talent management presentation

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TALENT MANAGEMENT & TALENT RETENTION THROUGH EMPLOYEE ENGAGEMENT Management Research Program INTERIM PRESENTATION

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Page 1: Talent Management Presentation

TALENT MANAGEMENT

& TALENT RETENTION

THROUGH EMPLOYEE ENGAGEMENT

Management Research Program INTERIM PRESENTATION

Page 2: Talent Management Presentation

INTERIM OBJECTIVESTo learn :- what is talent? What is talent management? What is the need for talent management? Benefits of strategic talent mgmt? Evolution of HR function? Talent mgmt & corporate strategy? Talent mgmt process? Case Analysis:- THE GE WAY TO TALENT MGMT

Page 3: Talent Management Presentation

1.TALENT MANAGEMENT

Page 4: Talent Management Presentation

“ AN IDEA CAN TURN TO DUST OR MAGIC, DEPENDING ON THE TALENT THAT RUBS AGAINST IT. ”

- WILLIAM BERNBACH

Page 5: Talent Management Presentation

WHAT IS TALENT?

TALENT =COMPETENCE X COMMITMENT X CONTRIBUTION.coined by(Ulrich, Allen, Brockbank, Jon Younger, & Mark Nyman)

Page 6: Talent Management Presentation

C = COMPETENCE

MEANS THE KNOWLEDGE, SKILLS, AND VALUES THAT INDIVIDUALS REQUIRE FOR TODAY’S AND TOMORROW’S JOBS.

-(ABLE TO DO THE WORK)

Page 7: Talent Management Presentation

C= COMMITMENT

MEANS THE LEVEL OF EMPLOYEE ENGAGEMENT.

IS WHEN EMPLOYEES WORK ON TIME, WORK HARD AND DO WHAT IS EXPECTED OF THEM.

Page 8: Talent Management Presentation

VOI2C2E V – VISION (a sense of direction) O- OPPORTUNITY ( an ability to grow) I – INCENTIVES( fair wage for work done) I – IMPACT (an ability to see the outcome of work

done) C – COMMUNITY ( peers, bosses, and leaders who

build a sense of shared purpose, identity, & experience)

C – COMMUNICATION ( knowing what is going on & why)

E – ENTREPRENEURSHIP (arrange of choices about terms & conditions of work)

Page 9: Talent Management Presentation

C = CONTRIBUTION FINDING MEANING & PURPOSE IN WORK.

Page 10: Talent Management Presentation

NEED OF TALENT MANAGEMENT

Page 11: Talent Management Presentation

TALENT SHORTAGEThe Old Reality The New Reality•PEOPLE NEED COMPANIES. •COMPANIES NEED PEOPLE.

•MACHINES, CAPITAL AND GEOGRAPHY ARE THE COMPETITIVE ADVANTAGE.

•TALENTED PEOPLE ARE THE COMPETITIVE ADVANTAGE.

•BETTER TALENT MAKES SOME DIFFERENCE.

•BETTER TALENT MAKES A HUGE DIFFERENCE.

•JOBS ARE SCARCE. •TALENTED PEOPLE ARE SCARCE.

•EMPLOYEES ARE LOYAL AND JOBS ARE SECURE.

•PEOPLE ARE MOBILE AND THEIR COMMITMENT IS SHORT – TERM.

•PEOPLE ACCEPT THE STANDARD PACKAGE THEY ARE OFFERED.

•PEOPLE DEMAND MUCH.

Page 12: Talent Management Presentation

TALENT MANAGEMENT Definition :-

“ A conscious, deliberate approach undertaken to attract, develop and retain people with the aptitude and abilities to meet current and future organizational needs.”

“ Talent mgmt involves individual and organizational development in response to a changing and complex operating environment. It includes the creation and maintenance of a supportive, people oriented organization culture

Page 13: Talent Management Presentation

DEFINITION BY CIPD(CHARTERED INSTITUTE OF PERSONNEL DEVELOPMENT)

“ Talent management is the systematic attraction, identification, development, engagement \ retention and deployment of those individuals with high potential who are of particular value to an organization. ”

Page 14: Talent Management Presentation

THE TALENT MANAGEMENT LOOP

Attracting Talent

Developing Talent

Managing Talent

Page 15: Talent Management Presentation

BENEFITS OF STRATEGIC TALENT MANAGEMENT

Building a high performance workplace.

Encouraging a learning organization. Adding value to the employer of choice

and branding agenda. Contributing to diversity management.

Page 16: Talent Management Presentation

EVOLUTION OF THE HR FUNCTION

Page 17: Talent Management Presentation

TALENT MANAGEMENT & CORPORATE STRATEGY

Should be closely related. Develop a performance culture where individuals

take responsibility for the continuous improvement of business processes & their own skill development.

Fairness & Consistency must be applied in all talent mgmt processes.

