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Welcome!
Creating a High-Performing Organisation through Talent Management
Simplified. ONE PRODUCT. ONE PRICE.
Talent Management
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Creating a High-Performing Organisation Through Talent Management
Speaker:
Dr. Vijay Jog President & CEO Corporate Renaissance Group
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Creating a High-Performing Organisation Through Talent Management
Creating a High-Performing Organisation Through Talent Management
Agenda: • Some definitions
• A High performing organisation • Talent • Talent management
• Why is there "war for talent" and what is the evidence? • How can you win it? • Creating a Talented organisation
• The role of leaders • The role of HR • Framework to create and sustain it • Role of compensation • 7 imperatives • The Do’s • The Don’ts
• Q & A
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Creating a High-Performing Organisation Through Talent Management
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Creating a High-Performing Organisation Through Talent Management
Defining a High performing organisation
Creates higher than expected value for
its primary stakeholder:
PLUS Ensures a fine
balance with other stakeholders
PLUS Does this in a
seemingly effortless and
stressless manner
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Creating a High-Performing Organisation Through Talent Management
How can you recognise these organisations?
• People want to come to work
• People are passionate about what they do
• People are proud – wear it on their heart!
• In these organisations, work does not feel like work!
Creating a High-Performing Organisation Through Talent Management
What is Talent?
Group of aptitudes useful for an
activity.
Skills possessed by an individual.
One’s innate ability to perform at certain tasks.
Talent: It is the most important organisational resource and the biggest determinant of its present and future success.
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Creating a High-Performing Organisation Through Talent Management
“Talent” attributes of an individual
• Innate talent • Competency (capabilities) • Knowledge (skill sets, domain of expertise) • Personal attributes (commitment, work ethics) • Experience (battle scars)
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Creating a High-Performing Organisation Through Talent Management
Importance of Innate talent may be overrated:
• ‘The traditional assumption is that people come into a
professional domain, have similar experiences, and the only
thing that’s different is their innate abilities. There’s little
evidence to support this. With the exception of some sports,
no characteristic of the brain or body constrains an
individual from reaching an expert level.’ - psychologist K.
Anders Ericsson (FSU)
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Creating a High-Performing Organisation Through Talent Management
Talented people are high performers in an organisational
setting
Talented people are team players
Talented people are low
maintenance
Talented people are adaptive
Talented people have the potential
to be leaders
Talented people in an organisation
Creating a High-Performing Organisation Through Talent Management
What do these pictures tell us?
Some common misconceptions ..
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Creating a High-Performing Organisation Through Talent Management
Lessons:
• The Talent symphony • Have the right “Concert
master”
• Know the role
• Have the right “instrument”
• Know the “place”
• Know that it takes all to create astounding music together…..
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Creating a High-Performing Organisation Through Talent Management
What constitutes Talent Management?
Brand and Leaders who can properly
attract, align, develop and retain these individuals.
PLUS
Leads to
Ability to create a spirit of a common
purpose and a shared destiny
A symphony like performance that
enhances Potential of Individuals
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Creating a High-Performing Organisation Through Talent Management
What we want .. Through Talent management
We want talented people who…
Can work with other people
Continue deliberate practice
– hard work
Leading to a high performance organisation
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Creating a High-Performing Organisation Through Talent Management
When did it all start??
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Creating a High-Performing Organisation Through Talent Management
War-for-Talent:
A term coined by Steven Hankin of McKinsey & Company in 1997 “The war for talent refers to an increasingly competitive landscape for recruiting and retaining talented employees. It is not defined by a set
of superior Human Resources processes, but a mindset that emphasizes the importance of talent to the success of organizations.”
Source: Fast Company http://www.fastcompany.com/magazine/16/mckinsey.html The war for talent. ELIZABETH G. CHAMBERS, MARK FOULON, HELEN HANDFIELD-JONES, STEVEN M. HANKIN, AND EDWARD G. MICHAELS III 1998
TALENT
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Creating a High-Performing Organisation Through Talent Management
Increasing in importance: Why?
• Over the past decade, PEOPLE have become more important than capital, strategy, or R&D!
