Multi Talent Management

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6 Talent Management Insights for Driving Business Success

How to successfully develop your talent

management strategy


Contents Executive Summary

Global Talent Management Trends

Next Generation Workforce 2020

How to Motivate Gen Y

Be Honest with High-Valued Executives. Their Job May Depend on it.

Stilettos or Work Boots? Selecting an Engagement Measurement Tool to Fit your Organization’s Style

HR Strategy: How to engage and retain your MVPs

What employee recognition trends should you be watching out for?

The 6-Step “TALENT” Management Strategy for Developing Top Talent

Insights from the 2014 State of Shared Services Industry Report

Resources

About the European HR Summit

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“To win customers — and a bigger share of the marketplace — companies must first win the hearts and minds of their employees. If you are a business leader serious about implementing proven engagement strategies for growth at your organisation, contact” State of the Global Workplace Gallup Report

Effective talent management is a key element for an organisation’s success. Acquiring and retaining talent through employee engagement strategies, leadership development, and training and learning schemes is crucial to creating a high performing workforce.

To help in this pursuit, Human Resources IQ and the forthcoming European HR Summit has brought together insights from leading HR executives and commentators. In this report we reveal the key lessons learned on how to:

• Motivatethenextgenerationworkforce• HowtoengageandretainyourMVPs• Employeerecognitiontrendsyoushouldbewatchingoutfor

This report also includes insights from our sister portal the Shared Services & Outsourcing Network, on the state of talent management in shared services and analysis of Gallup’s The State of the Global Workplace: Employee Engagement Insights for Business Leaders Worldwide report.

We hope you find this an interesting and informative read!

Best regards

The European HR Summit Team www.europeanhrsummit.com

For more information: Email: [email protected] Phone:+44(0)2070361300


Executive Summary

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Are you an HR executive, aiming to deliver a valuable, comprehensive service to the wider business? If ‘yes’, read on…

As organisations grapple deal with talent deficits, developing and engaging Generation Y employees and the challenges of a truly global and mobile workforce, talent management has never been higher on the boardroom agenda.

The Talent Shortage

Empoweredemployeesarethenumber1asset,anditisonlywithtrulyengagedanddrivenemployees that an organisation can continue to achieve business success in competitive world.

In2013theManpowerGroupsurveyedover38,000employersacross42countriesandterritoriesaspartoftheirannualTalentShortageSurvey.Theyfoundworldwide,35%oftheemployerssurveyed said they are experiencing difficulty filling jobs due to lack of available talent.

The Talent Shortage Survey Research Results said that business performance is most likely to be impacted by talent shortages in terms of reduced client service capability and reduced competitiveness, according to hiring managers.

“As is becoming clear in the Human Age, securing access to the increasingly finite pool of individuals with in-demand skill sets will be fundamental to business success,” said the report.

In order to win the war for talent, companies need to have in place clear strategies for enticing, nurturing and retaining top talent.

The Rise of the Millennials

In addition to a talent shortage organisations are now having to deal with the expectations of the next-generation workforce, many which are different to the baby boomers who have defined the working environments they now enter.

Traditional approaches to motivate and reward employees now need to be adapted for the next-generation workforce. With millennials requiring more informal and formal recognition Achievers andExperiencefoundthat80%ofGenYpreferon-the-spotrecognitionoverformalreviews,and feel that this is imperative for their growth and understanding of a job, and according to the millennialsurveyconductedbyDeloitte92%believethatbusinesssuccessshouldbemeasuredby more than profit.


Global Talent ManagementTrends

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The Evolution of Human Capital Management

Effective talent management and its importance have also been recognised by technology providersinrecentyears.AccordingtoresearchbyBersinoverthenext18months,nearly60%of organisations are planning to implement new HR or talent management systems and Gartner isprojectinga$10billionHCMmarket,with$4billionintalentmanagement,75percentofthatmarketcomingfromSaaS1

ManyHumanCapitalManagement(HCM)applicationsnowaddressstrategictalentmanagement challenges rather than just basic HR admin processes. According to the Deloitte report“HumanCapitalManagementintheCloud:AReviewoftheSAPandSuccessFactorsStrategy”, in terms of cloud-based SaaS implementations, four out of five recent implementations are specific talent management deployments. In addition and according to an Aberdeen study, 39%of“HighGrowth”organizationsplannedtoinvestincloudcomputingin2012.2

With these sorts of investment levels it is important to be able to measure employee engagement and instil the responsibility of talent management in all managers.

