Creating an Integrated Talent Management Practice
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Talent management is a set of processes that ensures an organization has the quality and quantity of people needed to meet current and future business goals. To create an effective talent management practice, companies should develop a talent philosophy, strategy, and model. This includes defining processes for acquisition, performance management, development, engagement, and succession. The goal is to build an integrated approach that aligns talent practices with business needs.
Creating an Integrated Talent Management Practice
- 2. EXECUTIVE SUMMARY What is Talent Management, Key elements and Why it’s important Steps to create a Talent Practice Philosophy, Talent Strategy, Model, Processes and Systems
- 3. DEFINITION Talent Management is set of a mission critical processes that ensures organizations have the quantity and quality of people in place to meet their current and future business priorities (*) 3 (*) DDI Definition When we refer to Talent (As individuals) are we talking about: All company employees Those considered Hi Potentials
- 4. WHY IT’S IMPORTANT • There is a demonstrated relationship between better talent and better business performance. • Talent is a rapidly increasing source of value creation. The financial value of companies often depends upon the quality of talent. In fact, the Brookings Institution found that with 80 percent of value of a company is attributable to intangible assets and 20 percent to tangible assets. • Boards and financial markets are expecting more. Employee expectations are also changing. Employees today are: Increasingly interested in having challenging and meaningful work. More loyal to their profession than to the organization. Less accommodating of traditional structures and authority. More concerned about work-life balance. Prepared to take ownership of their careers and development • Workforce demographics are evolving. 4
- 5. Talent Strategy STEPS TO CREATE A TALENT PRACTICE 5 Business Needs and Growth Strategy Talent Philosophy Talent Model Key Elemen ts Acquisitio n Performan ce Developm ent Engageme nt Successio n Talent Processes Current and Desired Culture Talent Management Systems (Software)
- 6. TALENT PHILOSOPHY A talent philosophy is the foundation for every talent practice in the organization. It details the company’s point of view on performance, behaviors, accountability, transparency, and differentiation. That clear point of view means that managers can easily explain the outcomes of talent processes and employees know that talent decisions are made using a consistently and equitably applied approach. (*) (*) Talent Strategy Group Key definitions of a Talent Philosophy 1. Performance: How do we manage performance? High differentiation or fairness prevails? Incentives, Individual vs Teams? 2. Differentiation: Do we differentiate talent? Hi potentials? If so how do we determine who is a HP, how do we compensate, develop and communicate to the individual and the organization. 3. Behaviors: What are the expected Leadership behaviors? What makes a Leader successful? How do they shape the culture? 4. Transparency: How transparent should we be with employees about their career potential in our organization? 5. Accountability: How accountable are managers today for increasing their team’s engagement? 6. Talent Architecture: Do we build from within (Build), Hire (Buy) what's the right mix? 7. Ownership and Roles. Who owns the talent, what are the Managers, employee and company roles in talent development Talent Philosophy
- 7. DEFINING A TALENT STRATEGY 7 The Talent Strategy is the output of what we do: Build the Capabilities needed to achieve business results A talent strategy identifies the key success factor of a Business Strategy.. ..Translates it into Critical Capabilities (people + processes + systems + organization) the organization needs to develop to achieve the business strategy.. ..Creates a roadmap to build those capabilities using six levers: • Acquiring Talent • Developing Talent • Designing Organizational models • Crafting Reward mechanism • Building Leadership Capabilities • Enhancing Functional skills Capabilities : people + processes + systems + organization Talent Strategy
- 8. DEFINING A TALENT MODEL 8 John Bersin Model An integrated Talent Management model includes all the elements of managing people which lets the organization rapidly and effectively respond to business needs. Defining a Talent Model upfront helps integrate all elements: Processes, tools and systems of Talent Management to achieve the desired outcome. (The Talent Strategy) Talent Model
- 9. TALENT PROCESSES Acqu isitio n Perfo rman ce Deve lopm ent Enga gem ent Succ essio n Talent Process
- 10. TALENT ACQUISITION – KEY DEFINITIONS When do we hire (buy), when do we develop (build)? What is our Employee value proposition, and how de we communicate it as an attractive Employer Brand How do we manage the Attraction /Recruitment/Selection/On Boarding process 10 Acquisi tion Perfor mance Develo pment Retenti on Succes sion
- 11. PERFORMANCE – KEY DEFINITIONS What is the purpose of our performance management processes? Performance Evaluation Performance Management Performance Acceleration Timing: Yearly/ Semi Annual /Quarterly process? Ratings yes o no? Feedback and conversations Link with Pay 11 Acquisi tion Perfor mance Develo pment Retenti on Succes sion
- 12. DEVELOPMENT – KEY DEFINITIONS Identifying Strengths, Opportunities and Gaps Career Conversations and Development plans Learning and the 70/20/10 framework Critical experiences: mapping and developing a journey 12 Acquisi tion Perfor mance Develo pment Retenti on Succes sion
- 13. ENGAGEMENT – KEY DEFINITIONS How and how frequently do we measure it? Who is accountable for creating a Engaging work environment? Survey/Review/Communicating Results/Action planning process 13 Acquisit ion Perform ance Develop ment Engage ment Succes sion
- 14. SUCCESSION – KEY DEFINITIONS 14 Talent Inventory. What Talent do we have, what gaps we need to fill. Talent Segmentation (Hi potentials/ Hi Performers /Critical Professionals) Talent Calibration. Talent Assessment? Link to development and accelerated development Bench sufficiency and Bench development Critical and Developmental roles Acquisi tion Perfor mance Develo pment Retenti on Succes sion