TALENT MANAGEMENT Effective and Future Strategies By HARSHIT BHAVSAR LEAD to WIN – Discover the leader within

TALENT MANAGEMENTEffective and Future Strategies

ByHARSHIT BHAVSAR

LEAD to WIN – Discover the leader withinwww.leadtowin.in

“The thin line between dream and vision is EXECUTION”

“Success is not before failure but beyond failure”

“When you find a leader, follow;&

When you identify a leader within, LEAD”

-Harshit BhavsarLEAD to WIN

1) Understanding Talent Management and Global Scenario

2) Talent Management – Integration Management

3) POWERHUNT – Real-life example of Integrated Talent Management

4) Building Sustainable Leadership and Futuristic Talent Management Strategy

5) Talent Acquisition, Engagement and Retention

Synopsis

Understanding Talent Management and

The Global Scenario

www.leadtowin.inLEAD to WIN – Discover the leader within

“Our assets walk out of the work place every night, and

Our job is to ensure that they love coming back every morning.”

TALENT“The sum of a person's ability to learn and grow”

TALENT MANAGEMENT“Talent management refers to the skills of attracting highly skilled / profitable / performing workers, of integrating new workers, and developing and retaining current workers to meet current and future business objectives.”

Understanding Talent Management & The Global Scenario

Global Talent Scenario - Demographic shifts in the workforce

Source: U.S. Bureau of Labor Statistics

Labor Force Growth RatesPercentage Change

(projected 2002-2012)

Labor Force Percentage Change By Age Group


65 +

55 to 64

45 to 54

35 to 44

8%

16 to 24

Total

19%

11%

- 9%

25 to 34

7%

12%

44%

10%

0

20%

30%

16-24 25-34 35-44 45-54 55+

2002

2012

Labor Force Make-Up Percentage Change By Age Group


Total

White

Black

Hispanic

Asian

12 %

8.5 %

19.3 %

50.8 %

32.6 %





65 +

55 to 64

45 to 54

35 to 44

8%

16 to 24

Total

19%

11%

- 9%

25 to 34

7%

12%

44%

10%

0

20%

30%

10%

0

20%

30%

16-24 25-34 35-44 45-54 55+

2002

2012



Total

White

Black

Hispanic

Asian

12 %

8.5 %

19.3 %

50.8 %

32.6 %





65 +

55 to 64

45 to 54

35 to 44

8%

16 to 24

Total

19%

11%

- 9%

25 to 34

7%

12%

44%

10%

0

20%

30%

16-24 25-34 35-44 45-54 55+

2002

2012



Total

White

Black

Hispanic

Asian

12 %

8.5 %

19.3 %

50.8 %

32.6 %





65 +

55 to 64

45 to 54

35 to 44

8%

16 to 24

Total

19%

11%

- 9%

25 to 34

7%

12%

44%

10%

0

20%

30%

10%

0

20%

30%

16-24 25-34 35-44 45-54 55+

2002

2012



Total

White

Black

Hispanic

Asian

12 %

8.5 %

19.3 %

50.8 %

32.6 %

Developed Markets - Aging Workforce + Less skilled workforce = TALENT CRISIS


Emerging Markets - Wage inflation and attrition Can these be an alternative labor market ?

Global Talent Scenario - What is likely to happen?

– Automation, reengineering, innovation, high-yield based jobs in developed Markets.

– Out sourcing of work from developed to emerging markets. – Companies migrating to developing countries.– Higher growth rates in emerging markets adding to demand.– Unmanaged immigration to developed countries– Technology and information penetration adding to transparency & instability– Diminished ambitions and enhanced expectations, dissatisfaction and instability.– Birth of entrepreneurial opportunities but scalability a challenge

Talent Management a GLOBAL challenge: Talent Crisis

How to WIN in this environment?

1) INNOVATION 2) MOMENTUM 3) TECHNOLOGY


– Create Strategic Recruitment Plans to attract the best talent.

– Identify and develop LEADERS at all levels.

– Create “great places to work” - attract & retain the best talent.

– Direct the positive energy of people to the right areas.

Why Talent Management ?