1SAPinfo.com,http://en.sap.info/job-strategy-hr-career/69466

2Aberdeen,http://blogs.aberdeen.com/human-capital-management/aresponse-to-a-stimulus-oracle-acquires-taleo/

www.europeanhrsummit.com 4

In the last few years employee engagement has become increasingly important topic for managers, as companies feel the impact of employee engagement on their bottom line. As more managers recognise the benefits of employee engagement for improving organisational and individual performance, they are now taking the next steps to build an engaged workforce. But how engaged is the global workforce and what can be done to increase levels of employee engagement?

The Gallup Report State of the Global Workplace: Employee Engagement Insights for Business Leaders Worldwide report highlights findings from Gallup’s ongoing study of workplaces in more than140countriesfrom2011through2012.Thereportfounddisengagedworkerscontinuetooutnumberengagedworkersintheglobalworkforceandthatonlyof13%ofemployeesareengaged at work.

Overall engagement among the employed population in 142 countries worldwide

“Countries that double the number of engaged employees in every company will be best positionedtowinthelion’sshareoftheUS$140trillioninnewcustomers”. Jim Clifton, Chairman and CEO, Gallup

It is more important than ever for companies to create an engaged workforce. Gallup estimated intheUKalone,activelydisengagedemployeescostthecountrybetween£52billionand£70billion(US$83billionand$112billion)peryear.

ManycountriesinEuropearestillshowingunevengrowthandhighlevelsofemploymentinthe job market after the global recession. However, engaged workplaces can play a vital role in boosting economies. The report found that organisations with engaged employees were more likely to report further job creation and growth.

As companies strive for growth they must break down barriers to engagement and unlock people’spotentialtowork.Thereporthighlighted6waysthatcompaniescanimprovetheiremployee engagement and produce high-productivity workplaces:

1. Bringengagementintothecompany’severydaylanguage 2. Usetherightemployeeengagementsurvey 3. Focusonengagementattheenterpriseandlocallevels 4. Selecttherightmanagers 5. Defineengagementgoalsinrealistic,everydayterms 6. Findwaystomeetemployeeswheretheyare.

Thereisnotone-sizefitsallsolutionforemployeeengagement.Engagementlevelscontinueto vary by region, industry and job type. Only by measuring employee engagement and understanding the drivers behind it companies can begin to develop employee engagement strategies for business success.


A Synopsis of the Global Workplace Gallup Report

2011-2012

2008-2009

20% 40% 60% 80% 100%

Only 13% are engaged

ACTIVELY DISENGAGED NOT ENGAGED ENGAGED

d

24 63 13

27 62 11

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Source: Gallup

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Next Generation Workforce 2020

The workforce of tomorrow is being shaped by today

Over the past decade we have witnessed significant shifts in the way the workplace is organised. Cost pressures, especially in tough economic conditions, mean that businesses must ensure all their staff are motivated and focused on creating value while at work.

New ways of working have spread rapidly over the past decade, driven by the demands of the 24/7 economy and technological advances. Alongside the people aspect of the business, the physical workplace has dramatically changed over the past 5 years with the rise of flexible working, mobility and co-working.

Are you ready for the Next Generation?

