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The war for talent
The war for talent
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Talent War

Due to skill-shortages the world is in a war for talent. Companies and countries alike want to attract, develop and keep the most talented individuals. This is a trend OPRA first commented on back in 2007. While the situation has only gotten worse since then, the messages in this presentation are as poignant as ever.

Due to skill-shortages the world is in a war for talent. Companies and countries alike want to attract, develop and keep the most talented individuals. This is a trend OPRA first commented on back in 2007. While the situation has only gotten worse since then, the messages in this presentation are as poignant as ever.

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Talent War

  1. 1. The Talent War: Strategic Talent Management in the 21st Century
  2. 2. Overview • What is the war for talent? • A systems based approach to talent management • Making use of HR data • The Sonar6 talent management system
  3. 3. What is your organisations most important asset?
  4. 4. The Talent War McKinsey coined the phrase ‘War for Talent’ in 1997 to describe the critical shortage of skilled talent One decade later, the war continues
  5. 5. Defining Talent We know that: • Good people are good for business, and • Good people create competitive advantage • By definition ‘talent’ is in short supply … but what makes people good/talented? • Cognitive ability? • Interpersonal skills? • Conscientiousness?
  6. 6. • A Manager creates a team. • A Coach trains them to be the best. • Pay for the talent. • Reward performance. Defining Talent
  7. 7. War is: Competition for a limited resource Defining War
  8. 8. What Ignited the Talent War? • 3.6% unemployment • Entering into a knowledge economy • Changed work ethos • Generation Y • Global competitive intensity • Ageing workforce
  9. 9. The Aging Workforce Population aged 65 years & above
  10. 10. The Aging Workforce 60+ segment grows to 20% in almost all industrialised nations
  11. 11. capital = power talented people = power This is where all the tools of business developed A whole new paradigm is needed to manage the talent asset The Changing Economy
  12. 12. So we have a war for talent… … what can we do about it?
  13. 13. An Inconvenient Truth What is wrong with traditional HR systems? • Each area of HR are typically treated in isolation (selection, training, organisational development) • Reliance on ‘flavour of the month’ solutions • Piecemeal and ad-hoc solutions are favoured over an integrated solution • No demonstrable relationship to bottom-line
  14. 14. The Role of HR is Changing HR is changing from being reactionary and based on compliance to Being more strategic and an information provider
  15. 15. Think of HR as a ‘system’: Implement one initiative and it will impact other areas of HR. Eat Sleep Train
  16. 16. The Way Forward What is the solution? Something that… • Delivers a strategic solution • Enables organisations to retain IP • Can be evaluated for rigour • Delivers increased profit, and return on one’s investment How do we achieve this?... Through a systems-based approach
  17. 17. System-Based Approach Clarifying Business Strategy and Vision Where are we going and how do we get there? Job Analysis & Competency Modelling What is the desired shape of roles inside the organisation? Selecting for Success What capabilities do we need to implement our strategy? Retaining & Growing Talent What tools exist to help retain and develop talent? Redeployment and Exit How do we retain organisational knowledge? Measuring Success How do we know if we have been successful?
  18. 18. An Integrated Solution • Solutions need to be fully integrated with the vision and strategic direction of the organisation • Solutions need to consider utility and return on investment
  19. 19. An Integrated Solution
  20. 20. Accounting vs Finance A decision science is now developing around talent Accounting: •The record •The data •Individual transactions Finance: •The overall health of the capital asset •Using the accounting data to make business decisions
  21. 21. Accounting vs Finance • HR are typically data rich, but information poor • Like finance, talent management begins with accounting for the talent asset • Talent management is all about using the talent data to support decisions on the talent asset • We need a solution that collates the data, transforming it into useful information
  22. 22. Talent management: Is about connecting decisions about a resource to organisational success.
  23. 23. The Research Strategically-integrated leadership and people development practices: • Improve job satisfaction, organisational commitment and individual performance (Green, Wu, Whitten & Medlin, 2006). • Reduce turnover (Orlando & Johnson, 2001). • Improve revenue, profitability and market share (Huselid, Jackson & Schuler, 1997).
  24. 24. What we need… • A solution that collates the data, transforming it into useful information to aid decision making • Predictive metrics for the human asset • A common language, ‘what is talent for our organisation’ • A user friendly interface • Quick identification of employee skill gaps
  25. 25. Avoid joining the talent war without ammunition…
  26. 26. The Challenge The Talent Science Challenge The system is too complex No common language No base data Cause and effect are not linked. Analytical engines need to be employed to wade through complexity. Knowledge about the talent asset is in people’s heads only, and is too localized to be useful. Quick ways for managers to capture data and turn it into useful information. There is no universal way of discussing the talent landscape. Much of the language will be visual.
  27. 27. No base data The Talent Science Challenge
  28. 28. No common language The Talent Science Challenge
  29. 29. The system is too complex The Talent Science Challenge
  30. 30. Engaging for Managers Helicopter View Visual Talent Language Web Delivered

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