey attract, develop, and retain the
people in the top 200 managerial position
and how they build a pipeline of youngertalent that might one day move into moresenior positions
The War for Talent by Michaels, Helen Handfield-Jones and Beth Axelrod
8/2/2019 Talent+Management Ppm+v1
11/31
WHATS DRIVING THE CURRENTEMPHASIS ON TALENT
MANAGEMENT? There is a demonstrated relationshipbetween better talent and betterbusiness performance.
Talent is a rapidly increasing sourceof value creation.
The context in which we do businessis more complex and dynamic.
Employee expectations are alsochanging.
Workforce demographics are
evolving.
8/2/2019 Talent+Management Ppm+v1
12/31
Growing propensity to
switch companiesThe Old RealityThe New RealityPeople need companiesCompanies need people
Machines, capital, and
geography are competitiveadvantage
Talented people are the
competitive advantage
Better talent makes somedifference
Better talent makes a hugedifference
Jobs are scarceTalented people are scarceEmployees are loyal and jobs
are securePeople are mobile and theircommitment is short term
People accept the standardpackage they are offered
People demand much more
8/2/2019 Talent+Management Ppm+v1
13/31
A WHOLE NEW APPROACH
TO TALENT MANAGEMENT1. Embrace a talent mindset
1. Craft a winning employees valueproposition
1. Rebuild your recruiting strategy
1. Weave development into yourorganization
1. Differentiate and affirm your people
8/2/2019 Talent+Management Ppm+v1
14/31
NEW WAY OF MANAGINGTALENT
The Old WayThe New WayHR is responsible for people
managementAll managers, starting with theCEO, are accountable forstrengthening their talent pool
We provide good pay and
benefits
We shape our company, our
jobs, even our strategy toappeal to talented people
Recruiting is like purchasingRecruiting is like marketing
We think development happensin training programs
We fuel development primarilythrough stretch jobs, coaching,and mentoring
We treat everyone the same,and like to think that everyone
is equally capable
We affirm all our people, butinvest differentially in our A, B,and C players
8/2/2019 Talent+Management Ppm+v1
15/31
STARTS WITH A TALENT
MINDSETOld Mindset AboutPeople
New Talent Mindset
A vague notion that people areour most important asset
A deep conviction that bettertalent leads to better corporateperformance
HR is responsible for peoplemanagement
All managers are accountablefor strengthening their talentpool
We have a two day successionplanning exercise once in a
year
Talent management is a centralpart of how we run thecompany
I work with the people I inheritI take bold actions to build thetalent pool I need
8/2/2019 Talent+Management Ppm+v1
16/31
TALENT IS EVERY LEADERS
JOB Establish the gold standard for talent
Get actively involved in people decisions
deep within the organization Drive a simple, probing talent reviewprocess
Instill a talent mindset in all managers
throughout the organization Invest real money in talent
Hold themselves and their managersaccountable for strength of the talent
pools they build
8/2/2019 Talent+Management Ppm+v1
17/31
REBUILD RECRUITINGSTRATEGY
Old RecruitingStrategiesNew RecruitingStrategies
Grow all your own talentPump talent in at all levels
Recruit for vacant positionsHunt for talent all the time
Go to a few traditional sourcesTap many diverse pools oftalent
Advertise to job huntersFind ways to reach passivecandidates
Specify a compensation range
and stay within it
Break the compensation rules
to get the candidates you want
Recruiting is about screeningRecruiting is about selling aswell as screening
Hire as needed with no overallplan
Develop a recruiting strategyfor each type of talent
8/2/2019 Talent+Management Ppm+v1
18/31
New approach to
DevelopmentOld Approach toDevelopmentNew Approach toDevelopmentDevelopment just happensDevelopment is woven into the
fabric of the organization
Development means trainingDevelopment primarily means
challenging experiences, coaching,feedback, and mentoring
The unit owns the talent; peopledont move across units
The company owns the talent;people move easily around the
companyOnly poor performance have
development needsEveryone has development needsand receives coaching
A few lucky people find mentorsMentors are assigned to every
high-potential person
8/2/2019 Talent+Management Ppm+v1
19/31