The Rise of the Millennial

According to “The Rise of the Millennials”, millennials are and will continue to have a profound business impact on the global workforce.(Millennial b: 1981 – 2000) Millennials are predicted to

represent 75% of the global workforce by 2025

75%by

2025

15% Are already managers

of hiring managers and human resource executives believe this group has a stronger sense of entitlement than older workers

85%

GLOBALWORKFORCE

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(Source: Badgeville )

$24,000average cost to replace

each millennial employee

The Technological Evolution Supporting the Flexible Workforce

1. Bring your own device (BYOD)

2. Always connected

3. No loss of transition from home to work

4. Social networking friendly solutions

9Ways to Adapt Your Workplace for the Next Generation

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5. Collaborative solutions

6. Cloud computing

7. Internal knowledge management

8. More comfortable work environment

9. More sustainable working environment

(Source: Adapting the Workplace for the Next Generation How the working habits of Generation Y graduates have impacted the workplace)

Go Mobile – Modern Mobility

Global business and modern mobility needs are forcing HR to focus on 3 complex issues:

Supporting mobility

decisionsManaging

programme costs

Ensuring compliance

requirements are met

(Source: HR Adviser: The Future Of Modern Mobility 2013)

PwC Talent Mobility 2020 - The next generation of international assignments

PwC predict that there will be a further 50% growth in international

assignments by 2020.

71% of millennials expect and want to do an overseas assignment during their career - Managing tomorrow’s people: PwC 2011

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The Agile Workplace

72%of global businesses report that increased productivity is a direct result of flexible working practices

According to study by Regus, flexible ways of working are becoming more the norm as businesses and employees enjoy the personal and commercial benefits these practices afford:

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The 2020 Balancing Act

68% of firms declare that flexible working has led to staff generating increased revenue

Flexible working also helps staff feel more energized andmotivated, highlighting that flexible working practicesare also a key talent-retention tool

The business world is in the midst offundamental change and in 2020 and

beyond the agility of organisations to manage their global talent efficiently will mark the difference

between success and failure (PwC, 2012)

By 2020, organisations will need to juggle the needs of three distinct groups of workers - Are you ready?

For more information about strategies, processes and technology needed to achieve this go to:www.nextgenworkforcesummit.com

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Kamila Dabrowska, Owner of Brains at Work

Inordertocreateanorganizationthatsuccessfullymotivatesitsemployeestogreaterperformance,youmustembrace the fact that you are or will be working with people of different ages. Life priorities, work preferences, and adaptability to technology advancements are all potential points of difference between older and younger generations. As an HR manager, you need to take the time to better understand the generational gaps to effectively manage and motivate your employees. Each generation has distinctive characteristics, behavioral traits, and value systems.

Key Takeaway: Generation Y employees may look for more informal and formal recognition from management. Take steps in involve them more broadly in the company and keep their job role diverse. Offer tangible rewards to your best Gen Y performers. Gen Yers want to work in a company with a balanced environment which adapts and evolves in in a way that leads and inspires them to fulfill their ambitions. They want to be successful and they expect the support necessary to reach their goals.

Gen Yers assume that work is one of the many sources of fulfilment, and happiness lies in the harmony and balancebetweenthesedifferentspheres.Theyexpectorganizationstobeunderstandingandtoadapt.Work-lifebalanceiskey,althoughnotinthetraditionalsenseof“Iworkfrom9-to-5andthenleave.”MostMillennialsdonotconsidernormalworkhoursastheonlytimeinwhichtheycangettheworkdone.Incaseofan emergency or a family obligation, they expect to be able to leave the office. They are aware they will have to complete all tasks that accumulate during their absence at a later date.

Millennialsgrewupwithinstantmessagingandmultitasking.Theydon’tsubscribetotheoldschoolphrase‘nonews from the manager is good news.’ They need constant feedback on how they are doing and long for both informalandformalrecognitionandrewards.Managersneedtokeepinmindthatsalariesdon’ttopMillennialslist of the most powerful motivators as has been the case for older generations. Generally speaking, Gen Y wouldacceptreasonablelowersalariesiftheorganizationalculturemirrorstheirvalues.Nonetheless,asanHR manager, you need to be able to justify the offered salary, and compare it with the industry’s standards. Discuss with your employees why they are being paid the way they are, and address any discrepancies from the average.

It’sgoodtooffertangiblerewardsforthebestperformers,butdon’ttrytoguesswhichgadgetsorprizestheyfindappealing.Instead,offerthemthechancetoselectfromanumberofinterestingandcreativeprizeoptions.They want to feel that their job is important and know how the assignment will affect their compensation, but also how they contribute to the overall bottom line. Therefore, take steps to involve Gen Yers more broadly, andmaketheirjobdiverseandmultifaceted.MostmembersofGenYvalueaclearlydefinedcareerpath.HRmanagers should specify what stage of the path they are in, what they need to do to get to the next level and how long that will take.

