talent management and retention
TRANSCRIPT
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TALENT MANAGEMENT AND
RETENTION
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The Mind Gym Ltd 2
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 talentmanagement is about looking after allhuman capital
B. Top slicing identify high potentialindividuals and accelerate their progressionthrough the business
C. Top slicing and business critical roles
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The prize
A 10-point increase in an average Fortune500 company's talent quotient score willadd between US$70 million and US$160million to the firm's bottom line over thenext two to three years.
Hewitt Associates.
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The differences
Old way Short half life
Most of the effort in theinitial selection
Minimal measures withorganisationalobjectives
Subject to socialloafing
New way Its tough to get in and
stay in
Its worth the effort itfits with my needs andhelps me succeed
It makes a step change
to organisationalcapability and retention
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Its tough to get in and stay in
Makes it more attractive for those who wantto 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 thatperformance 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 vitalmany
Labelling
67% of CIPD respondents agreed using theterm 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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Its 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
Im 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 thats 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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Whats effective vs. whats popular?
Source: CIPD (2006)
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RETENTION
A COMPANY IS
KNOWN BY THE
PEOPLE IT KEEPS
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WHY A COMPANY FOCUS ON EMPLOYEE
RETENTION
NEW EMPLOYEE HIRING COST
TO KEEP PRODUCTIVITY MAINTAINED
TO RETAIN POTENTIAL TALENT
TO RESCUE FROM THE LEAKAGE OF IMPORTANTINFORMATION
TO MAINTAIN GOOD INTERNAL RELATIONSHIP
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Employee Retention requires
organizations to attract,
manage and nurture talent.
This calls for pro-active
measures on three fronts:--
Organizations will have to create an ambience where talent canbloom.
They have to put in place systems that will help unleash the potential
of their employees
They have to build a reward and recognition mechanism that
provides value for people.
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HOW TO RETAIN EMPLOYEES
CARE & CONCERN
COMPETITIVE SALARIES
INCREASE SALARIES IN ASPECIFIED TIME
EMPLOYEE SATISFACTION
NEW CHALLENGING JOBSARE ADDED
MONETARY & NONMONETORY INCENTIVES
BETTER OPPORTUNITIES
FOR GROWTH
INTERRACTION BETWEENEMPLOYEE WITH HISSUPERIOR , PEERS &
SUBORDINATES
TO MOTIVATE
BY KEEPING INTEREST IN
THE ACTIVITY
UNDERSTANDINGEMPLOYEE
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EXECUTIVE
SUPPORT
SUPERVISOR SKILL
&
ACCOUNTABILITY
A HIGH
RETENTION
ORGANISATION
TEAM MEMBER
INVOLVEMENT
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STRATEGY FOR
EMPLOYEE RETENTION
EXECUTIVES UNDERSTAND THE IMPACT OF TURNOVER & HOLDLEADERS ACCOUTABLE FOR RETENTION
TRAIN LEADERS IN RETENTION COMPETENCIES
INVOLVE TEAM MEMBERS IN REDUCING UNWANTED TURNOVER
EDUCATE THE FRONT LINE ON THE VALUE OF A HIGH RETENTIONORGANIZATION
UNCOVER PROBLEMS BEFORE THEY LEAD TO TURNOVER
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MAIN CAUSE OF HIGH TURNOVER
Todays dynamic market environment will giverise to lot many entrepreneurial opportunities,
which will take away talent from even the best
organizations. Thus the take home pay cheque
will seize to be a major motivator. Excitingopportunities and meaningful work with a
sense of fun will be the preferred choice for
employees
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ONE STEP BEYOND RETENTION
Organizations will have to create smallentrepreneurial islands, where they can
house their best talents to pursue
experiments, innovate, develop cutting edge
products, dream up new and better ways ofdoing business and create value in an
unrestricted manner
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THANK YOU