Managing talent in uncertain times
- 1. MANAGING TALENT IN UNCERTAIN TIMESSaranyaSrinivasanMILR 2011
- 2. OverviewIntroductionCritical Issues during RecessionUnderstanding the Talent ManagementResponding to RecessionCompany speakCurrent ScenarioConclusion
- 3. When the winds of change blow, some people build walls and others build windmills- Chinese Proverb
- 4. Critical Issues during RecessionFinancial stability.Talentmanagement and staffing.Business stability and efficiency.Employee engagement.Employee morale.Source: Report 2009 (CIPD)
- 5. Talent Management defined…The systematic attraction, identification, development, engagement, retention and deployment of those individuals with high potential who are of particular value to an organization CHARTED INSTITUTE OF PERSONNEL AND DEVELOPMENT(2009 Report)
- 6. Making the ConnectionSource: Accenture
- 7. Responding to RecessionStrategies Adopted:Layoffs and downsizing: 55% - Expanded this strategy; 42% initiated it. Business competencies: 76% - sharpen business skills, while 28% started such programs.Leadership and career development: The majority- 53% - develop talent and retain those individuals after the recession lifts.Source: Riding Out the Storm and Preparing for thePost-Recession Workplace, SHRM
- 8. Responding to RecessionStrategies and Programs reduced/avoided:Older-worker strategies: 43%Recruitment of top talent: 42%percent have reduced top-talent recruiting.Retention: Nearly a third of respondents reported reducing this strategy.Source: Riding Out the Storm and Preparing for thePost-Recession Workplace, SHRM
- 9. What do Companies have to sayhttp://www.youtube.com/watch?v=sUUYfd4udYo“Integrity, outstanding value to our clients, commitment to each other and strength from cultural diversity are the anchors of our culture and true differentiators in economically difficult times.”
- 10. Current ScenarioCope with: Global abundance but local scarcity of talent Fewer young people and more older peopleRising demand for new skillsNew methods of working and new relationshipsMore diverse and remote or even virtual workforcesSteady change in the nature of work
- 11. Where do we go from here?Talent Management a top priorityTo sustain high performance:Positioning for Survival: Workforce Rightsizing, Operational Efficiency, Back to BasicsPositioning for Advantage: Talent Acquisition, Strategy Agility, Engagement & AlignmentPositioning for Growth: M&A Integration, Culture Alignment, HR Integration, Governance Models
- 12. Thank You!Questions or Comments?
Editor's Notes
- #4: Thought I would start on a positive note: this chinese proverb represents what some companies could do: standout even in times of recession/uncertainty
- #7: Figure 1: Making the Connection: Market Pressures, Business Strategy, and the link to TalentSource: Accenture
- #10: Include strategies: linking all activities back to business critical needs restructuring and refocusing, balancing the short and long term perspectives and sharing learning and pooling resources across different department
- #11: Talent managers today must cope with a world of change and contrast: global abundance but local scarcity of talent • fewer young people and more older people, many heading rapidly towards retirement • rising demand for new skills aggravated by demographic pressures and educational shortcomings • new methods of working and new relationships between users and suppliers of talent • more diverse and remote or even virtual workforces with different attitudes to work across the generations • steady change in the nature of work with more and more of us working in the fuzzy world of information.
- #12: Make talent management a priority.As the economic landscape brightens, moving talent management to a higher plane becomes essential. Many leaders learned from previous crises, when a “hire and fire” mentality gutted good talent. Today, they don’t just measure employees’ costs and productivitybut gauge their future potential for innovation and value creation, because the time spent on acquiring, developing, and managing talent correlates with long-term success. Since broken promises and compromised values erode trust, leaders seek to reassure talent by restoring their confidence. Effective executives are heeding the advice to “never waste a good crisis.” As the crisis begins to ease, these six areas should be part of your agenda