CompaniesshouldofferMillennialsprospectforcontinuouslearningandfinancialsupportfortheireducationaladvancement. Gen Yers appreciate opportunities to participate in soft skills trainings that encourage self-development in the areas like effective communication, time management and teamwork and hard skills training programs in foreign languages and computer skills. Also more one-on-one coaching and counselling by managers with Generation Y employees may be very well received.

Millennialsaremostengagedinapleasurable,energeticatmosphere.Lookforwaystocreatesocialopportunities as rewards for meeting objectives. Fun activities, team building trainings and events can help keep morale high and actually build greater employee performance.

GenYemployeescanbeasuperbassettoyourorganization.Theirenergycanbreathelifetoprojects,andtheirfresh perspective will challenge the rusty way in which “things have always been done here” to help develop newandbetterways.HRManagersneedtounderstandthenewaspirationsandadaptmanagementstyletomake it more sustainable and suited to the new generation entering into the labor market. HR managers will need diligence and an attentive eye to keep these employees engaged and enthusiastic. So, instead of trying to manage Gen Y, inspire them. Try to get the individual to be the best employee he or she can be in pursuit of the organization’sshareddream.


HowtoMotivateGenY

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BeHonestwithHigh-ValuedExecutives.TheirJobMayDependonIt

No two employees are the same, but what do you do with high-valued, at risk executives? Here we present the key learning points for coaching these employees.

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David E. Smith, Ph.D., President and Chief Executive Officer, EASI·Consult®

Learning Points

Coaching high-valued, at-risk executives brings the same challenges as any coaching assignment.

Change will not occur unless these things are in place:

• Individuals must fully understand how much risk their job, or career, is under.

• They must accept the fact that they are the sourceoftheproblem(orthesourceoftheperceptionoftheproblembykeystakeholders).

• They must want to change and have the energy to do so.

•Theorganizationmust be willing to give the individuals the time and support to make a change.

Counter to expectations, high-valued, at-risk executives can be easier to coach than others. Once you clear thehurdles,motivationtochangeistypicallyveryhighandorganizationsaremorewillingtofullyprovidetheresources needed.

Accurate feedback is critical to all coaching engagements, but it is exponentially more important when dealing with an executive who has limited time to demonstrate positive change in his or her approach to work and people.

Unfortunately,thehigheronemovesinanorganization,thelesshonest,timelyandcompletefeedbackheor she receives. As a coach, I can fill in these gaps for a person who is willing to change. Quite often the information the coach is able to acquire from peers, direct reports, bosses and customers is truly surprising to the person being coached. In some cases, it’s as though they’ve never spoken to each other before the onset of coaching.

Key Takeaway: By investing time and resources into individually coaching your high-valued executives you saves you cost of hiring a new employee and loss of vital knowledge from your organisation.

“Employee engagement is a critical tool to drive the value of human capital further. Get this wrong, however, and you risk depleting your organisations human resources, and worse, open your talent up tocompetitors.Withcurrentlyonly13%ofemployeesengagedintheirrolesacross142countriesworldwide,whichdipsintosingle figures in specific regions, organisations need to effectively understand and use their people’s talents, skills and energy. The potential here is palpable!” SSON


Employee Engagement

Stilettos or Work Boots? Selecting an EngagementMeasurementTooltoFitYourOrganization’sStyleSusanne Krivanek, Director of Learning and Organizational Development for NFI

Fitting an engagement survey to fit a company’s needs is a bit like selecting the appropriate shoes. Looking back, there is a memory that gives me quite a chuckle when thinking about “style” fit. I was at a distribution center office in Southern California and sporting open-toed shoes in the beautiful, sunny weather. When I let the site leader know I would be heading out onto the operations floor soon he gasped, “You are not going to wear THOSE shoes on the operations floor, are you?” I responded, “Definitely not—I have a pair of stilettosinthecar.”IttookhimacoupleofsecondstorealizethatIwascompletelykiddingandIproceededto put on the appropriate footwear for the work floor. That definitely would not have been a good style—or safety—fit!

