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Talent Management

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talent management

on 22 March 2013

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Transcript of Talent Management

Talent
Management A deliberate and systematic effort by an organisation to ensure leadership continuity in key positions and encourage individual advancement 3. You must know what you’re looking for—the role of Success Profiles. 7. Talent management is all about putting the right people in the right jobs. Talent management is the systematic attraction, identification, development, engagement/retention and deployment of those individuals who are of particular value to an organisation, either in view of their high potential for the future or because they are fulfilling business/operation-critical roles Learning Objectives Be able to define Talent Management
Understand the process of Talent Management
Be aware of the 9 best steps of effectively managing talent
Recognise Talent Management's interpretation of Ansoff's 9 box model
Appreciate the opportunities and risks of the concept from various perspectives
Be able to state the advantages and disadvantages of Talent Management
Understand the potential consequences in failing to carry it out correctly
Be aware of the importance of continuing to plan ahead Origins of Talent Management The connection between human resource development and organisational effectiveness has been established since the 1970s

The term Talent Management was first introduced in 1997 by McKinsey and Co in their work, titled 'The War For Talent' Risks It can be divisive;
It can raise peoples expectations which you may not be able to meet;
It can be expensive and take a lot of time;
This is a long term investment so it may be impossible to show return in the short term;
Your talented people may be increasingly attractive to other organisations, so they may not stay. NINE BEST PRACTICES FOR EFFECTIVE TALENT MANAGEMENT 1. Start with the end in mind—talent strategy must be tightly aligned with business strategy.

2. Talent management professionals need to move from a seat at the table to setting the table. Effective talent management requires that
your business goals and strategies drive the
quality and quantity of the talent you need. Talent managers need to own
parts of the process and serve as partners,
guides, and trusted advisers when it comes
time to talk talent.

Successful initiatives are driven
by HR with active support
from the CEO and other senior leaders—
who provide the resources, the budget,
the communication and support necessary
for success.

HR needs to step up and play a critical
role. People question who owns the marketing process, or the financial oversight of an organisation — that belongs to the top marketing or financial officer and their
teams. Likewise, HR needs to own and put
in place professional talent management
processes. > Competencies: A cluster of related
behaviors that is associated with success
or failure in a job.
> Personal Attributes: Personal dispositions
and motivations that relate to satisfaction,
success, or failure in a job.
> Knowledge: Technical and/or professional
information associated with successful
performance of job activities.
> Experience: Educational and work
achievements associated with successful
performance of job activities. 4. The talent pipeline is only as strong as its weakest link. Value creation does not come from senior leadership alone. The ability of an organisation to compete depends upon the
performance of all its key talent, and its ability to develop and promote that talent. 5. Talent Management is not a democracy. There's a philosophy which suggests to 'Invest in the Best'.

Many companies do the opposite, and make a mistake by trying to spread limited resources for development equally across employees.

It's been found that organisations realise the best returns when promising individuals receive a differential focus when it comes to financial resources for development. 6. Potential, performance and readiness are not the same thing. Many organisations understand the idea of a high-potential pool or a group of people who receive more developmental attention. But sometimes, they fail to consider the differences between potential, performance, and readiness.

An example to show the differences between potential and readiness is the early career of an athlete. According to theory developed by 'Development Dimensions International' who are a leading Talent Management consulting company There's an argument made which states that the hiring process may be more important than the developing side.

Not everything can be developed. Training people to improve their judgment, learning agility, adaptability—all core requirements for most of the talent hired today—is difficult, if not impossible.

Hiring for the right skills is more efficient than developing those skills. What about the areas that can be developed, like interpersonal skills, decision-making, or technical skills? Assessing those areas at the time of hire is likely to cost less than developing them later. 8. Talent management is more about the “hows” than the “whats.” > Communication—Links the talent management initiative to the business drivers, puts forward a vision the organisation can rally around, and sets expectations for what will happen in the organisation.
> Accountability—Role clarity so that each individual in the talent management initiative knows what is expected of them.
> Skill—Developing the right skills and providing coaches and mentors for
support.
> Alignment—Must align talent management initiatives to the business drivers but also need the right kinds of systems to identify high potentials, to diagnose for development, to link to performance management, and to do development that really changes behavior.
> Measurement—You can’t manage what you don’t measure. It creates the tension, and objectives become clearer to help execute a talent strategy. The most effective measurements go beyond mere statistics to quantify what’s working in talent management, why those initiatives are effective, and what impact they have on the organisation. 9. Software does not equal talent management. A piece of software cannot provide full talent management, trying to claim so would be like suggesting a food processor is capable of producing a 3 course meal of Michelin star quality. It is a tool, a useful one at that to support the process.

