Managing talent
Managing talent
May 10, 2015
Talent management is just another one of those pesky Human Resources terms. Right? Wrong. Talent management is an organization's commitment to recruit, retain, and develop the most talented and superior employees available in the job market.
So, talent management is a useful term when it describes an organization's commitment to hire, manage and retain talented employees. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce.
What appears to differentiate talent management focused practitioners and organizations from organizations that use terminology such as human capital management or performance management, is their focus on the manager's role, as opposed to reliance on Human Resources, for the life cycle of an employee within an organization.
Practitioners of the other two employee development and retention strategies would argue that, for example, performance management has the same set of best practices. It is just called by a different name.
Talent management does give managers a significant role and responsibility in the recruitment process and in the ongoing development of and retention of superior employees. In some organizations, only top potential employees are included in the talent management system. In other companies, every employee is included in the process.
Talent management is a business strategy and must be fully integrated within all of the employee related processes of the organization. Attracting and retain talented employees, in a talent management system, is the job of every member of the organization, but especially managers who have reporting staff (talent).
An effective strategy also involves the sharing of information about talented employees and their potential career paths across the organization. This enables various departments to identify available talent when opportunities are made or arise.In larger organizations, talent management requires Human Resources Information Systems (HRIS) that track the career paths of employees and manage available opportunities for talented employees.
Managing human resources includes, but is not limited to:
planning and allocating resources,
providing direction, vision, and goals,
developing an environment in which employees choose motivation and contribution,
supplying or asking for the metrics that tell people how successfully they are performing,
offering opportunities for both formal and informal development,
coaching successful contribution and performance development,
setting an example in work ethics, treatment of people, and empowerment worthy of being emulated by others,
leading organization efforts to listen to and serve customers,
managing the performance management system,
challenging the employees to maintain momentum, and
removing obstacles that impede the employee's progress.
So, talent management is a useful term when it describes an organization's commitment to hire, manage and retain talented employees. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce.
What appears to differentiate talent management focused practitioners and organizations from organizations that use terminology such as human capital management or performance management, is their focus on the manager's role, as opposed to reliance on Human Resources, for the life cycle of an employee within an organization.
Practitioners of the other two employee development and retention strategies would argue that, for example, performance management has the same set of best practices. It is just called by a different name.
Talent management does give managers a significant role and responsibility in the recruitment process and in the ongoing development of and retention of superior employees. In some organizations, only top potential employees are included in the talent management system. In other companies, every employee is included in the process.
Talent management is a business strategy and must be fully integrated within all of the employee related processes of the organization. Attracting and retain talented employees, in a talent management system, is the job of every member of the organization, but especially managers who have reporting staff (talent).
An effective strategy also involves the sharing of information about talented employees and their potential career paths across the organization. This enables various departments to identify available talent when opportunities are made or arise.In larger organizations, talent management requires Human Resources Information Systems (HRIS) that track the career paths of employees and manage available opportunities for talented employees.
Managing human resources includes, but is not limited to:
planning and allocating resources,
providing direction, vision, and goals,
developing an environment in which employees choose motivation and contribution,
supplying or asking for the metrics that tell people how successfully they are performing,
offering opportunities for both formal and informal development,
coaching successful contribution and performance development,
setting an example in work ethics, treatment of people, and empowerment worthy of being emulated by others,
leading organization efforts to listen to and serve customers,
managing the performance management system,
challenging the employees to maintain momentum, and
removing obstacles that impede the employee's progress.
