Managing Talent In The 21st Century_extended version
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Transcript of Managing Talent In The 21st Century_extended version
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Managing talent in the21st century
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Today
• What is talent management?
• The prize for getting it right
• Three keys to 21st century talent management
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Defining talent
A. Everyone is talent and therefore talent management is about looking after all human capital
B. Top slicing – identify high potential individuals and accelerate their progression through the business
C. Top slicing and business critical roles
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The prize
A 10-point increase in an average Fortune 500 company's talent quotient score will add between US$70 million and US$160 million to the firm's bottom line over the next two to three years.
Hewitt Associates.
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The differences
Old way• Short half life • Most of the effort in the
initial selection• Minimal measures with
organisational objectives
• Subject to social loafing
New way• It’s tough to get in and
stay in• It’s worth the effort – it
fits with my needs and helps me succeed
• It makes a step change to organisational capability and retention
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It’s tough to get in and stay in
• Makes it more attractive for those who want to succeed
• The threat of losing the privilege makes people invest more effort
• It reduces social loafing
• It makes it easier for those not involved
• Very visible message to everyone that performance is what matters here
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Who should join?
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How to identify this?
Source: Deloitte (2008)
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What about those not included?
• Performance management for the ‘vital many’
• Labelling• 67% of CIPD respondents agreed using the
term ‘talent’ is demotivating.• Think about alternatives: high flyers; Aspire?
• Transparent on how to get in and out
• Understood that some will drop off – not right for everyone
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It’s worth it for me
• Appeal to self-interest increases• Participation• Willingness to change• Transfer of learning
• What talent wants• This helps me get ahead faster• I feel proud to have made it onto the programme
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Increasing the value of the programme
Recognition• I’m special (exclusivity/ongoing assessment)• Recognised outside my company
Opportunities to grow fast• Stretch• Choice – in control of what I am doing• Regular flow of interesting work• Job promotion/new career opportunities
Investment in me• Access to senior people• Coaching, development, etc – the skills to become great• Very different kind of experience, eg, social projects• Reward – different structure for top talent?
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What is it that’s difficult?
Matt Pease and Simon Mitchell, Leaders in Transition: Stepping Up, Not Off. DDI.
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It makes a step change to organisational performance
• Measurable shifts in • Retention• Speed of promotion
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KPIs for talent programmes
Source: Deloitte (2008)
Other
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What makes a difference?
• Openness, teamwork, autonomy, career development, training
Hiltrop, J-M. (1999) The Quest for the Best: Human Resource Practices to Attract and Retain Talent. European Management Journal 17(4), 422-430.
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Organisational obstacles
Source: McKinsey (2006)
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What’s effective vs. what’s popular?
Source: CIPD (2006)
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