This situation is similar to what some companies do when selecting an employee engagement survey provider. They may select a tool that they see as stylish but it may not be a good fit for the company’s workforce composition, culture, or leadership ability level if they hope to turn engagement data into actionable results. For example, take a company that is completely new to surveys and needs some guidance on the root causes of low engagement levels in some business areas. If they select a tool in a style that provides broad output—such as one that only indicates signs of whether or not employee engagement exists—then leaders may be left scratching their heads saying, “Now what do I do with this?” Theotherendofthespectrumcanbedangerousaswell—providingtoomuchdata(akaadatadump)without providing indices can render it useless and fail to establish themes. To select the optimal style of survey and vendor, a proper assessment of the your company’s culture, level of buy-in, and the provider’s experience with employee engagement measurement are all factors to consider.

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As part of survey preparation, here are some items to consider prior to selecting a vendor:

• What is the level of executive buy-in? Do executives truly understand what employee engagement and satisfaction is and how to help their leaders fully leverage employee engagement? If the team is new to the idea, gaining buy-in and educating them is important to ensure positive results can be attained as a result of the process.

• What are the goals of the survey? Are they just looking for a high level identification of engagement health or are they looking for more depth in the data? If depth, then creating indices may be useful. Comparing the data to quality benchmark data can also be helpful.

• What cultural elements exist that can help or hinder your employee engagement efforts? For example, is there a desire to continuously improve? If so, the initiative should be met with openness among the employee base. On the other hand, if there is a lack of trust with a strong “us versus them” mentality between executives and the frontlines, then be careful on how you approach the survey andmakesuretopayspecialattentiontothefollow-up.Also,youmaynotwanttoutilizeunique identifiersbeforemoretrustisdeveloped(uniqueidentifiersareusedinsurveystoautomaticallyidentify the demographics and business area of a person, based on a unique code provided by the survey vendor).

• What is the level of partnering between HR and frontline leaders? If leaders consistently avoid people-related initiatives with the age of “excuse“ I don’t have time for this,” then you may be fighting an uphill battle for attaining good response rate numbers and facing difficulty when trying to partner with leaders to create quality action plans.

Styles of employee engagement measurement vendors can be grouped into four categories:

• Stilettos: Specialized firms that have a niche approach to how they approach the survey process.ThisincludescompaniessuchasGallupandtheBestPlacestoWorkInstitute.Onthepositive side, these firms have a wealth of knowledge of employee engagement and survey analytics. On the otherhand,thereisusuallylessflexibilitytocustomizethesurveyifyourcompanyhassomeveryspecific needs that the out-of-box version doesn’t offer.

• Functional, but Stylish Work Shoes: Firms that focus on partnering with a company to develop a survey approach and analytics that fit firms specific needs. These include Spring International and the Gelfond group. These firms tend to fit well for companies that have a very specific idea of what they want, as well as those who are new to the process and need a tool to fit their culture and specific needs. These firms are not afraid to roll up their sleeves and help companies attain the best fit for their company’s specific needs.

• Wingtips: Firms that offer a variety of services, including employee engagement analytics. These firms include Kenexa and Towers Watson. For this category, the vendor provides a wide range of services. Although there is usually good functionality and the option to integrate with other services available, you will hear professionals in the field comment that they may feel more like a number than a partner when dealing with larger firms due to the volume of customers they support.

• Flip-Flops: Smaller firms that include free surveys, but then make their profits off of consulting services. The results of these surveys can seem more like a data dump than quality analytic material, so be very careful before proceeding with this style of tool. If you do not have strong employee engagement expertise internally, you may be strongly dependent on the external vendor that can drive up costs fairly quickly.

The decisions you make in the planning process impact how well people buy into the idea of measuring employee engagement, the credibility of the process, the quality of output, and how well leaders are able to create an actionable plan. The style of the firm can make or break your success… in more ways than one!

Key Takeaway: How do you measure employee engagement? The tools and techniques you adopt to measure employee engagement must fit within your organisation’s style to improve your business performance.



