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Slide 26.1

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Chapter 26

Talent Management

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Slide 26.2

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

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Slide 26.3

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

What is Talent?

According to McKinsey; talent is the sum of• a person’s abilities,• his or her intrinsic gifts,

• skills, knowledge, experience ,• intelligence,• judgment, attitude, character, drive,• his or her ability to learn and grow.

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Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

What is Talent?

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Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Who are Talented People?

• They regularly demonstrate exceptional ability andachievement over a range of activities

• They have transferable high competence

• They are high impact people who can deal withcomplexity (Robertson, Abbey 2003)

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Slide 26.6

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Why Organisations Need Talent Development?

• To compete effectively in a complex and dynamicenvironment to achieve sustainable growth

• To develop leaders for tomorrow from within anorganization

• To maximize employee performance as a uniquesource of competitive advantage• To empower employees:

Cut down on high turnover rates

Reduce the cost of constantly hiring new people totrain

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Slide 26.7

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Component Parts of Talent Management

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Slide 26.8

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

What is Talent Management?

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Slide 26.9

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Definition of Talent Management

The systematic attraction, identification,development, engagement, retention anddeployment of those individuals who are of particular

value to the organisation, either in view of their ‘high potential’ for the future or because they are fulfillingbusiness/ operation-critical roles(CIPD, 2009)

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Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Definition of Talent Management

The implementation of integrated strategies orsystems designed to increase workplace productivityby developing improved processes for attracting,

developing, retaining and utilising people with therequired skills and aptitudes to meet current andfuture business needs(US SHRM, 2006)

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Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

What is Talent Management?

The purpose of TM is to ensure that the right supply of talentedworkforce is ready to realize the strategic goals of theorganization both today and in the future

Organization’s efforts to attract, select, develop, and retain keytalented employees in key strategic positions.

Talent management includes a series of integrated systems of

recruiting,performance management,maximizing employee potential, managing their strengthsand developingretaining people with desired skills and aptitude

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Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

What is Talent Management?

• TM introduced by Mc Kinsey consultants , late 1990’s • TM is identified as the critical success factor in corporate

world• TM focuses on

– differentiated performance: A, B, C players influencingcompany performance and success

– identifying key positions in the organization

!!! Surveys show that firms recognize the importance of talentmanagement but they lack the competence required tomanage it effectively

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Slide 26.13

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Talent Management Activities (1 of 4)

• Recruitment and Retention

– Marketing the organisation• The way the applicants view the organization

• They share enough of values of that organizationto wish to join

• Employee Proposition and Employer Brand

• Identification and placement of talent

– Role of assessment centres

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Slide 26.14

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Talent Management Activities (2 of 4)

• Developing talent

– Affects retention rate – Maximise the potential of individual employee – Education, stretch performance, continuing

professional development,• Formal training on leadership and management

• Coaching and mentoring• Development programmes

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Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Talent Management Activities (4 of 4)

• Evaluating talent

– Use of systems and processes for trackingtalent and developing measures of

effectiveness of any talent managementinitiatives

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Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Strategic Talent Management

• Approach needs to be embedded• Activities need to be integrated• Approach needs to support the strategic objectives

for the organisation• Approach needs to fit with organisational values

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Slide 26.18

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Barriers to Talent Management

• CEO not taking the lead role• HR expected to direct the process• Lack of time for line managers

• Talent management strategies not filtering down tomanagers

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Slide 26.19

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Perspectives of Talent Management

• A new term for HRM• Workforce planning• Focus is on ‘talent’ rather than management

– All organizational activities for attracting,selecting, developing, and retaining the bestemployees in the most strategic roles

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Slide 26.20

Derek Torrington, Laura Hall, Stephen Taylor and Carol Atkinson, Human Resource Management , 8e © Pearson Education Limited 2012

Summary

• Talent management should not be seen as elitist• Talent management consists of multiple activities

such as activities recruitment and retention,

identification and placement of talent• Practices need to be embedded in the organisation• Talent management requires the committment of the

CEO and line managers• Talent management lacks a clear definition