Talent Management Equals

Integration Management


Talent Profiles

and Objectives

Elements of Talent Management

Talent Management - Integration Management

• Who are our top performers?

• How to hire and develop more people like them?

• Are there Enough of them? Crisis Management? Replacement? Business Growth?

• Are we Retaining the best employees?

• Where did we recruit them from?

• Is there a clear Growth / Succession plan for them ?

• Is there a two way Communication with them?

• Do workers have the Skills needed to achieve the performance goals?

• Are the Learning Initiatives positively impacting performance?

• Where is the talent Demand outpacing Supply?

• How much of the Turnover impacts Customers, Productivity, Innovation, Quality.

• What are the Financial consequences of talent decisions on our business?

• Is anyone in the Boardroom worried about the status of the “talent pool” ?

Key Questions for Policy Makers

Talent Management – Integration Management

Integrated Talent Management


POWERHUNT

INNOVATION MOMENTUM TECHNOLOGY

An in-house Recruitment / Talent Management software driving over all Business Strategy with inbuilt business intelligence.

It can be used by any recruitment consulting firm as well as by the recruitment division of any organization. Its modules are custom designed based on the clients’ needs.

Who can benefit from it?

What is POWERHUNT?


INNOVATION MOMENTUM TECHNOLOGY


Building Sustainable Leadership And

Futuristic Talent Management Strategy


Talent Management - Simplified

Talent

Growth

Talent Management = Growth Management

Building Sustainable Leadership &Futuristic Talent Management Strategy

Talent Management is about

SUSTAINABLE INCLUSIVE GROWTH(Begin with the End = Well defined Business Model)

INCLUSIVE VISION Organizational SYNC Individual

“Developing Leaders”

What do you require to implement Talent Management?

People (Mindset)Processes (Practices)

Technology

Talent Management - Simplified


• Do we have enough leaders (quantity & quality) to execute ongoing and future business?

• Are current Leaders accountable for the cultural strategies supporting business goals?

• Is there any inbuilt mechanism to identify potential leaders across the organization early in their careers?

• Do we assess our high potential talent from the leadership perspective?

• Do we systematically accelerate the development of high-potential talent and improve the quality of executive leadership?

• Do we focus on growing better leaders at all levels from the first line upwards?

Invest in the best……Focus on the rest.


Key Questions for Policy Makers

Traditional Talent Management


Futuristic Talent Management

Capability AlignmentCommitmentEnhanced Performance

Focus: Managing Best Positions

Focus: Managing Best People

Talent Acquisition, Engagement and Retention


“Organizations need to get the right people on the bus and in the right seats to succeed.”

“Good coaching, training, mentoring, etc., is not likely to make up for bad selection.”

“Hire hard….Manage easy!”

- Collins, J. (2001). Good to great.

Talent Acquisition

Talent Acquisition

Individual Organization

PersonalityValues

Expectations

Knowledge

Skill

s

Interests

Strategies

Obje

ctiv

es

Values

Culture

Rewards

Management

StructureAbilities

Goals

Employee Engagement is inversely proportional to stress.

• Effort without distress (Engagement)– Working harder and deriving satisfaction

• Distress without effort (Disengagement)– Giving up and feeling bad about it

• Effort with distress (Strain)– Working harder but with fatigue and anxiety

Talent / Employee Engagement

What drives it?

Engagement

Organisational Commitment Service Commitment

Work & Career Commitment Job Satisfaction

Talent / Employee Engagement

Who are your competitors?

Colleagues / partners within the organization looking for another job

Talent Retention

Every partner / employee asks few key questions

– Am I working for a winning organization?– Can I get my day-to-day job done effectively?– Am I treated well? – Is my work enjoyable and fulfilling?

Source : Hudson / Vlerick Hipo Research Study

Talent Retention

Critical Elements of Attracting and Retaining TOP Talent

Talent Retention

Inclusive Growth

Talent Retention

“If you want 1 year of prosperity, grow grain. If you want 10 years of prosperity, grow trees.

If you want 100 years of prosperity, grow PEOPLE.”

Documents

TALENT MANAGEMENT Effective and Future Strategies By HARSHIT BHAVSAR LEAD to WIN – Discover the leader within