Talent Management Final Ppt

TALENT MANAGEMENTICICI LOMBARD

ICICI LOMBARD VISION: To be the leading provider of financial services in India and a major global bank.

MISSION: We will leverage our people, technology, speed and financial capital to:

Be the banker of first choice for our customers by delivering high quality, world-class products and services.

Expand the frontiers of our business globally. Play a proactive role in the full realisation of India’s potential. Maintain a healthy financial profile and diversify our earnings across

businesses and geographies. Maintain high standards of governance and ethics. Contribute positively to the various countries and markets in which we operate. Create value for our stakeholders.

Contd..Code of Conduct and Business Ethics

ICICI Group expects all its employees, officers and directors to act in accordance with high professional and ethical standards.

WHAT İS 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.

TALENT MANAGEMENT:

A set of business practices that manage the planning, acquisition, development, retention and advancement of talent in order to achieve business goals and optimize performance.

Managing the ability, competency and power of employees within an organization

The goal of talent management is to create a high-performance, sustainable organization that meets its strategic and operational goals and objective

NEED FOR TALENT MANAGEMENT:

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 employeesCut down on high turnover ratesReduce the cost of constantly hiring new people to

train

IN GOOD AND BAD TIMES

When business needs are high, people with a range of talents are added.

However, When business eases, talent needs drop and workforce reductions

and hiring freezes are common responses

TALENT MANAGEMENT HELPS IN:

Increasing

Employee Satisfaction

Worker Productivity

Learning Effectiveness

Service Levels

Reducing

Employee Turnover

Time to Ramp New Hires

TRADITIONAL MODEL

RETAINDEVELOPACQUIRE DEPLOY

NEW APPROACH

3. Connect

2. Deploy 1. Develop

Acquire Retain

Connect: Create networks and high-quality relationships that maximize performance

Deploy :Broaden and deepen capability through stretch assignments

Develop : Build capability through on-the-job learning

Key steps in developing overall talent Management strategy

1. Identify and confirm business priorities

2. Identify and confirm critical workforce segments

3. Identify and confirm critical workforce trends

4. Assess existing human capital programs on how they address critical workforce segments issues (human capital programs include Workforce Planning, Recruitment, Organizational Learning, Performance Management, Rewards & Recognition, and Workforce Movement/Succession Planning)

5. Formulate and document a Talent Management strategy (generally a two- to three-year span)

6. Execute and sustain the strategy through technology enablers, change management, and training and by clarifying the Talent Management roles of insurance executives, line managers, employees, and the HR function.

7. Measure, report, and track progress .

A new model focuses on develop, deploy, connect

1. Talent Demand Forecast

1. Talent Demand Forecast

2. Talent Supply Forecast

2. Talent Supply Forecast

Driven by business plans and workforce attrition

Internal and external labor market factors

4. Talent Management Programs

4. Talent Management Programs

3. Talent Management Objectives

Serves to define:• Future business demand for critical talent• Opportunities presented by the external

market• Potential to maximize existing talent

Serves to define:• Future business demand for critical talent• Opportunities presented by the external

market• Potential to maximize existing talent

TALENT MANAGEMENT MODEL:Important aspects of Talent Management:

Talent AcquisitionTalent DevelopmentTalent Retention

Talent Acquisition

Talent Acquisition is the process of attracting, finding, and selecting

highly talented individuals (those who align with the business strategy, possess

required competencies, and who will integrate smoothly

and productively into the organization and its culture) to meet current and future

employment needs.

Employment Brand

Definition of Need

Sourcing

SelectionPre-Boarding

Why is it important?The Commonwealth must have the right people

to fill the right needs at the right time.Success: Effective Acquisition sets the stage for the

success of the agency and the employee.Cost: Multiple sources identify the cost of a bad hire

as 1.5 to 3 times/salary.Opportunity Loss: The amount of time a need is left

unfilled results in opportunities unrealized and costs incurred.

What is Sourcing?– Determining the most effective places to find the talent needed

– Includes internal and external sources – The process includes announcing the job’s availability to the

market and identifying and attracting qualified candidates to apply. – Includes traditional techniques like advertisements, job fairs and

postings– Also includes techniques like social networking, finding passive

candidates, and targeted functional searches

Selection - The process used to choose the best talent to make the best fit with the organization. The process involves:

Interviewing to reveal certain desired characteristics; measuring applicants on those characteristics; and extending an employment offer

Talent Acquisition Operational Workflow

Sourcing

Application Process

Screening and Interviewing

Employment Offers

Requisition Process

Notification ofNon-selection

TALENT ACQUISITION STRATEGIES

Quality of Hire: Percentage of new hires that were the organization’s

top choice

Quality of Candidates: The ability of the organization to define the

knowledge, skills and abilities needed to succeed in the job and work

environment and to source candidates that meet the competencies

Program Satisfaction : Hiring manager satisfaction with the recruitment

and hiring process and quality of candidates

Time-to-Hire: The time it takes to hire a candidate to fill a position from

job open until the position is offered and accepted

Contd….

New Hire Retention Rate : The number of new hires who remain on

the job for the first 12 to 18 months

New Hire Failure Rate: The percentage of new hires in key jobs that

were terminated or asked to leave

New Hire Retention Rate : The number of new hires who remain on

the job for the first 12 to 18 months

Performance Ratings of “Contributor” or “Extraordinary

Contributor”: Whether top candidates meet or exceed expectations

on performance reviews

TALENT ACQUISITION STRATEGIES

• Proactively build and expand the pool of candidates.• Seek to fill positions internally, if applicable.• Improve candidates’ pre-screening process.• Enhance employer brand and reputation in the recruiting market

place.• Explore new marketing outlets using Internet-based technologies

(i.e., social networking sites) to reach passive candidates and targeted groups.