• It is alleged that mobility is on the rise and loyalty is in decline
• There is shortage of the “right” people
• There is a realisation that strategic talent management would lead to significant competitive advantage and thus high performance
Creating a High-Performing Organisation Through Talent Management
Evidence
• The companies in the survey that excel in talent management achieved total returns to shareholders that were 22 percentage points better than the average.
• Not 22 percent better, 22 percentage points better.
• Compounded over several years, the difference in wealth creation is huge indeed.
Source: The war for talent. Chambers et al. 1998
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Creating a High-Performing Organisation Through Talent Management
Creating a High-Performing Organisation Through Talent Management
More Evidence
• A 2009 study by the Hackett Group found companies with more mature
talent management capabilities post 18 percent higher earnings than
typical Global 1000 companies.
• DDI’s Leadership Forecast 2005–2006, showed that companies with
stronger leadership development systems enjoy higher returns on
equity and profit when compared to their competitors.
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Creating a High-Performing Organisation Through Talent Management
Creating a High-Performing Organisation Through Talent Management
More Evidence
• A study from IBM and the Human Capital Institute showed that
organizations that apply talent management practices demonstrate
higher financial performance compared to their industry peers
• Hewitt Associates reports that the vast majority of top financial
performing companies (85 percent of the top 20 in a field of 373
companies) hold their leaders accountable for developing talent,
compared to just 46 percent of leaders from the other organizations.
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Creating a High-Performing Organisation Through Talent Management
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Creating a High-Performing Organisation Through Talent Management
Successful Organisations:
What are the ‘Best Employers’ doing? Four quick examples…
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Creating a High-Performing Organisation Through Talent Management
Successful Organisations:
• The president attends more than 20 employee-feedback sessions a year to find out what the staff would like improved, as well as to get their input on where the company is headed strategically
• Above and Beyond program encourages staff members to recognize other employees’ work. As many as 140 people a month are nominated
Maclean’s Magazine: Canada’s Top 50 Employers http://www2.macleans.ca/2010/10/28/canadas-best-50-employers-2011/2/
• Employees are autonomous and “encouraged to take risks” to “get the job done well”
• There’s “an open-door policy” at all levels of the organization • Unlimited access to the Novotel Online University to obtain certificates
for language, business and professional development courses
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Creating a High-Performing Organisation Through Talent Management
• Purple Promise Awards are given annually to star employees • Global employee survey measures feedback on existing
employee programs • Regular updates on company business thanks to a video
magazine, a blog and a newsletter.
• Emphasis on “transparency and open communication” • Good growth potential in terms of access to partnership; promotions
are not based on tenure, but on merit • Employees are able to work on a range of projects in Canada and
around the world
Successful Organisations:
Maclean’s Magazine: Canada’s Top 50 Employers http://www2.macleans.ca/2010/10/28/canadas-best-50-employers-2011/2/
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Creating a High-Performing Organisation Through Talent Management
War-for-Talent: How can we win?
ATTRACT - IDENTIFY - DEVELOP - RETAIN
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Creating a High-Performing Organisation Through Talent Management
How can we win?
ATTRACT - IDENTIFY - DEVELOP - RETAIN.
War-for-Talent:
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Creating a High-Performing Organisation Through Talent Management
It does start with leadership and establishing Company Brand ….
Creating a High-Performing Organisation Through Talent Management
Design strategy
Defining the Right metrics
Right culture
Establish direction
Effective resource
deployment
Aligned incentives
Pride, passion
Raise the yardsticks
Build competencies
Acting and Monitoring
Energy
Ability to invent the
future
Ability to make it happen
Visionary leaders
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Creating a High-Performing Organisation Through Talent Management
Creating a High-Performing Organisation Through Talent Management
Defining the Right metrics
Aligned incentives
Monitoring and acting
Ability to make it happen
How Can HR Help?
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Empowerment Individual Accountability
Individual Objectives
Right culture Pride, passion Energy
Creating a High-Performing Organisation Through Talent Management
Creating a High-Performing Organisation Through Talent Management
A well functioning HR team aligned with the leadership team
Organizational Goals and Objectives
HR Function
Performance Reporting
Business Improvement Initiatives
Performance Scorecard
• Individual Performance
• Talent Management
Individual Goal Setting
Reward/recognition Systems
Employee Development
HR Services
Ensure alignment across the organization.
