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Talent ManagementBy The Numbers

Presenter: JoAnn CorleyFounder, CEO – The Human Sphere

Talent Management defined:Talent management is the integrated process of ensuring that an organization has a

continuous supply of highly productive individuals in the right job, at the right time and managed in the best way.

Aberdeen Group Talent Management Study - 2013

Rather than a one-time event, talent management is a continuous process that plans talent needs, which includes the following:

• builds an image to attract the very best• (being “preferred employer”)

• ensures that new hires are immediately productive

• helps to retain the very best• facilitates the continuous movement of talent to

where it can have the most impact within the organization

Talent Management is…

Talent Management Mindset: 4 Key Factors

• It takes an integrated approach within HR. • It integrates people processes into standard

business processes. • It shifts responsibility to managers for

executing people management • It measures success with productivity that

impacts profits.

This implies 4 key business practices:

• Key leadership is involved in what is otherwise considered “HR functions”.

• The HR Team is seen and treated as a leadership collaborator regarding business strategy.

• Managers have an enhanced roll and collaborate more closely with HR

• HR plays a closer role in support management functions

to increase overall workforce productivity through the improved attraction, retention, and utilization of talent

The goal of talent management…

Solid hire = Best fit = Best performance management = best management

…aka… to create, keep and increase profits via effective people

management strategies & practices

Key Competency of Talent Management

• See past the person to their behavior.• Connecting dollar value to behavioral

outcomes.• Behaviors cost you profits and behaviors

serve your profits.

Measuring:Talent

Management By The

Numbers

As you listen to the U.S. findings, note some of the key themes. Here’s what I observed:• Mismatch - best fit• Ramp-up time• Demoralizes other team members• Time wasted - best use of leadership’s time• Measuring cost• Replacement cost / cost of turnover

Future Foundation: The Cost of Poor People Management

What’s a solid hire to you?

What’s does “best fit” mean?

How much can a “bad” hire cost you?

What does a bad hire look like to you?

How much would it cost you?

What’s a solid hire to you?

What’s does “best fit” mean?

What’s effective performance management?

> Clear – understood expectations= job – job scope & job competencies= relating to others

> Documenting / Tracking> Feedback Coaching – formal & informal> Improving performance as you go

What’s a competency?Consider the “hand in glove” metaphor

Performance Assessment Map

Assessing – Identifying Behaviors

3 Scenarios: 1.The HR manager2.The Sales Person

3.The Manager

Here are some of questions:• What behaviors on the part of the HR Manager

contributed to this financial loss? • What behaviors on the part of the harassing manager

were involved?• Who else might the manager been harassing and what

kind of liability exposure has gone unreported?• Where were the areas of financial loss in this story

beyond the obvious of the settlement? (e.g. sick days, lower productivity of the employee…etc.)

• What would be the competencies needed (or “critical success factors”) for an HR Manager to be effective.

• How would those competencies positively contribute to a company’s bottom line?

One More – The

Disrespectful, Abusive

Manager

The Science of

Talent Management

_______Validated

Assessments

AssessmentsRoughly 18% of companies currently use personality tests (behavioral assessments) in the hiring process, according to a survey conducted by the Society for Human Resource Management.

Since the cost of a bad hire is widely estimated to be at least one year’s pay, there are huge incentives for organizations to get hiring right.

http://blogs.hbr.org/2013/09/how-to-use-psychometric-testin/

Assessments

Knowledge, Aptitudes, Thinking capabilities Personality = preferred behavior expression Behavioral Preferences | Psychometric & ValidatedThese assessments are more complex in design and therefore offer more dimension in the results. They tend to be more scientifically based.

Psychometric defined: The branch of psychology that deals with the design, administration, and interpretation of quantitative tests for the measurement of psychological variables such as intelligence, aptitude, and personality traits.

In Talent Management = > Looking to assess competencies

SuccessionBuilding For the Future…

by planning in the present

Why Does ItMatter?

Let’s do the numbers…

Successions By The Numbers A recent PricewaterhouseCoopers survey of more than 1,600 family-owned or managed businesses around the world found that 27 percent expect to change hands in the next five years. But 47 percent of the companies had no succession plans in place; 34 percent of companies based in North America expect to bypass their families altogether for succession, according to the report… There are more than 17 million family businesses in the United States, representing 64 percent of gross domestic product and employing 62 percent of the U.S. work force. Thirty-five percent of the businesses that make up the S&P 500 are family controlled.

Successions Stats… Family businesses are also more successful than non-family businesses, with an annual return on assets that’s 6.65 percent higher than the annual return on assets of non-family firms. Unfortunately, only a little more than 30 percent of family businesses survive into the second generation. 66 percent of the 78 million Baby Boomers are currently employed full-time–many in leadership or management roles. 40 percent of the workforce will most likely be retiring in the next 5 years. That means that 40 percent of the most experienced leaders and workers will be gone in the mid-term. (Source: Chavez, The Case for Succession Planning, 2011)

3 Stage

Process Overview

1. Build the Big Picture2. Identify Candidates &

Assess3. Leadership & Performance

Integration

Power Tip

• Expand your view of “succession planning” across your organization and leadership levels

• The key…the sooner, the better• Let’s start with you…

“Good is the enemy of great.”Jim Collins

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