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Managing talent
2
Contents3-4 Introduction to Toronto Training and HR5-7 Definitions8-9 Core characteristics or talents10-12 Key assumptions13-14 Individual development plans15-16 Drill17-25 Global talent risk26-29 Organizational effectiveness30-36 Linking reward to talent management37-38 Battle for talent in China39-40 A talent-based recipe41-44 Tailoring talent strategy to context45-49 Effective talent conversations50-57 Example-talent management in the finance
sector58-67 Emergent best practices68-74 Implementation of talent management processes75-77 Making talent programs work78-92 The future talent agenda 93-98 Case studies99-100Conclusion and questions
3
Introduction
4
Introduction to Toronto Training and HR
• Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden
• 10 years in banking• 10 years in training and human resources• Freelance practitioner since 2006• The core services provided by Toronto Training and HR
are:- Training course design- Training course delivery- Reducing costs- Saving time- Improving employee engagement & morale- Services for job seekers
5
Definitions
6
Definitions 1 of 2Who is talent?What is critical talent?What is missing talent?
Talent and skills scarcities-the numbers
Link between top-performing talent and productivity advantages
7
Definitions 2 of 2TESTS FOR TALENTKnow them by what they wantKnow them by their influence on othersKnow them by how they demand to be
spoiled
8
Core characteristics or talents
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Core characteristics or talents
VisionSelf-beliefPassion and principlesA questioning dispositionThe networking factor
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Key assumptions
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Key assumptions 1 of 2Talent is a key driver of organizational
performance across the entire business lifecycle-growth and recession
Don’t think talent management, but rather talent-informed strategic decision-making
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Key assumptions 2 of 2A focus on human capital in a knowledge
economyA focus on scarce and valuable people (the
powercurve) – the exclusive rather than inclusive
approachA focus on buy rather than makeA focus on potential rather than experience
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Individual development plans
14
Individual development plansDefinitionStrengthening the individual development
planOpportunities to bolster talent over the
entire span of the employee life cycle
A critical re-recruiting toolA massive middle radar toolA baby boomer transition planning tool
15
Drill
16
Drill
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Global talent risk
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Global talent risk 1 of 8 Introduce strategic workforce planningEase migrationFoster brain circulationIncrease employabilityDevelop a talent “trellis”Encourage temporary and virtual mobilityExtend the pool
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Global talent risk 2 of 8INTRODUCE STRATEGIC WORKFORCE PLANNINGDefine job families and future critical skills.Model workforce supply and demand with a five to ten y
ear planning horizon.Undertake a gap analysis to uncover potential shortages
and surpluses.Link workforce planning to the company’s business str
ategy. Systematically determine actions from gap analysis; dev
elop skills database for potential job rotations.Inform employees of the skills they will need in future gr
owth areas.
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Global talent risk 3 of 8EASE MIGRATIONEstablish multilingual and virtual company presenc
e to recruit beyond national borders and neighbouring countries.
Seek expertise in immigrant pools while investing in the development of current employees.
Recruit beyond national borders and neighbouring countries.
Foster a migration-friendly culture. Brand your company internationally as “talent frie
ndly”.
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Global talent risk 4 of 8FOSTER BRAIN CIRCULATIONOffer generous return packages to highly skilled people
and relocation assistance, including spouse career services and child care programs.
Keep your talent mobile through:Horizontal and vertical mobility within the companyInternational assignmentsJob rotationEncourage employees to take short-term assignments or
sabbaticals abroad.Encourage foreign employees to build relationships with
potential partners businesses in their home countries.
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Global talent risk 5 of 8DEVELOP A TALENT “TRELLIS”"Step into the talent’s shoes" to understand what
diverse,talented employees seek (compensation,
organizationalflexibility, meaningfulness of business, etc.)Develop long-term retention strategies to retain
scarce talent (e.g. flexible career systems).Provide a variety of development opportunities,
such asvirtual/cultural training, entrepreneurial training,
peer-to-peer learning and lifelong learning.Ensure horizontal and vertical mobility
opportunities. Build an international profile and use web 2.0/social
media to attract, recruit and retain scarce talent.
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Global talent risk 6 of 8TEMPORARY AND VIRTUAL MOBILITYIntroduce flexible work arrangements. Explore virtual work opportunities for
employees abroad.Set up rotation programs and short-term
assignment between business units and geographies.
Foster virtual recruiting events and activities.
