Managing Talent In The 21st Century

Managing talent in the21st century

© The Mind Gym Ltd 2

Defining talent

A. Everyone is talent and therefore talent management is about looking after all human capital

B. Top slicing – identify high potential individuals and accelerate their progression through the business

C. Top slicing and business critical roles


The prize

A 10-point increase in an average Fortune 500 company's talent quotient score will add between US$70 million and US$160 million to the firm's bottom line over the next two to three years.

Hewitt Associates.


The difference

Old way• Short half life • Most of the effort in the

initial selection• Minimal measures with

organisational objectives

• Subject to social loafing

New way• It’s tough to get in and

stay in• It’s worth the effort – it

fits with my needs and helps me succeed

• It makes a step change to organisational capability and retention


It’s tough to get in and stay in

• Makes it more attractive for those who want to succeed

• The threat of losing the privilege makes people invest more effort

• It reduces social loafing

• It makes it easier for those not involved

• Very visible message to everyone that performance is what matters here


Who should join?


How to identify this?

Source: Deloitte (2008)


What about those not included?

• Performance management for the ‘vital many’

• Labelling• 67% of CIPD respondents agreed using the

term ‘talent’ is demotivating.• Think about alternatives: high flyers; Aspire?

• Transparent on how to get in and out

• Understood that some will drop off – not right for everyone


the value of the programme

Recognition• I’m special (exclusivity/ongoing assessment)• Recognised outside my company

Opportunities to grow fast• Stretch• Choice – in control of what I am doing• Regular flow of interesting work• Job promotion/new career opportunities

Investment in me• Access to senior people• Coaching, development, etc – the skills to become great• Very different kind of experience, eg, social projects• Reward – different structure for top talent?


What is it that’s difficult?

Matt Pease and Simon Mitchell, Leaders in Transition: Stepping Up, Not Off. DDI.


It makes a step change to organisational performance

• Measurable shifts in • Retention• Speed of promotion


KPIs for talent programmes

Source: Deloitte (2008)Source: Deloitte (2008)

Other


What makes a difference?

• Openness, teamwork, autonomy, career development, training

Hiltrop, J-M. (1999) The Quest for the Best: Human Resource Practices to Attract and Retain Talent. European Management Journal 17(4), 422-430.

Managing Talent In The 21st Century

Business