RUN A ROBUST TALENT REVIEW
PROCESSTraditional SuccessionPlanningRobust Talent ReviewA half day session once a year
at corporate headquartersA full day on-site for eachdivision
Discuss possible successorsDiscuss quality of incumbents
Review individualsReview individuals and thetalent strength each unit, anddiscuss other issues such asretention or recruiting
Polite, senatorial presentations Rigorous, candid debate
No effort to calibrateassessment
Drive to a distribution of ratings
No action plans agreed toSpecific action plans writtenand followed up for each unit
An annual paper exerciseAs important and intense asbudget process, with real
8/2/2019 Talent+Management Ppm+v1
20/31
NEW PAY PHILOSOPHY
Old Pay PhilosophyNew Pay Philosophy
Pay for the jobPay for the person and the
performance
Job-scope and seniority drivepay
Value creation drives pay
Pay what others in the companyget (internal equity)
Pay what the individual couldget elsewhere (market equity)
Set a range and range and hirewithin it
Break the compensation rulesto hire the right candidate
8/2/2019 Talent+Management Ppm+v1
21/31
Talent Management (DDIs view)
Best Practice #1: Start with the end in
mindyour current and future businessneeds
We are a global automobile manufacturer thathas steadily lost market share. What sort oftalent are we going to need to shake up thestatus quo, rejuvenate our brand, and give usthe 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, weare getting into new busi- nesses. How will the
skills of our current talent fit with our new
8/2/2019 Talent+Management Ppm+v1
22/31
Talent Management (DDIs
view) Best Practice #2: Talent management isJob #1 for senior leaders.
Best Practice #3: You must know what
youre looking forthe role of successprofiles.
Best Practice #4: Build a systematic andintegrated approach to all work- forcedevelopment activities.
Best Practice #5: Talent management ismuch more than succession management
Effective talent management requires not only
8/2/2019 Talent+Management Ppm+v1
23/31
Talent Management (DDIs
view) Best Practice #6: Clear distinctions aremade between potential, performance,and readiness.
Best Practice #7: Look at the team mosaic
Best Practice #8: Turn your leaders intotalent managers.
Best Practice #9: Talent management isall about uttin the ri ht eo le in the
8/2/2019 Talent+Management Ppm+v1
24/31
Talent
High potentials stand out
8/2/2019 Talent+Management Ppm+v1
25/31
TALENT MANAGEMENT
ASSESSMENT TOOLS Performance appraisal
Potential forecast
Measurement scales for performanceand potential
Core/institutional competencies
Mapping and weightingcompetencies
Segmenting the Talent Reservoir
Employee and job demographics
8/2/2019 Talent+Management Ppm+v1
26/31
Talent
Talent Development Goal : Acceleration of HiPos in
Leadership Talent Pipeline
Executives
Those who lead
organizations
Managers
Those who lead
businesses andpeople
Domain Experts
Those who do not yet lead
people and/or have
technical focus
Talent
Pipeline
Accelerate Quality
Internal and External
Talent in Leadership
Pipeline at All Levels
Entry Level
Entry talent
college recruits
8/2/2019 Talent+Management Ppm+v1
27/31
Segmentation of
PerformancePerformance and Potential GradeC Give warning
Provide coaching
Consider if itappropriate job
APlan next move
Provide extracoaching
A+Plan multiplemoves
Ensure pay issufficient
BKeep in place
AIdentify nextdevelopment
opportunity
C
Manage out
High
Low
Low High
Potential
Performance
8/2/2019 Talent+Management Ppm+v1
28/31
THE CLASSIFICATION OF
EMPLOYEE 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/ororganization competencies
8/2/2019 Talent+Management Ppm+v1
29/31
Talent
High potential
identification 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, domainexpertise, 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 andHigh Potentials Ambition and Stretch Provide examples
8/2/2019 Talent+Management Ppm+v1
30/31
Page 30
HiPo
Talent
Assessment &
Planning360 degree Survey + LPI
IDP
DevelopDifferentiated needs
Targeted development
activities
Evaluate Performance
EffectivenessPPR
IDP progress
HiPo Development Cycle
Reward &
Retain
MeritocracyRecognize
Selection
Consistent
Process
Evaluation criteria
Talent
Pipeline
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
8/2/2019 Talent+Management Ppm+v1
31/31
top related