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Global talent risk 7 of 8EXTEND THE TALENT POOLCreate a presence for the company brand at
universities locally and internationally.Display cultural sensitivity in targeting minorities
and women. Hire graduates from abroad with limited language
skills and offer intensive language courses.Give employees support to contribute part-time as
they raise families.Engage retirees (your own or those of other
companies) to mentor, consult or complete short-term assignments.
Recruit from other industries’ pools with similar skill sets.
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Global talent risk 8 of 8INCREASE EMPLOYABILITYMake education a priority of the corporate social res
ponsibility agenda (e.g. through pro bono training locally and internationally).
Offer internships and vocational training opportunities
Offer certified training opportunities beyond current job and educational leaves to foster upskilling.
Engage with academia and government to equip talent with a balance of theoretical and practical skills (e.g. “teach the teachers” program).
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Organizational effectiveness
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Organizational effectiveness 1 of 3
Definition
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Organizational effectiveness 2 of 3
LEADERSHIPVisionVigourORGANIZATIONAL ENABLERSCapabilityArchitectureActionENTERPRISE ACCELERATORSEnterprise alignmentEnterprise agility
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Organizational effectiveness 3 of 3
IMPLICATIONS FOR TALENT MANAGEMENTTalent management is central to the success
of the entire business machineTalent management strategies and practices
must be alignedTalent management strategies and practices
also must become agile
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Linking reward to talent management
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Linking reward to talent management 1 of 6
INTRODUCTIONBanish silosGet some dataBe inclusiveShow people the wayLink reward and performancePick some quick winsCommunicate benefitsBe creativeKeep it simpleMeasure and review
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Linking reward to talent management 2 of 6
TAKING AN INTEGRATED APPROACHLess likely to experience problems attracting
critical-skill employees and top-performing employees
Less likely to report having trouble retainingcritical-skill employees and top-performing
employees More likely to be high-performingorganizations
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Linking reward to talent management 3 of 6
BEST PRACTICES TO ADOPTDefine an organization-wide employee valueproposition (EVP) for attraction, retention, payand talent managementManage and design programs according to anorganization-wide total rewards philosophyPerform formal workforce planning activities tha
toptimize the supply of talent versus demand
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Linking reward to talent management 4 of 6
BEST PRACTICES TO ADOPTLeverage competency models across recruiting,career management and pay activitiesFacilitate healthy work/life balance and takemeasures to moderate employees’ levels ofwork-related stress
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Linking reward to talent management 5 of 6
BEST PRACTICES TO ADOPTLink employee performance goals to thebusiness, and effectively communicate performa
nce expectations and results to employeesLeverage total cash rewards throughdifferentiation of merit increases and annualincentive awardsLink individual and organization results to rewardsEffectively deploy recognition programs
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Linking reward to talent management 6 of 6
TO CONCLUDEAlignIntegrate and optimizeExecute
37
Battle for talent in China
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Battle for talent in ChinaReboot employer branding effortsCreate local development opportunitiesOffer viable career pathsBe smart about payBecome a quasi-local company
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A talent-based recipe
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A talent-based recipe
Workforce Scalability –
Right numbersRight types of
peopleRight places
Doing right thingsWorkforce
fluidity
Workforce alignment
Top-down plan
Bottom-up: shared mindset
Acquiring talent: pre-qualify source
Releasing employees: outplacement
Enrich talent pool: diversity, fitand (serial in)competence
Facilitate interpersonal connectivity:Increase absorptive capacity
Expand role orientations
Unleash talent pool
Align incentives
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Tailoring talent strategy to context
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Tailoring talent strategy to context 1 of 3
RECRUIT AND INTEGRATEHow are the requisite capabilities obtained?How are job candidates selected?
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Tailoring talent strategy to context 2 of 3
DEPLOY, REVIEW AND DEVELOPHow does talent get deployed?What level of career guidance should be
provided?What types of behaviours get rewarded?To what extent do we differentiate
performance?What are the boundaries for under-
achievement?
44
Tailoring talent strategy to context 3 of 3
ENGAGE AND CONNECTHow do we keep talent connected to one
another?How do we energize our talent?