HR strategy: How to engage and retain yourMVPs

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With the increasing complexities of today’s global workforce it is easy to forget the talent management. Here we present the fundamentals for engaging and retaining your top talent.

Ben Egan, Consultant, ETS

As the war for talent rages on, big companies face a battle to keep their top talent. Just like in elite sports, the best of the best—the most valuable players—are highly-coveted. HR professionals: You must act fast to makesureyouhavethestrategytohelpyourorganizationengageandretainyourMVPs.We’lltellyouhow.

Identifying your talent

Thismayseemlikeanobviousplacetostart,butmanylargeorganizationsarestillfailingtoidentifyandtrack talent—at least not consistently, anyway. The result is that talented people go unnoticed. They aren’t developed, given stimulating work or rewarded. They get disillusioned and move on. With the right strategy, this is entirely avoidable.

Thefirstthingtodoistodefinewhattalentlookslikeinyourorganization.Whattraits,skillsandexperiencemark your people out as talent?

Answering this question will help you develop a commonly-understood definition for talent across the business, and will mean you’re able to identify your top talent. And, once you’ve found them, you can track their progress and develop them in line with your business strategy and succession plans.

Engaging your talent

Employee engagement is already on the radar of most HR pros. But when it comes to engaging your top talent, research suggests some different rules apply.

Bydefinition,yourMVPswillbefiercelydrivenandambitiouspeople.Theresearchreport“EngagingforSuccess” highlighted the most important factors for engaging high-achievers as:

• Being given an interesting work environment

• Having a say in decision-making

• Having a clear career path.

Leaders and managers also play a big part in retaining top talent. It’s a commonly-held view that employees leave managers rather than jobs so assess and develop your managers’ capabilities to ensure they aren’t driving talent away.

Retaining your talent

How do you go about retaining your top talent? Increasing employees’ salaries is the obvious—but short-sighted—answer. In our experience though, it’s not quite that simple.

Of course your top talent will expect to be well-rewarded financially. This is a given, really. These employees will know their worth and will know they could just as easily go to one of your competitors and command a comparable salary.

Ultimately, you need to understand what drives your top talent and ensure you’re giving them what they need to retain their expertise.

Below,arefivestepsHRproscanuseasaframeworktobetterengage(andretain)theirMVPs:

1. Askthemabouttheirworkplaceexperiences,motivationsandwhatdrivesthem(dothisthroughan engagement survey,focusgroups,one-on-onewithamanagerorcoach)

2. Act on that feedback and make the process transparent

3. Communicate the vision and give feedback on how talent can progress

4. Embed performance and development programs establishing personal development plans for talent

5. Review and manage performance and development regularly, identifying skills gaps and succession plans offering talent clear career progression and continuous challenge.

Key Takeaway: Creating the right framework for talent management is essential of success, this begins with instilling the basic blocks for identifying, engaging and retaining top talent.


Ray Carboni Senior SEM Specialist at Web Talent Marketing

With great talent becoming harder and harder to attract and maintain, employee recognition remains importantfororganizationsofallsizes.Stayingontopofthelatestemployeerecognitionprogramtrendscanhelp you retain your best talent. Here are some of the trends to watch out for.

Social good continues to grow: While many employees choose to donate their rewards and personal finances to various philanthropies, many employers are allowing employees to also give back while on the job.Organizations,suchasGlobalGivingandCharity:Water,allowtheiremployeestohaveahandinbigger,company-wide charitable campaigns, and other employers are matching employee donations.

Mobile continues to dominate: The ubiquity of smartphones means that your employee recognition programs need to be accessible on mobile. Whether it is employee gift cards that allow online purchase, e-gift certificates, or recognition portals accessible through an app, mobile friendly programs are becoming required.

Positive cultures win: Creating a positive culture in the workplace does more than just function as a form of employee recognition, but creating a culture where employees feel engaged and receive positive feedback can be enough to keep them motivated, without monetary rewards.

Early rewards: Whilemostorganizationscelebratemilestonessuchas5,10,or15yearswiththeorganization,manycompaniesarechoosingtostartthisclocksoonerwithrewardsgiventoemployeeswhohavebeenwiththecompanyaslittleas1year.

