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Strategic Workforce Planning Session 4 Talent Management

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Talent Management Framework Purpose of TM TM Tools TM Processes Key Elements of TM TM Principles Definition of TM BENEFITS OF TALENT MANAGEMENT

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Drivers of talent attraction and retention

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Mc Kinsey Study – The War for Talent It will become increasingly difficult to attract and retain they best talent Supply of talent shrinking and more elusive Supply of tomorrow’s leaders declining Talent more mobile across companies Greater competition for “best” talent More sophisticated skills required for leading growth, globalization, and technological change Companies waking up to their talent gap and vying to upgrade their talent Small companies increasingly attractive

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Talent Management Framework Purpose of TM TM Tools TM Processes Key Elements of TM TM Principles Definition of TM BENEFITS OF TALENT MANAGEMENT

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Talented People? <ul><li>Talented people are those expected, by their managers, to produce superior performance both now and in the future </li></ul><ul><li>They achieve this through application of their knowledge, skills and creativity while demanding personal growth with or without the support of the broader organisation. </li></ul><ul><li>“ Talented individuals are mobile monopolies with global passports .” (Karaoke Capitalism – Ridderstrale & Nordstrom) </li></ul><ul><li>Some lack knowledge and skills but are talented , the challenge is to spot this </li></ul>

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Talent Management Framework Purpose of TM TM Tools TM Processes Key Elements of TM TM Principles Definition of TM BENEFITS OF TALENT MANAGEMENT

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Talent Management Principles Outcomes Inputs

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Talent Management Framework Purpose of TM TM Tools TM Processes Key Elements of TM TM Principles Definition of TM BENEFITS OF TALENT MANAGEMENT

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Key Elements of Talent Management Review

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Talent Management Framework Purpose of TM TM Tools TM Processes Key Elements of TM TM Principles Definition of TM BENEFITS OF TALENT MANAGEMENT

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Talent Management Processes Managing Talent Business Results

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Talent Management Processes

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Talent Management Processes

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Talent Management Processes Business Results Managing Talent

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Talent Management Processes

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Talent Management Processes Business Results Managing Talent

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Talent Management Processes AS IS TO BE

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Managing Talent

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Managing Talent

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Managing Talent Shaping Talent Pools

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Managing Talent

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Business Results

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Talent Management Framework Purpose of TM TM Tools TM Processes Key Elements of TM TM Principles Definition of TM BENEFITS OF TALENT MANAGEMENT

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Talent Management Tools

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The Talent Management Matrix Potential 3 6 9 2 5 8 1 4 7 High Medium Low Under- performing Good Strong Performance

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Talent Management Matrix Illustrative Example - 9 Total Compensation Keep well ahead (25%) of market. Grant long-term incentives. Retention Assign a member of top management to monitor satisfaction and engagement. Engagement Assign to key committees, teams, networks; special invitations to meetings; provide opportunities to represent G-P in community and industry forums. Exposure Arrange exposure to significant and relevant senior management/board members, Executive Development programs. Assessment Provide complete continuous assessment, evaluation and feedback alternatives. Coach Make coaches available for key skill development. Mentor Assign a senior level mentor. Assignment Move aggressively through a series of targeted, challenging, diverse and broadening jobs every 24-36 months. Development Use challenging jobs to enhance current skills and develop others. Consider as candidate for G-P sponsored graduate or executive development programs.

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The CLC Four Lenses

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Individual Exercises <ul><li>“ How good are we at managing talent?” </li></ul><ul><li>“ Options for addressing strategic talent management issues” </li></ul><ul><li>Please complete they questionnaires in your file </li></ul><ul><li>Scoring </li></ul><ul><li>De-briefing </li></ul>

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CONVERSATION TOPIC #1 “ Start by paying me a decent, market-related salary …….or perhaps a little bit more. We can then focus on the other things that really matter.” What drives retention of talent?

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CONVERSATION TOPIC #2 “ I want to have absolute clarity of what the Company can provide before I commit “ The psychological contract

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CONVERSATION TOPIC #3 “ Freedom and autonomy mean a lot to me. Let’s discuss the expected outcomes from the task , but then leave me to get on with it.” Generation gap?

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CONVERSATION TOPIC #4 “ I look at the quality of leadership before a make a decision for a better job, or consider a transfer” Career decisions

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CONVERSATION TOPIC #5 “ I’m not too concerned with the rigidities and formalities of performance management systems…I just want to get on with the job. But I thrive on feedback – ongoing, honest and sometimes ‘fierce’ feedback.” Career decisions

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CONVERSATION TOPIC #6 “ Although we don’t talk about it much , recognition is a big thing. Recognition through financial reward is great, but non-financial recognition also plays a big role.” Line of sight…

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CONVERSATION TOPIC #7 “ I suppose I’m a true believer in life-long learning : training and development, coaching and mentoring – all those things mean a lot to me.” Drivers of talent growth

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CONVERSATION TOPIC #8 “ But I regard everyone as talented. I don’t like the blue eyed boy syndrome in our organization” Definition and affirmation of talent

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CONVERSATION TOPIC #9 “ My passion lies in geology. Yes, I’m obsessed with rocks. But, please, I don’t want to manage people – that’s a big turn-off for me. That said, what are my career prospects?” Only management?

