Human Resources Management SCS 0987-049University of TorontoUniversity of TorontoUniversity of TorontoUniversity of Toronto

What Does Talent Management Mean?What Does Talent Management Mean?

There is a lack of consistency regarding a true definition.y g g

Talent on it’s own can mean the combined employee skills of knowledge, cognitive ability and potential. Also important are values and work preferences.

Then a company must determine who these “talented” people are and what their typical background might be.

Can a profile of a talented individual or “high flyer” be identified? If so Can a profile of a talented individual or high flyer be identified? If so, how do you motivate and assess them?

How do you support their development without compromising the rest of the team? the team?

Are two talent management systems needed? One for the “high flyers” and one for everyone else.

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Talent ManagementTalent Management

Talent management, refers to those special strategies an organization deploy •to recruit, retain and develop their pool of people with high potential, scarce knowledge and skill or who can successfully lead transformation and change in the organization. The contribution from these individuals has added direct value to the business strategy or competitive positioning. Benchmark studies show that these strategies are highly innovative and are not in any way studies show that these strategies are highly innovative and are not in any way bureaucratic.

An ongoing process of systematically identifying, acquiring, and developing talent in order to ensure that capability for all key positions continues to be talent in order to ensure that capability for all key positions continues to be available and developed.

Marching effective performance, talent management increases morale and ll d ti it overall productivity.

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Framework for Talent ManagementFramework for Talent Management

An important departure point for effective talent management is to ensure p p p gthat appropriate people management practices, systems and interventions are in place in all stages of the employment life cycle (from recruitment to exit).

The framework for talent management required the emphasis in:

Creating the right organizational context for talented people;

E i l d hi d i d l d Ensuring correct leadership and management practices to develop and nurture the talent pool; and

Creating a boarder environment that is conducive to attracting and t i i t l t d lretaining talented people.

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What Are The Challenges of Talent Management?What Are The Challenges of Talent Management?

Changes in the make-up of the workforce has an effect on the how the g pcompany recruits, develops and retains key talent. These can include:

An increasingly global labour market;

An increasingly virtual workplace;

Diverse workforce in age, race and culture;

Individuals who choose their own lifestyle and develop their own career path;

Recognizing the trend of employees striving for a work-life balance; and

Focus on the contribution while made at work.

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Old versus New Mindset on People and TalentOld versus New Mindset on People and Talent

The Old Way The New Way

Talent Mindset

HR is responsible for people management

All managers starting with the CEO are all accountable for strengthening their talent pool

Employee Value Proposition

We provide good pay and benefits

We shape our company, even our strategy, to appeal to talented people

Recruiting Recruiting is like purchasing Recruiting is like marketing

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Old versus New Mindset on People and TalentOld versus New Mindset on People and Talent

The Old Way The New Way

Growing LeadersWe think development happens in training programs

We fuel development through stretch jobs, coaching, and mentoring

DifferentiationWe treat everyone the same and like to think that

We affirm all our people but invest differentially Differentiation same, and like to think that

everyone is equal capable

yin our A, B, and C players

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Research from the Corporate Leadership CouncilResearch from the Corporate Leadership Council

The Corporate Leadership Council has done the following research:

Talented people value individualized mentoring, coaching and career advancement opportunities.

h d d l d h l f l d h d These individuals regard the quality of leadership and management practices as the single most important factor in considering career opportunities.

F h b l l i h l h b fi lb i hi h i Factors such as base salary, external equity, health benefits albeit high in importance are regarded less important than quality of management.

Talented people also have high demands in terms of work-life balance. Th ll h i k lif b i d i h h i l They generally want their work life to be integrated with their personal life and not the other way round. They also want access to facilities and lifestyle options that suit their preferences, for example modern shopping malls, extreme sport, clubbing etc.

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Talent RetentionTalent Retention

Six Key Factors in creating a compelling work environment:y g p g

Inspiration and values;

Quality of work;Q y ;

Enabling environment;

Tangible rewards;g ;

Work/Life balance; and

Future growth/ opportunity.g pp y

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Why Does Talent Management Fail?Why Does Talent Management Fail?

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Why Does Talent Management Fail?Why Does Talent Management Fail?

Managers don’t realize that they are responsible for identifying talented individuals.

Managers believe that HR is responsible for building the talent pool.

M f l h h d f i h b iManagers feel that they need to focus on managing the business.

Talent management is a learnable skill.

E h ld l h t t l t ff ti l j t thEvery manager should learn how to manage talent effectively just as they would manage strategic planning or new product development.

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Talent Management and The Strategic PlanTalent Management and The Strategic Plan

The company will determine if an elitist talent management program is p y g p gfollowed or if an inclusive program is used.

An elitist program will only focus on the high talent individuals and in the areas of emotional intelligence, technical and leadership skills and the g , pability to perform beyond their cultural comfort zones.

An inclusive program will let competition occur and employees from different areas strive towards one job.j

An inclusive program will also allow for any worker to succeed.