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Effective talent conversations
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Effective talent conversations 1 of 4
QUESTIONS TO ASKDo I have the right person in the job?Who are our rising stars and next generation
leaders?Who should I promote?How do I get more out of …?Who is my successor?
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Effective talent conversations 2 of 4
WHY TALENT REVIEWS OFTEN FAILThere is too little focus on strategic contextPredicting executive success is toughVested interests can lead to uninspired
conversations
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Effective talent conversations 3 of 4
PRINCIPLES FOR IMPROVING THE TALENT CONVERSATION
Get clear on the critical role requirementsPick your spotsHolistic assessmentFocus on learning potentialPut the right people in the assessment roomFigure out the role of HRActively seek meaningful conversationsOpen and honest
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Effective talent conversations 4 of 4
PRINCIPLES FOR IMPROVING THE TALENT CONVERSATION
Act with good willFocus on identifying development
opportunities
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Example-talent management in the
finance sector
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Example-talent management in the finance sector 1 of 7
INTEGRATED TALENT MANAGEMENTDefinition of talentRecruitment and talent identificationCompetency frameworksTargeted developmentComprehensive learningStructured career pathsPerformance measurement and rewardOngoing review
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Example-talent management in the finance sector 2 of 7
CHALLENGES AHEADHow do CFOs structure the finance function and
the roles within it to ensure maximisation of resources and a strong long-term talent pipeline?
How do CFOs access the specialists they need – must they recruit or can internal talent be trained?
What is the best way to improve the commerciality of the finance function and boost its internal credibility?
53
Example-talent management in the finance sector 3 of 7
CHALLENGES AHEADHow can individuals in roles deemed less critical bemotivated and their expertise retained if they see train
ing priorities being focused on others?How can the organization create a sufficiently stimulat
ing career path to retain the talents of Generation Y?
How can finance assess return on investment in its people in order to target learning and development and general talent management spend most effectively?
54
Example-talent management in the finance sector 4 of 7
STRATEGY FOR ORGANIZATION DESIGNWhat is the value-creating objective of the organ
ization?Where and how can finance best contribute to s
upporting the organization in value creation? (What do our internal and external stakeholders want and need from the finance function?)
How capable is finance in delivering these objectives currently?
55
Example-talent management in the finance sector 5 of 7
STRATEGY FOR ORGANIZATION DESIGNHow much will it cost and what metrics can be u
sed to measure success?Could a new structure – people, process, system
s – improve the success of finance in supporting the organization?
56
Example-talent management in the finance sector 6 of 7
FINANCE FUNCTION EFFECTIVENESSCentres of excellenceShared servicesOutsourcing and offshoringBusiness partnering
57
Example-talent management in the finance sector 7 of 7
INTEGRATED TALENT MANAGEMENTCentres of excellenceShared servicesOutsourcing and offshoringBusiness partnering
58
Emerging best practices
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Emerging best practices 1 of 9
RecruitDevelopEngageAssessRetain
60
Emerging best practices 2 of 9
TURNOVER RISKThose with skills in short supply and high
demandHigh performersKey contributors/technical expertsThose with leadership potential at mid-levelThose with leadership potential at an entry
levelThose in roles critical to delivering the
business strategySenior leadershipThe entire workforce
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Emerging best practices 3 of 9
PRIORITIESPerformance managementAssessing/developing high potentials and
top talentRecognizing exceptional performersAssessing/developing senior leadersMeasuring/increasing employee engagementStrengthening the talent pipeline and
succession managementTraining managers
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Emerging best practices 4 of 9
PRIORITIES AND EFFECTIVENESSMentoring of key talentDeploying key talent across
roles/functions/regionsCareer pathing and planningIdentifying and integrating competenciesOnboardingDeveloping/implementing an employment
value proposition
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Emerging best practices 5 of 9
WHAT DOES TALENT WANT?Accessible talent bordersDiversityHigh level of freedom of mindInspiring work environmentLifelong learning opportunitiesPositive country brandSkill recognition institutionsThe “Perfect Employer” Inc.Virtual mobility
