talent management best practices
DESCRIPTION
HR VLZ Session on Talent Management steered by Mr Anurag Verma, Director HR, Flipkart.comTRANSCRIPT
Talent Management
the mantra-‘our people are our
greatest asset’
But what if –
that only some of your people are your greatest asset?
Could you be doing more with your high
performers?
Some questions you need to seek answers for… How big a role will people play in taking our organization
to the next level?
How much % of organizational success do you think is due to people?
Does our culture value performance? In what concrete ways?
Do we know what our high performers think? Do they have a ‘seat at the table’?
How much time does our organization spend on increasing the impact high performers can have?
the challenges
72% of companies predict they’ll have an increasing number of leadership vacancies over the next 3-5 years
76% of those same companies are “less than confident” in their abilities to adequately staff/grow talent for these positions
Source: Gall UP Study — Global.
Difficulty finding the right peopleand keeping the people you need
Employee SegmentProblems Attracting
Problems Retaining
Critical skill/experience employees 72% 56%
High potential employees 60% 55%
Top-performing employees 59% 50%
All employees 31% 25%
Source: Towers Watson 2012-2013 Global Talent Management and Rewards Study — Global.
sustainable engagement level of the global workforce
Source: Towers Watson 2012 Global Workforce Study — Global.
other talent realities
Structural mismatches
Skill gaps
Unsustainability
Leadership vacuum
How to respond
Grow and develop
Hire more from outside
Retain key people
Raise engagement
Improve performance
Who is responsible to ensure you have the right people to achieve business objectives?
Conventional Orgs say
HR is responsible for people management We provide good pay and benefits Recruiting is like purchasing Development happens in training
programs We treat everyone the same
Progressive Orgs
o All managers are accountable for strengthening their talent pools
o We shape our workplace, jobs, and strategy to appeal to talented people
o Recruiting is marketingo We fuel development through stretch jobs,
mentoring and coachingo We affirm our people, but invest differently
for different players
Retention:What keeps employees happy?
Retention Drivers1. Career growth, learning and development2. Exciting work and challenge
3. Meaningful work, making a difference and a contribution
4. Great people
5. Being part of a team
6. Good boss
7. Recognition for work well done
8. Fun on the job
9. Autonomy, sense of control over work
10. Flexibility – for example, in work hours and dress code
11. Fair pay and benefits
12. Inspiring leadership
13. Pride in organization, its mission and quality of product
14. Great work environment
15. Location
Employee Engagement
Research shows positive correlation of engagement scores with:Employee attraction and retention
Engagement scores also have a positive correlation with:Customer satisfactionRevenue growth and shareholder
returnsEmployee productivityEmployee attendance
Develop the Talent Management System
Talent Management & Planning
Helps you understand who to focus on
Talent management is a process of ensuring there are leaders and talent that can implement the organizational vision
It requires the systematic identification of those individuals who have the potential to turn the vision of the organization into reality
Talent Management
A key strategic initiativeCannot be done in isolation to other
cultural and people oriented initiatives in the organization
More than just “putting names in boxes
Talent Management
Focus on individual development strategically aligned to future vision
Leadership development can ensure that the potential identified through succession process is realized
Result is long-term leadership sustainability through attraction, retention and development of talent
Wishing you the very best….Thank You
“There are no recipes or formulae, no checklists or advice that describe “reality”. There is only what we create through our engagement with others and with events.”