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Creating a High-Performing Organisation Through Talent Management
How can we win?
ATTRACT - IDENTIFY - DEVELOP - RETAIN.
War-for-Talent:
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Creating a High-Performing Organisation Through Talent Management
How can we win?
IDENTIFY
- New talent
- Existing talent
War-for-Talent:
Creating a High-Performing Organisation Through Talent Management
Recruiting new Talent: be scientific
• Do they have the skills? Absolutely!
BUT please let us not stop there!
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Creating a High-Performing Organisation Through Talent Management
New Talent: be scientific
Ask the “symphony” questions: • Are they people smart? • Can they get things done under pressure and in unfamiliar
circumstances? • Are they straightforward and trustworthy? • Are they going to be high maintenance? • Can they have fun but be serious when we have to? • Can they inspire others? • …….
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Creating a High-Performing Organisation Through Talent Management
Managing Existing Talent: be scientific
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Promotional Pool
Rating Current Performance
Potential to Improve
Potential for Promotion
Investment Required
L M H L M H L M H L M H
Non-Promotional Pool
1 – Problem Child
2 – Bench Player
3 – Need To Grow Up
4 – Reached Ceiling
Medium Promotional Pool
5 - Nurture
6 – Low Hanging Fruit
High Promotional Pool
7 - Star
8 – Super Star
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Criteria For Rating The Existing Talent Pool
Promotional Pool
Rating
Work Ethic Attitude Training
for Current
Training for Promotion
Flight Potential
Action Imperative
Non-Promotional Pool
1 – Problem Child
2 – Bench Player
3 – Need To Grow Up
4 – Reached Ceiling
Medium Promotional Pool
5 - Nurture
6 – Low Hanging Fruit
High Promotional Pool
7 - Star
8 – Super Star
Needs Improvement, Satisfactory, Strong?
Needs Improvement, Good, Excellent?
Technical, Management, Both, N/A?
Technical, Management, Both, N/A?
Low, Medium, High?
Immediate (30 days), Short-Term (3 months), Mid Term (3-6 months),
None (>6 months)?
Overlay criteria and action plans
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Creating a High-Performing Organisation Through Talent Management
Managing Talent: be deliberate & systematic
• Do not do it with paper and pencil
• Create and Manage the talent dashboard
• Use technology – get away from manual collection and move
to analysis and ACTION
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Action Imperative
War-for-Talent:
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Creating a High-Performing Organisation Through Talent Management
How can we win?
ATTRACT - IDENTIFY - DEVELOP - RETAIN.
Manage the performance cycle – SMART goal setting
Creating a High-Performing Organisation Through Talent Management
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Creating a High-Performing Organisation Through Talent Management
Manage the performance cycle – Competency assessments
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Creating a High-Performing Organisation Through Talent Management
Manage the performance cycle – Reviews and courageous conversations
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Talent management requires systematic management!
Creating a High-Performing Organisation Through Talent Management
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Creating a High-Performing Organisation Through Talent Management
The Role of compensation
Jack Welch: Money is important but it is to keep score. But Good people do not only stay for the score!
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Creating a High-Performing Organisation Through Talent Management
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Small Companies
Mid size companies
Large companies
Personal Compensation • Stock options ?? • Stock options • Perks • Training budgets • Exposure to world class practices
Corporate • Culture • Growth
opportunities
• Entrepreneurial • Large
?? • Systematic • ???
External • Prestige • External
recognition
• Start up glow • Close knit • risk taking
?? Instant recognition
The Role of compensation
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Creating a High-Performing Organisation Through Talent Management
Becoming a Talented Organisation: 7 Imperatives
Creating a High-Performing Organisation Through Talent Management
Seven Talent imperative Questions…
1. How important is TM to us to win in the market place?
2. How strong is our brand value to attract talent?
3. Are leaders held accountable for TM and for instilling a culture of candid feedback and helpful coaching?
4. Is senior management spending 1/3 of their time attracting, managing and developing talent?
5. Do we consciously worry about our talent – their development, their career paths, their needs for job growth?
6. Are we willing to create custom solutions for our key talent to match their aspirations?
7. Do we “walk the walk”?
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Creating a High-Performing Organisation Through Talent Management
Assuming the answer is
YES we want to
Then….