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Emerging best practices 6 of 9
REASONS TO JOIN A PARTICULAR ORGANIZATION
EmployeeEmployer
65
Emerging best practices 7 of 9
CATEGORIES OF BENEFIT THAT DETERMINES IF TALENT STAYS OR LEAVES
Great leadersGreat companyGreat jobAttractive compensation
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Emerging best practices 8 of 9
ACCOMODATING THE REQUIREMENTS OF GENERATION Y
More flexi-time options More recognition programsAccess to state-of-the-art technologyIncreased compensationAccess to educational programsPay for cell phones and blackberrysTelecommuting optionsMore vacation time
67
Emerging best practices 9 of 9HARNESSING THE TALENT OF SKILLED
IMMIGRANTSBuilding increased awareness among senior
leaders and decision makers of the significance of the immigrant population as a source of skilled talent
Providing recognition for the value and transferability of international skills and credentials
Developing a data-driven understanding of the potential benefits of employing skilled immigrants
Creating awareness among leaders of the value of skilled
immigrants for access to international markets, and local
niche/ethno-specific marketsRecognizing that skilled immigrants bring access
to new ideas and perspectives to support innovation
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Implementation of talent management
processes
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Implementation of talent management processes 1 of
6Linking rewards more closely to
performanceGiving employees self-service tools to
search and apply for new roles in the organization
Focusing more on key workforce segmentsGiving business leaders greater ownership
and accountability for building the talent pipeline
Using branding/marketing techniques to enhance the employment value proposition
70
Implementation of talent management processes 2 of
6Creating more consistency in how talent is
identified, developed and moved throughout the organization
Creating a formal governance structure and process for talent management activities
Redefining the critical attributes and competencies needed for the next generation of leaders
Integrating talent management processes more directly into business strategy and operations
71
Implementation of talent management processes 3 of
6Scaling and adapting talent strategies on a
global basisIncreasing use of technology to streamline
talent management processes and activities
Giving managers self-service tools to source and deploy internal talent
Creating an experience “punchlist” for critical roles and designing targeted career paths to ensure
adequate succession
72
Implementation of talent management processes 4 of
6Improving quality and use of analytics to
monitor the need for, and supply of, talent
and better differentiate performanceAdopting just-in-time talent-sourcing
approaches, including contingent workforce designs
Leveraging social networking tools to access and engage the workforce in new ways
73
Implementation of talent management processes 5 of
6PROCESSES MOST CRITICAL TO ACHIEVING RESULTS AN
D TOUGHEST TO IMPLEMENT & SUSTAINIntegrating talent management processes more directly
into business strategy and operationsGiving business leaders greater ownership and accounta
bility for building the talent pipelineRedefining the critical attributes and competencies need
ed for the next generation of leadersCreating more consistency in how talent is identified, de
veloped and moved throughout the organization
74
Implementation of talent management processes 6 of
6IMPLEMENTING A PROACTIVE TALENT
MANAGEMENT PROGRAMCreedStrategySystem
75
Making talent programs
work
76
Making talent programs work 1 of 2
Clearly communicate the core objectives-set expectations at the start and manage them throughout
Even though the organization as a whole may sponsor talent activities, it is beneficial to have HR/talent running the program, and visibility is important to maintain credibility and consistency
Consider implementing a selection process for the top talent program to increase its perceived value and motivate participants to perform-make the selection process a learning event in itself and ensure all applicants receive constructive feedback
77
Making talent programs work 2 of 2
Review the structure of the talent program/pool with the business sponsor-coaching, mentoring and networking are the elements most valued by senior talent pool members
Develop ways of harnessing the peer group created as part of the talent program by creating opportunities beyond the lifespan of the program
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The future talent agenda
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The future talent agenda 1 of 14
DEFINING THE FUTURE TALENT AGENDAWhat leadership competencies/attributes are
required to drive our business strategy and lead
the evolution of the culture?How robust is our existing leadership
pipeline, and where are there risks?What are the pivotal job families/roles most
critical to executing our business strategy?
