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BA 509
Buket Akyel
Talent Management
TM introduced by Mc Kinsey consultants, late 1990s TM is identified as the critical success factor in corporate world TM focuses on differentiated performance: A, B, C players influencing company performance and success identifying key positions in the organization
!!! Surveys show that firms recognize the importance of talent management but they lack the competence required to manage it effectively
What is Talent?
According to McKinsey; talent is the sum of a persons abilities, his or her intrinsic gifts, skills, knowledge, experience , intelligence, judgment, attitude, character, drive, his or her ability to learn and grow.
They regularly demonstrate exceptional ability and achievement over a range of activities They have transferable high competence They are high impact people who can deal with complexity (Robertson, Abbey 2003)
To compete effectively in a complex and dynamic environment to achieve sustainable growth To develop leaders for tomorrow from within an organization To maximize employee performance as a unique source of competitive advantage To empower employees: Cut down on high turnover rates Reduce the cost of constantly hiring new people to train
1. 2. 3.
There are different approaches to talent management in organizations A successful TM model has to link
TM creed (culture, values, expectations) with TM strategy and TM system. (Lance and Dorothy Berger, 2011)
should be embedded in HR systems as selection criteria, competency definitions, performance and promotion criteria and development processes.
A TM creed is the set of core principles, values and mutual expectations that guide the behavior of an institution and its people It describes in general terms what types of people are expected to work in the organization and what type of a culture is desired to achieve success
Superkeepers- greatly exceed expectations (3-5%) Keepers exceed expectations (20 %) Solid citizens- meet expectations (75 %) Misfits- below expectations (2-3 %)
Multi-Rater Assessment
Employee. The owner of the career plan that is aligned with the succession plan Boss. The primary assessor Bosss boss. The key link in the vertical succession and career plan Bosss peer group. Source of potential new assignments in the same or other function
Diagnostic Tools
SuperkeeperTM reservoir. SuperkeepersTM are employees whose performance greatly exceeds expectations, who inspire others to greatly exceed expectations, and who embody institutional competencies. Keeper Key position backups. The insurance policies that ensure organization continuity. Every key position should have at least one backup at the Keeper (exceed job expectations) level. Surpluses. Positions with more than one replacement for an incumbent. While ostensibly a positive result of the talent management process, it can be a potential source of turnover and morale problems if the replacements are blocked by a non-promotable incumbent and/or there is no realistic way most of the promotable replacements can advance. Voids. Positions without a qualified backup. Determine whether it will transfer someone from the surplus pool, develop alternative candidates, or recruit externally. Blockages. Non-promotable incumbents standing in the path of one or more high-potential or promotable employees. Problem employees. Those not meeting job expectations (measured achievement or competency proficiency). Give opportunity to improve, receive remedial action, or be terminated. The time frame should be no longer than six months.
(Lance and Dorothy Berger, 2011)
Monitoring Processes
Evaluate the results of talent management system on a regular basis for quality, timeliness and credibility
What is competency?
Competencies are the core elements of talent management practices
They are the demonstrable and measurable knowledge, skills, behaviors, personal characteristics that are associated with or predictive of excellent job performance. Examples
Why Competencies?
The challenge is to identify which competencies the organization expects to see in their people The starting point of the model is the creed (values, principles, expectations) and the business strategies
Through a competency model the organization sends a consistent message to the workforce about what it takes to be successful in the job Helps employees understand what helps drive successful performance The Competency Model approach focuses on the How of the job. Competency model is behavioral rather than functional, focuses on the people rather than jobs Competency models are outcome driven rather than activities (Job descriptions focus on activities, competencies focus on outcomes) Integrates HR strategy with business strategy both focus on outcomes
Why Competencies?
The competency model serves as the foundation upon which all workforce processes are built.
Competencies promote alignment of talent management systems by creating a common language that enables these systems to talk with each other! That is, results of one TM system is used as the input data for the following TM system.
Core competencies for the entire organization to shape the organizational capabilities and culture required to achieve the strategic goals(5 or 6) Leadership competencies for the management teams of various levels for selection, career planning and development Functional (technical)competencies (specific for each job family)
Use commonly available ready to use models with small adjustments for your organization Develop own competency model with help of consultants Behavioral Benchmarking compare superior performers with other best people in the organization and in other benchmark companies
Overview of current tasks and responsibilities Come to agreement about what successful outcome driven performance looks like Review of competency library and selection of must haves for the position Rank top competencies as demonstrated by exemplary (superior) performers Identify of those competencies that align with the vision, mission and strategic plan of the organization Verify the competencies with a larger sample of the organization
Choosing Competencies
Before choosing competencies in an organization following requirements must have been completed: Establishment of vision, mission, values Strategic business goals Identification of the tasks, responsibilities and outcomes expected from each position Identification of the superior (exemplary) performers Satisfactory competency library
Talent Management
TALENT=COMPETENCE+COMMITMENT+CONTRIBUTION
Being competent is not only enough to be a talent The competent person should be committed to the causes and goals of the organization And should be able and willing to contribute to the success of the organization So, developing your talent is not enough, the organizations need to take all the measures to motivate, reward their talent pool to gain their commitment and contribution. Retention is also essential to gaurantee future alignment of the talent with the right key positions
Expectations for the future. Businesses should identify Job roles Spesific objectives Competencies Capabilities to meet the expectations Work environment Managerial support Rewards and recognition Removing barriers Feedback systems needed to Focus To keep on track Develop
Analysis
Potential Candidates
Assessment
Career Potancial Candidates Committees and Succession Lists
Development
Talent Development Programs
January - March
April
May on......
Building Block 1: Identification and assessment of competencies Building Block 2: Performance appraisals Building Block 3: Succession and career planning Development of talent (coaching, mentoring, training) Linking compensation with the program (reward and motivate) Targeting culture as an important driver of TM programs Secure senior executives commitment to make the talent management model work Evaluate the results of talent management system on a regular basis
Integrated Functions of TM
Performance appraisals, assessments of potential, competency evaluations, career planning, and replacement planning (the core elements of talent management) should be linked to each other. Stand alone functions are destined to end with failure
HR and TM
HUMAN RESOURCES MANAGEMENT o Broad Scope (entire employees) o Emphasize egalitarianism oFocus on administrative functions oTransactional oFocus on systems with silo approach TALENT MANAGEMENT oFocus on segmentation (key group of core employees and key positions) o Focus on potential people oFocus on the attraction, development and retention of talent oFocus on integratation of HR systems
Prepare a list of 5 competencies for your own position. Explain why you choose these competencies and what do they include behaviorally?