A true recipe for successful Talent Managament combines content, expertise, and technology. The Talent Management Process Opportunities From an employer perspective From an individual perspective Ensure that the leadership of your organisation is rich and diverse;
Help to achieve strategic business objectives;
Build a high performance workplace;
Encourage a culture of learning and development;
Ensures value for money through targeting talent spend and ensuring talent is coherently managed;
Address diversity issues, including the need to deliver diversity targets, and to eradicate direct and indirect discrimination;
Engage people;
Retain talented people;
Enhance your image and position in the employment market Engage with their work and be more effective;
Be satisfied with their jobs and proud of their organisation;
Recommend their employer to others;
Have a good opinion of their managers;
Feel that their performance is valued;
Have stronger feelings of personal and professional growth and accomplishment;
Feel valued and important to the success of the organisation. Advantages 62% of HR managers are worried about the shortages of talent company wide

This is one of the main reason talent management takes place in the majority of successful companies Right person in the right Job
Retaining the top talent
Better hiring
Understanding employees better
Better professional development decisions Disadvantages Time consuming
Demotivating for others
Difficult to select right people
Cost of training and mentoring
False expectations Loss of key leaders – sometimes not finding even an approximate replacement
Repeated turnover of key persons from an organisation will affect the very work culture within the organisation
Poor performance affecting targets and productivity.
Financial crisis Consequences of failure in Managing Talent Organisations have to face the following problems, if they fail to manage talent Example of not carrying out a successful Talent Management program would be John Sculley (Ex-Apple), who fired Steve Jobs. A few years later Apple almost went bankrupt . Market Value of Apple today: $500billion Succession Planning Succession planning can be defined as a process for identifying and developing potential future leaders or senior managers, as well as individuals to fill other business-critical positions, either in the short- or the long-term.

The aim is to develop pools of talented people, each of whom is adaptable and capable of filling a number of roles.
Because succession planning is concerned with developing longer-term successors as well as short-term replacements, each pool will be considerably larger than the range of posts it covers.

Outsiders tend to come in below board level as they need to become accustomed to the organisational culture.

Insiders are important to provide a home-grown talent and it has been said that leaders created from within the organisation tend to be more successful. 9 Box Model Task Opportunities 9 box Talent Management model Using the 9 box model developed by Igor Ansoff in 1957, HR professionals have created the Talent Management model to help them place and analyse their own talent. Using the character profiles provided, in your groups, discuss and decide where you feel each individual should be placed on the matrix In your groups you will be allocated one of two perspectives, the employer or the employee. For your given perspective write down the opportunities of Talent Management to them Icebreaker Using the play dough, model an idea which you believe represents a specific talent you feel that you posses Examples... Communication Music Succession Planning
Task A HR manager is set to go on maternity leave, using the profiles given to you and relating back to the 9 box model, place the candidates in order of succession. Photography Have a break, have a References Buckingham G 2000, Same Indifference, People Management 17th Feb pp 44-46
CIPD, 2008. Practitioner Guide: How to create a Talent Management Strategy that reflects Diversity. CIPD.
CIPD Survey 2010 Resourcing and Talent Planning
Development Dimensions International, Inc, n.d. NINE BEST PRACTICES FOR EFFECTIVE TALENT MANAGEMENT. DDI.
Powell, M. & Devine, M., 2008. Talent management in the public sector. The Ashridge Journal, pp. 1-6.
Rothwell, 1994 Effective succession planning: Ensuring leadership continuity and building talent from within, Amacom, New York (1994).
Sullivan, D. J., 2011. Talent Management Lessons From Apple: A Case Study of the World’s Most Valuable Firm. [Online] Available at: http://www.ere.net/2011/09/12/talent-management-lessons-from-apple-a-case-study-of-the-worlds-most-valuable-firm-part-1-of-3/[Accessed 2013].
Taylor S, 2005, People Resourcing, 3rd ed: CIPD
Thomas, D. T. & Raghavan, J., n.d. TALENT MANAGEMENT – SCOPE & PROCESS. pp. 1-5.
Wilton, N. (2011). An Introduction to HRM. Sage
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