How will we differentiate talent strategies/investments accordingly?
80
The future talent agenda 2 of 14
DEFINING THE FUTURE TALENT AGENDAWhat are the implications for skill development,
given our business strategy?What are our existing/emerging talent requirements
in the various markets we serve, and how will we attract/deploy the right talent to these markets?
How can we optimize investments in talent and reward programs to achieve the right performance outcomes and evolve the culture?
Does the talent function have the right structure, capabilities and people to deliver value to the
organization at the right cost?
81
The future talent agenda 3 of 14
TALENT MANAGEMENT IN THE NEW WORLDDifferentiationAssessment and rankingPerformance managementPerformance improvementTransparency
82
The future talent agenda 4 of 14
FUTURE ISSUES FOR THE TORONTO FINANCIAL SERVICES INDUSTRY
Local and global competition for talentGaps in leadership talentSignificant loss in critical knowledge and skill
with retireesAttracting younger workers and managing
multi-generational workforcesIntegrating immigrant workers and managing
increasingly diverse workforces
83
The future talent agenda 5 of 14
QUESTIONS TO ASK IN TORONTOWhich segments of the workforce create the valu
e for which we are most rewarded in the marketplace?
Which areas of our business will be most impacted by impending waves of retirement? What are we doing to prepare successors? What impact will anticipated retirement have on the skills and productivity necessary to meet future demand?
84
The future talent agenda 6 of 14
QUESTIONS TO ASK IN TORONTOIn what areas is the talent market heating up (i.e
., demand will outpace supply)? Which segments of our workforce will be most impacted? What are the potential top-line and bottom-line implications?
What skills will we need over the next five years that we don’t currently possess? How will we create that capacity? What happens to our business if we don’t?
85
The future talent agenda 7 of 14
QUESTIONS TO ASK IN TORONTOWhat is our turnover within critical areas?
How much is it costing us? In customers? In productivity? In innovation? In quality? What are we doing to resolve the root cause?
Are we actively developing talent portfolios or workforce plans that will help us to understand and communicate the financial consequences of talent decisions on our business?
86
The future talent agenda 8 of 14
A TIPPING POINT FOR TALENT MANAGEMENT?
Integrated talent management remains more aspiration than reality
Current talent management practices are insufficiently forward-looking
87
The future talent agenda 9 of 14
CHALLENGES AHEAD-WESTERN COUNTRIESA step change in productivity is requiredNew kinds of jobsAging populationDifferent preferences of Generation Y
compared to other groupsDifferent offering needed from employers
88
The future talent agenda 10 of 14
CHALLENGES AHEAD-DEVELOPING COUNTRIES
China alone will build “one Canada” in the next ten years
Asia returning to its natural half-share of the world economy
Emerging markets provide access to large skilled talent pools
Not all graduates are treated equallyThe supply of professionals in China is
fragmented
89
The future talent agenda 11 of 14
CHALLENGES AHEAD-DEVELOPING COUNTRIES
China alone will build “one Canada” in the next ten years
Asia returning to its natural half-share of the world economy
Emerging markets provide access to large skilled talent pools
Not all graduates are treated equallyThe supply of professionals in China is
fragmented
90
The future talent agenda 12 of 14
The future talent agenda 13 of 14
The future talent agenda 14 of 14
CHALLENGES AHEAD-SUMMARYIs talent management strategy as embedded as
business and financial strategy?Are you tapping into non traditional talent pools
and who are you competing against?Is your employee value proposition as tailored
as possible to key segments (age, gender, diversity) and do you have five “compelling” stories?
To what extent are you accelerating the development of high performers and how are you retaining them?
93
Case study A
94
Case study A
95
Case study B
96
Case study B
97
Case study C
98
Case study C
99
Conclusion & Questions
100
Conclusion
SummaryQuestions
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