• Create efficiencies in recruitment processes and workflows.• Obtain input from hiring managers.• Solicit new hire feedback.• Emphasize strategic workforce planning beyond 18-months.• Scale back or freeze talent acquisition efforts, when the need arises.

The Develop-Deploy-Connect model differentiates itself in three ways:

1. Focus on critical workforce segments — those that generate a disproportionate share of current or future value; they are in high demand, low in supply, and cannot be replaced easily. 2. Don’t just acquire talent, but Develop and grow talent. Deploy them into projects that engage them. Connect them to communities of practice within the company. 3. Integrate human capital programs to create a cohesive Talent Management strategy based on business priorities.

TALENT DEVELOPMENT

Connect

Deploy DevelopCapability

Commitment

Performance

Alignment

Develop: Ensuring that critical workforce segments are acquiring cutting edge skills to drive innovation

Formal training helpful for meeting specific requirements.

Learning is social in nature - people learn through their interactions with others, especially when tasked with real-life issues

People are more committed to the learning that occurs when they are “tested” in ways that matter, especially when they collaborate with or are accountable to others

DEPLOY: Strategic deployment of critical workforce segments will enable intensified growth

Connect

Deploy Develop Capability

Commitment

Performance

Alignment

• People learn the most in jobs that stretch them to grow, tap their unique skills, and fuel their imaginations

• The best organizations avoid pigeonholing people based on the confines of their resumes

• They also employ formal systems to manage performance - And they offer frequent dialogue and feedback

• People-to-People: Cultivate high-performance networks of high-quality relationships (i.e., CoPs, knowledge management programs)

• People-to-Purpose: Build and sustain a sense of personal and organizational mission

• People-to-Resources: Manage knowledge, technology, tools, capital, time, and physical space to achieve professional and business goals

CONNECT: Connecting talent in critical workforce segments converts knowledge into productive action

Connect

Deploy DevelopCapability

Commitment

Performance

Alignment

MEASURE AND MONITOR TALENT

Employee ManagementAppraisalsProject reviewsPerformance reviewsProgress monitoring

Career Progression MetricsTraining completion & success ratesSkills improvement ratesOn-the-Job Proficiencies

Self-ManagementProgress monitoringSelf assessmentCompetencies update

EFFECTIVE MANAGEMENT OF TALENT:

Build a Winning Environment that people want to belong to

Establish a Talent Management Mindset, which embeds Ownership and Accountability for Optimising Talent and Potential

Create Tangible Means to Identify, select and deploy people of Outstanding Talent

Fully Engage Talent, use it and manage it Intelligently

Change Organization

Culture

Managing Succession

Selecting Talent

Attracting Talent

Retaining Talent

Recognize talent

WAYS TO MANAGE TALENT

• Track Learning and Progression

• Quantify the Effect of Training

• Track Learning and Progression

• Quantify the Effect of Training

Measure &Monitor

Measure &MonitorPlanPlan

• Align Workforce to Strategic Objectives

• Retain Top Talent

• Align Workforce to Strategic Objectives

• Retain Top Talent

InstructInstruct

• Provide Training

• Enable Global Learning

• Provide Training

• Enable Global Learning

Reward &Promote

Reward &Promote

• Give Suitable Compensation and Rewards

• Give Suitable Compensation and Rewards

Learning Retention

Learning Retention

Career ProgressionCareer Progression

TALENT RETENTION MAP

WAYS TO KEEP HOLD OF TALENT

•Build a path that enables the employees to utilise their full potential.• Invest in building the psychological contract

Individual growth Compelling future Pay Positive workplace

•Provide quality feedback in a timely manner. •provide a better work-life balance.•Offer professional development opportunities.•Create an environment in which employees are included more in the business than just their job description.

CRITICAL FACTORS TO ACHIEVE THE DESIRED RESULTS:

EXECUTIVES: • Visible, vocal , aligned and committed to sustaining talent

management as a priority.• Model the right behavior-spend adequate time on talent

management activities and decisions.• Hold line managers accountable for developing organizational

talent.LINE MANAGERS: • Own and accept their role as people managers.• Actively provide feedback, coach, and develop their people.• Capable of having constructive performance and coaching

conversations

EMPLOYEES: • Employees must take responsibility for their own career

development, using available resources for self awareness, career planning, skill development, and involving people who have the power to influence their opportunities.

• Actively articulate career aspirations to managers.• Seek feedback, coaching and developmental opportunities.

KEY LEVERS TO CREATE THESE FACTORS INCLUDE:

1. An HR function that can skillfully facilitate the process and underline how Talent Management helps the realization of business goals

2. Technology tools that are easy to use and enable the Talent Management processes; timely, accurate, and open communications across the company

3. Executives, line managers, HR, and employees trained in the objectives, process, tools, metrics, and roles in the Talent Management process

4. Change Management programs that create alignment within and across functions.

APPRECIATE THE CONTRIBUTION OF ALL THE EMPLOYEES

“ Life is not divided into semesters. You don’t get

summer’s holidays or off and very few employers are

interested in helping you find yourself.”