The goal is to link the development, performance and rewards needs of the g p , pemployee to the company’s strategic plan.

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Talent Management and The Strategic PlanTalent Management and The Strategic Plan

Managers and leaders need to develop a talent mindset.

A talent mindset is a belief that having better talent at all levels allows your company to outperform the competitor and run more productively.

M d hi i i l f h i j b l dManagers need to see this as a critical part of their job as a leader.

Establish a set of talent strengthening objectives each year.

M k h hi i d ll f ll i Make sure that this is a corporate strategy and all managers are following guidelines in developing the most out of each employee.

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Talent Management and The Strategic PlanTalent Management and The Strategic Plan

Does the company have an overall HR plan?

The areas to review:

Corporate identity;

Recruitment and selection;

Performance management and coaching;

Employee development and training;

Compensation, rewards and benefits; and

Success planning and leadership development.

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Levels of Maturity of Organizational Talent ManagementLevels of Maturity of Organizational Talent Management

No strategies, policies or formally developed practices. Where talent is d f l d d lmanaged, it is informal and incidental.

Isolated/tactical/local “pockets” of talent management activities. No overall strategy or plans.

Integrated and coordinated talent management activities for a particular segment of the organization.

S d i d d li d HR iStrategy designed to deliver corporate and HR management strategies.

Strategy where individuals and pooled talent is understood and taken into consideration in the strategic process.

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Three Core Areas in Talent ManagementThree Core Areas in Talent Management

A t Assessment To identify and harness potential.

C hiCoachingTo develop capability and the learning power to release it.

E tEngagementTo create the environment, inspiration and energy to liberate and maximize talent.

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How Employees are Assessed How Employees are Assessed in New Approach to Talent Management

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Assessment Categories and Levels

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When The Wolves Come HuntingWhen The Wolves Come Hunting

How does an organization plan for talent being raided?

In a labour shortage, talented employees will be recruited away from their companies.

H d d l i h i ?How do you deal with it?

New blood is good for the company but the company also needs key talent to stay.

A company may develop a “blocking strategy”

Blocking strategy is a plan to limit the ability of external companies or hi d i f i d i i b third party recruiters from contacting and recruiting away your best

talent.

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When The Wolves Come HuntingWhen The Wolves Come Hunting

How is this done?

A comprehensive blocking strategy covers nearly every channel a recruiter might use

Inbound telephone calls;p ;

Direct targeting at conferences and events;

Networking through local association meetings and electronic communities;

Direct and indirect email and mail;

Website advertising; and

Employee referral.

Identify who they are targeting or might targetIdentify who they are targeting or might target.

Minimize the impact of successful raiding attempts.

Develop preventative strategies from it happening again

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Develop preventative strategies from it happening again.

Talent Management Is Essential !!Talent Management Is Essential !!

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ReferencesReferences

1. Handfield-Jones, Helen, & Michaels, Ed, & Axelrod, Beth, (2001). Talent Management: A critical part of every leader’s job. Ivey Business Journal, Improving the Practice of Management, November/December 2001 p 1-7

2 T l t M t U d t d th Di i2. Talent Management: Understand the Dimensions. http://www.cipd.co.uk/subjects/recruitmen/general/_tlmtmgtdim.htm accessed November 23, 2006

3. Wheeler, Kevin, Why Developing and Rotating your Employees makes sense, November 9, 2006. http://www.ere.net/articles/db/7B814FFE6A7A4235AFC2C2370948BEB8.asp accessed November 23, 2006November 23, 2006

4. Haygroup, Talent Management: Retaining Your Key Talent, June 2006. http://www.haygroup.ca/pdf/Articles/Retaining%20Your%20Key%20Talent_June%202006.pdfaccessed November 23, 2006

5. Maintenance World, Talent Management: What’s it mean? June 12, 2006. http://www.maintenanceworld.com/Articles/reliabilityplant/talent-management.html accessed p yp gNovember 23, 2006

6. Sullivan, Dr. John, A Blocking Strategy for Increasing Employee Retention, Part 1: Preventing other firms from raiding and poaching your employees, November 20, 2006. http://www.ere.net/articles/db/08118CC711854A DF8B45B092F6A87DE0.asp accessed November 23, 2006

7 S ll Ali N Thi ki N b 21 2006 htt // t l /t l t t bl7. Snell, Alice, New Thinking, November 21, 2006. http://www.taleo.com/talent-management-blogaccessed November 23, 2006 p. 2

8. Sullivan, Dr. John, Recruiting and Talent Management Trends for 2005, January 3, 2005. http://www.ere.net/articles/db/B17677689 C0A43F486202F2FAAB9A3DE.asp accessed November 23, 2006

9 Gomez Mejia Luis R Balkin David B & Cardy Robert L & Dimick David E & Templer

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9. Gomez-Mejia, Luis R., Balkin, David B., & Cardy, Robert L., & Dimick, David E., & Templer, Andrew J., “Managing Human Resources: Third Canadian Edition”, Pearson Prentice Hall, 2001