Get personal: Employees are looking for more than a canned message from the HR department when they receive an award. Employees are looking for personal messages from their immediate manager or senior managers to make them feel appreciated.

Thesearejustsomeofthetrendsthatarehotintheemployeerecognitionworld.Isyourorganizationutilizinganyofthesetactics?

Key Takeaway: Employee recognition is not a nice to do, recognising top performers companies reinforces the behaviours and actions you value within your organisation


What employee recognition trends should you be watching out for?

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Recognition is a vital feedback tool for your employees. Here we look at 5 of the latest employee recognition program trends to help you retain your top talent

By C.V. Subramaniam, former Director, Department of Electronics & IT, GOI

Introduction Today,organizationsworldwideareplaguedbyaserioustalentcrunch.Everyonetalksoftheneedtospottalent, acquiring talent, nurturing them, retaining them and managing them-- the whole gamut of activities connected with “winning the war for talent”. One finds a paradoxical situation involving on the one hand, large scale unemployment and, on the other, availability of abundance of job opportunities. Why this is happening? This is because many of the jobs need the right skill sets, and there is a widening mismatch between available labor and the required right kind of skilled labor.

The TALENT Management Strategy In the above context, a TALENT strategy is explained below for managing talent.

The TALENT management strategy consists of a six step approach, the six letters in the word talent representing each of these steps.

T - The letter T stands for Tact. Employees should be handled in a tactful way. This is based on creating an appropriate balance between encouraging them and also avoiding situations which will demotivate them.Communicationwithintheorganizationalsoassumesgreatimportanceinthiscontext.Assomeonesaid,‘theartofcommunicationisthelanguageofleadership.’Effectiveandregularcommunicationwithintheorganizationwillkeeptheemployeesmotivated,sincetheywouldknowwhatisallhappeningwithintheorganization.

A - This stands for Alertness. Thechiefoftheorganization,andparticularlytheHRDivision,shouldalwaysbealerttohappeningswithintheorganizationandorganizationsoutside.Byalertnessismeantto keep a watch on divisiveness which needs particular attention to eradicate such tendencies amongst various categories of employees. It is also important to ensure awareness of what is happening in other organizationsandtheparticularindustryinwhichtheorganizationisengagedwhichwillhaveanimpact.

L - This stands for Leadership. Employees should be identified for appropriate training programs, including training for leadership. Those with great potential should be identified and imparted special training,includingglobalassignments.Continuoustrainingacrosstheorganizationismostessentialinterms of updating employee skills, in view of the rapid and continuous developments in technology and it’s applications.

E - This letter stands for Empowerment. Empowerment means giving power to the employees to act on their own, take risks, the freedom to commit mistakes and learn through such mistakes. An empowered employee can be expected to perform better. This should be ensured through proper delegation, so that employees feel their worth.

N - This stands for Needs, expectations and aspirations of employees. It is very important to understand these needs of employees and design appropriate policies for rewards and recognitions and keeping them motivated always, so that their expectations and aspirations are sustained.


The6-Step“TALENT”ManagementStrategy for Developing Top Talent

Managing talent is complex task, from global talent sourcing to nurturing and retaining top talent. In this section we share the 6 building blocks for your talent management.

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T - The letter T stands for ‘Thrill.’ Finally,ifyouwantallyourtalentstoberetained,theorganizationshouldcreatesome‘thrill’fortheemployeesthroughit’suniqueculturewhichwillmakethebondbetweentheemployeesandtheorganizationsolidandstrong,andwhichwillmakethemfeel‘thereissomethingin this company’ for me to stay on. This by itself, coupled with a well-aligned reward-recognition-retention programwillgoalongwayinensuringthatthetalentpoolgrowswithintheorganization.InarecentarticleinHBR,titled‘Re-inventYourCompanyThroughCulture’,FredHassansays,‘Intoday’seraofaccelerating- and even lurching - change, culture can still lead to unexpectedly strong performance. The good news is that while it requires time, commitment and a strong CEO leader, a high performance culture can be built into almost any business. And serial success can follow.’ This amply illustrates the role that culture plays.

