Talent management Exploded
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Talent management is defined as a set of HR processes aimed at attracting, developing, and retaining engaged employees to achieve organizational goals. The shift towards technology emphasizes competencies over people, highlighting the importance of critical relationships and capabilities in talent management. A McKinsey study indicates that the most valuable corporate resource in the coming years will be technologically adept talent, despite a decreasing supply.
Talent management Exploded
- 2. TM Defined Talent Management is a set of integrated organizational HR processes designed to attract, develop, motivate, and retain productive, engaged employees. The goal of talent management is to create a high- performance, sustainable organization that meets its strategic and operational goals and objectives.
- 3. Source – Johns Hopkins University Talent Management Model
- 4. PAUSE • What is the basic unit of all life on Earth? – Like Carbon, businesses need to identify the below • What is the basic component of TM? – Chaos – People – Competencies – Capability – Change • Most would say People, but in today’s world steered ahead by technology, we are on the verge of looking at Competencies as the basis of TM. This is because, machines are replacing people in many areas and soon, algorithms would work in tandem with people to create ‘Critical relationships’ that would be more capable than people working in singularity. • Since businesses are hinged on critical capabilities, ‘critical relationships’, that result in competencies, and not people, will become the core of Talent Management
- 5. WAR FOR TALENT According to a yearlong study conducted by a team from McKinsey & Co. - a study involving 77 companies and almost 6,000 managers and executives - the most important corporate resource over the next 20 years will be talent: smart, sophisticated businesspeople who are technologically literate, globally astute, and operationally agile. And even as the demand for talent goes up, the supply of it will be going down. Source - McKinsey
- 6. Source – WGU Tennessee
- 7. Source - Wikipedia Competency based HR Practices
- 8. But McKinsey said People! DID YOU KNOW? • P-CMM and the Accenture example of Performance Management and Beyond • Amazon ECHO, Machine Learning , The internet of things
- 9. So, how to leverage technology? Example - Marcus Buckingham’s Leadership development in the Age of the Algorithm
- 10. And some challenges of technology… • Rise of the Smart Machine • New computational world • New Media ecology • Globally connected world Case Study