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CONVERSATION TOPIC #10 “ I know that I’m not the cream of the crop….I realize that I’m not super-intelligent. However, I am a solid performer and add a lot of value. I am also very loyal. Don’t forget about me.” Balance in organizations

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CONVERSATION TOPIC #10 <ul><li>Look after the top talent, but don’t forget about the B players. </li></ul><ul><li>Possibly the B players are the real stars in the organisation. </li></ul><ul><li>The A players tend to be constantly on the look for greener pastures, and are often very self-centred. </li></ul><ul><li>Like any employees, no matter how secure and grounded, B players need nurturing and recognition. </li></ul>Harvard Business Review

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CONVERSATION TOPIC #11 “ I look at what the psychometric tests say – it is a scientific way for me as a line manager to identify talented people” Assessment and testing

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CONVERSATION TOPIC #12 “ I regard myself as a maverick . Some people even call me ‘weird’. But I also know that I make a substantial contribution to the company. Allow me to continue to push the boundaries .” Are talented people all mavericks?

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CONVERSATION TOPIC #13 “ I want to be developed to my full potential ; I am the type of person that needs to be stretched. But, to the extent that it is possible, I want to maintain an acceptable work-life balance .” WLB a Company manual entry?

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CONVERSATION TOPIC #14 “ Yes, I’m 48 and white and male. As you know, I have an excellent track record and still have a lot to offer. Use me , develop me, stretch me.”

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CONVERSATION TOPIC #15 “ I’m 59 and should be retiring next year. But I am still healthy - mentally, physically and emotionally. Can we not work out a deal where, after retiring, I work for the company two days a week?”

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1 . People First!

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“ When land was the productive asset, nations battled over it. The same is happening now for talented people.” Stan Davis & Christopher Meyer, futureWEALTH

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Talent! Tina Brown : “The first thing is to hire enough talent that a critical mass of excitement starts to grow.” Source: Business2.0

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2. Soft is Hard!

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3 . FUNDAMENTAL PREMISE: We Are in an Age of Talent/Creativity/ Intellectual-capital Added.

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“ Human creativity is the ultimate economic resource.” —Richard Florida, The Rise of the Creative Class

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4 . Talent “Excellence” in Every Part of Every Organization.

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5 . P.O.T./ Pursuit Of Talent = OBSESSION.

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“ The leaders of Great Groups love talent and know where to find it. They revel in the talent of others .” Warren Bennis & Patricia Ward Biederman, Organizing Genius

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6 . Talent Masters Understand Talent’s Intangibles.

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Visibly energetic /Passionate/Enthusiastic … about everything. Engaging/Inspires others. ( Inspires the interviewer!) Loves messes & pressure. Impatient/ Action fanatic. A finisher. Exhibits: Fat “WOW Project” Portfolio . (Loves to talk about her work.) Smart. Curious/ Eclectic interests/ A little (or more) weird . Well-developed sense of humor/ Fun to be around. ****** No. 1 re bosses: Exceptional talent selection & development record. (Former co-workers: “Did you visibly grow while working with X?” /“How has the department/team grown on a ‘world-class’ scale during X’s tenure?”)

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7 . HR Is “Cool.”

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“ HR doesn’t tend to hire a lot of independent thinkers or people who stand up as moral compasses.” —Garold Markle, Shell Offshore HR Exec ( FC /08.05)

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8 . There Is an “HR Strategy”/ “HR Vision”

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“ Omnicom very simply is about talent. It’s about the acquisition of talent, providing the atmosphere so talent is attracted to it.” —John Wren

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EVP = Challenge, professional growth, respect, satisfaction, opportunity, reward Source: Ed Michaels et al., The War for Talent

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9 . There Is a FORMAL Recruitment Strategy.

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Cirque du Soleil : Talent (12 full-time scouts, database of 20,000) . R&D (40% of profits; 2X avg corp). Controls (shows are profit centers; partners like Disney offset costs; $100M on $500M). Scarcity builds buzz/brand (1 new show per year. “People tell me we’re leaving money on the table by not duplicating our shows. They’re right.” —Daniel Lamarre, president). Source: “The Phantasmagoria Factory”/ Business 2.0 /1-2.2004

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10 . HR Strategy = BUSINESS Strategy

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People Department Center for Talent Excellence Seriously Cool People Who Recruit and Develop Seriously Cool People Etc.

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“ In the CEO job you will not use much of what you have learnt here …you will be into people. The recruitment of people, the evaluation of people…the dealing with people” Jack…to the Stanford MBA Class