Conclusion

As can be seen, it is a simple strategy for winning the war for talent, provided all the elements in this strategy are given due importance and aggressively followed.

Key Takeaway: Talent management is more than human resources management , a collective approach and a clear strategy is required to win the war for talent

Talent Management is Core

In2014theSSONnetworkcanvassedtheirglobalnetwork,theyfoundthattalentmanagementis becoming increasingly important as the work taken on by Shared Services shifts towards data analytics, advisory services, and process expertise – thereby requiring a differentiated skill set compared to the traditional, transaction-oriented role.

Knowledge management skills replacing expertise

An important trend is the shift towards an increased skills and development focus around knowledge-based employees. A small but significant, and encouraging, segment says that it is primarily knowledge-based, with most transactional work outsourced. This meshes well with the overalltrendtooffshoring(ifnotoutsourcing)oftransactionalworkandanincreasedfocusoncustomer-centric, value-add, knowledge-oriented, analytical services.

What is the budget allocation for training your SSC staff?

This shift in skill set needs to be supported by appropriate training, as a predominantly transactional-oriented workforce will need help transitioning to more challenging roles. The majorityofSSOs’reportedtrainingbudgetofonly1-3%ofthetotalSSObudget.Carefullyarchitecting a change management plan to outline the talent transition will help to ensure you have the right talent with the right fit for the work.


Insightsfromthe2014StateofShared Services Industry Report

How would you describe the skills and professional development of your SSOteam?Movingtoward knowledge based employees

Primaryfunctionalor transactional skilled employees with limited interest in development

Primaryknowledgebased employees, with transactional functions mostly outsourced

1-3% 3-5%

5-10% Greater than 10%

Shared Services Budget?

30%

58%

12%

4%

10%34%

52%

20

• State of the Global Workplace – Gallup

• 2014StateoftheSharedServicesIndustryReport

• SSON annual survey of its global membership identifies trends, opportunities for growth and priorities for investment

• TheSharedServices&OutsourcingNetwork(SSON)

• Human Resources IQ


Resources

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Enabling HR through people, process & technology to drive valuable business partnerships22 - 24 September, 2014 Hilton London Canary Wharf, London , United Kingdom

Our 14th Annual European HR Summit returns as the region’s premier HR event to provide senior executives across multiple HR disciplines with the opportunity to tackle their most pressing challenges.

Catering to diverse HR models, offering fresh industry perspectives and for the first time tackling Corporate HR issues this year, register now to ensure you get access to industry-defining content, as well as unparalleled networking opportunities this year.

For more information, and to secure your place at the European HR Summit, visit www.europeanhrsummit.com | Call+44(0)2073689737|[email protected] Why attend?

Join this year’s event to dive deeper into the tactics, tools and strategies to achieve your most important HR objectives:

d Become a valued business partner: Discover your customer’s objectives and align strategy and tactics to better meet their needs

d Harness technological advancements: Enable value creation and enhance process and people management through the latest technology

d Refine delivery models: From traditional in-house models to cutting edge hybrid structures, define the best set up for your HR function

d Access the first European HR Boardroom: An invitation only fast track for the most senior HR executives to share free and frank discussion on a range of focus areas

d Get insight from HR Magazine’s 2014 ‘Most Influential’ on your challenges: Get your questions answered by industry influencers and HR experts live at the event

d Meet your mentor: 80%researchandpractionerleddiscussion.Nopitching,noPowerPointsPLUS20%more interactive networking time than any other HR conference

Industry leading speakers include: Joe Connor, Chief HR Officer, Royal Mail

Mohammad Shoab Baig, Chief HR Officer, Telenor

Patrick Coolen, HR Metrics & Analytics Director, AnaABN Amro

Udo Stauber, Director HR Organization Development, Processes & IT, Metro AG

Philip Duck, VP HR Operations , GSK

Joerg Suerfeet, VP HR Transformation, DHL

Stefanie Baron, HR Director, SCA HYGIENE PRODUCTS SE

Michele Martin-Taylor, VP HR Transformation Europe, DHL

Leadership & Management

Multi Talent Management