Ensure clarity about the “Virtuous” Performance Value Circle
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Brand Awareness
Monitor, mentor & improve
Embed culture &
loyalty Measure (competencies, skills, engagement,
360s) & report
Measure value,
embrace analytics
ESAT/feedback & linkages
Bring HR from the back office
to the front office
Recruitment & on boarding
Talent management & succession
planning/ promotions
Attract Talent
Embrace Talent
Engage Talent
Coopt Talent
Identify Potential
Incentivize and Promote
Ensure Satisfaction
Create Evangelists
Deliver the “Virtuous” Performance Value Circle
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Brand Awareness
Monitor, mentor & improve
Embed culture &
loyalty Measure (competencies, skills, engagement,
360s) & report
Measure value,
embrace analytics
ESAT/feedback & linkages
Recruitment & on boarding
Talent management & succession
planning/ promotions
New employee survey (test brand awareness)
Instill sense of purpose, set expectations - verify
Cascade Goals Set SMART goals Define observable behavior
Continuous feedback
Understand the Performance - Potential Box
Slice & Dice Link compensation to performance
Employee engagement/ satisfaction survey Customer survey
Bring HR from the back office
to the front office
Creating a High-Performing Organisation Through Talent Management
Creating Brand Image: Great Place to work - One shoe does not fit all!
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What is your message?
Just Work
Freedom to Act
Go with the Winner
Save the World
Innovation
Make a Difference
Just Money
Excitement
Balanced Lifestyle Big Risk,
Big Reward
Creating a High-Performing Organisation Through Talent Management
Work with all parts of the body
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• Heart : Bring out the passion
• Mind: Fire the imagination
• Brain: Ensure constant challenges – promote early and say so
• Legs: Create stretch room
• Arms: Engage in friendly combat
• Back: Provide flexibility
• Eyes, Nose and mouth: Create ethical culture (see no evil, her no evil, speak no evil)
• Other: have first aid kit for occasional mistakes
Creating a High-Performing Organisation Through Talent Management
What not to do
• Focusing on current performance alone
• Inconsistent criteria
• Unchallenged perspectives and opinions
• Provincialism—“promote your own” strategies
• Singular focus on strengths (no consideration of leadership traits)
• Identification without subsequent diagnosis of development needs Source: Bernthal, P., & Wellins, R. (2005). Leadership forecast 2005-2006: Best practices for tomorrow’s global leaders. (2005). Pittsburgh, PA: Development Dimensions International.
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Creating a High-Performing Organisation Through Talent Management
Creating a High-Performing Organisation Through Talent Management
Note: It can all go terribly wrong …
• Enron did everything that McKinsey recommended.
• recruited the best and the brightest, hiring up to 250 MBAs a year at the height of its fame.
• applied a “rank-and-yank” system of evaluation, showering the alphas with gold and sacking the gammas.
• promoted talent much faster than experience.
• Another corporate disaster, Long-Term Capital Management, was even more talent-heavy than Enron, boasting not only MBAs but Nobel prizewinners among its staff.
• Same with Goldman Sachs, Lehman brothers, Citi group
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Creating a High-Performing Organisation Through Talent Management
Some danger signs of a talented individual
• “I can do no wrong” • “I am special” - the ME syndrome • “I can say what I feel when I feel without considering its impact
on others.” • “I am indispensable.” • “I will not mentor potential successors.”
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Creating a High-Performing Organisation Through Talent Management
Now comes the grilling….
Q but no A
Thank you…..
Contact Us:
Dr. Vijay Jog 613.232.4295 ex 228 [email protected] CRG emPerform 877.711.0367 [email protected] www.employee-performance.com
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Creating a High-Performing Organisation Through Talent Management