Page 18: Talent Management Presentation

TALENT MANAGEMENT – DEMAND & SUPPLY FACTORS

Talent Management

EXTERNAL

CONTEXT

WORKFORCE

(SUPPLY)

ORGANIZATIONAL

CONTEXT

EMPLOYERS (DEMAND)

Page 19: Talent Management Presentation

Diversity considerations must also be taken into account to draw from the widest pools of talent possible.

Give importance to talent, coaching and mobility.

Learning and development interventions are required at relevant stages in a career path for talented individuals to achieve their maximum potential.

Page 20: Talent Management Presentation

TALENT MANAGEMENT PROCESS

Page 21: Talent Management Presentation

1.  Workforce Planning:  Integrated with the business plan, this process establishes workforce plans, hiring plans, compensation budgets, and hiring targets for the year.

2.  Recruiting:  Through an integrated process of recruiting, assessment, evaluation, and hiring the business brings people into the organization.

3.  On boarding:  The organization must train and enable employees to become productive and integrated into the company more quickly.

4.  Performance Management:  by using the business plan, the organization establishes processes to measure and manage employees.

Page 22: Talent Management Presentation

5.  Training and Performance Support:  Here we provide learning and development programs to all levels of the organization. 

6.  Succession Planning:  enables managers and individuals to identify the right candidates for a position.  This function also must be aligned with the business plan to understand and meet requirements for key positions 3-5 years out.  While this is often a process reserved for managers and executives, it is more commonly applied across the organization.

Page 23: Talent Management Presentation

7.  Compensation and Benefits:an integral part of people management. Here organizations try to tie the compensation plan directly to performance management so that compensation, incentives, and benefits align with business goals and business execution.

8.  Critical Skills Gap Analysis: While often done on a project basis, it can be “business-critical.” 

For example, today industries like the Federal Government, Utilities, Telecommunications, and Energy are facing large populations which are retiring. 

Page 24: Talent Management Presentation

WHAT DOES TALENT MANAGEMENT MEAN TO ORGANIZATIONS

It changes the way company is organized, use technology, resources are allocated, and measure what company do.

Talent management will impact the role of a training manager, director, or CLO,. They may be asked to integrate learning programs with the company’s performance management initiative. 

Many organizations have a new job:  The VP of Talent Management.  This role typically includes Learning & Development, Performance and Competency Management, and Succession Planning functions. 

Page 25: Talent Management Presentation

CASE ANALYSIS:- THE GE WAY

“I want to make sure that GE is always the Employer of Choice. This has to be a place where people want to come to work and where they want to stay and they come here because we do leading – edge work. We allow people to live their dreams in an open and fair diverse environment. We treat everybody with respect, the best get paid like the best in a performance culture.”

- JEFFERY IMMELT, CEO, GE

Page 26: Talent Management Presentation

INTRODUCTION “The most admired company” GE emphasized on continuous reinvention of

itself. Innovative talent mgmt practices- key attribute Employees a major contributor to company’s

productivity & profitability. Hr practices aimed at high level intellectual

leadership achievement. Principles of organizational design based on

Managerial Talent.(1892- 1912) “Blue Books”

Page 27: Talent Management Presentation

CHANGING PARADIGM OF HR PRACTICES Charles Coffin(1892 to 1912), 1st GE President,

created a rigid hierarchical organizational structure & implemented product departmentalization.

President Gerard Swope (1922- 1940, 1942- 1945) emphasized on improvement of industrial relations. Many beneficial schemes for employees (group insurance, profit sharing, bonus, pension, stock

purchase option etc:). Unemployment pension to laid off workers.

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CONTINUED…………

President Charles E Wilson(1940-1942, 1945-50) undid changes that hampered peaceful industrial relations.

Ralph Cordiner (1958-1963) initiated organizational restructuring. He created SBUs.

Initiatives such as MBO, SWOT, & Strategic Planning.

Reginald Jones (1972-1981) invested in office automation for increased employee productivity.

Page 29: Talent Management Presentation

CONTINUED……….. Jack Welch (1981- 2000) dismantled existing

unproductive mgmt practices, & pulled down bureaucratic system of co. SIX SIGMA. Spin off unprofitable businesses. Neutron Jack.

Jeffery Immelt (2000) transformed “hard- driving , process- oriented co. to one steeped in creativity & wired for growth.”

Talent mgmt in GE was an organized process. It comprised of attraction, recruitment,

compensation & developments of talent.

Page 30: Talent Management Presentation

RECRUITMENT AND SELECTION Policy – to recruit from leading universities

worldwide. Internship & co-ops programs for fresh

graduates. Strict criteria of selection of internees & coops.

Full- time students with excellent academic records were only eligible.

Conducive working environment for continuous learning by interaction with co. managers & other internees.

Page 31: Talent Management Presentation

CONTINUED………

Lucrative compensation packages(salary, relocations assistance, other benefits) depending on performance.

Online application facility (“Careers at GE”) Applicant’s profiles matched with company’s job

eligibility criteria & job description of the position.

45 mins interview (behavioral-based). Selected candidates are informed within 7

business days & called for second round of interviews.

Page 32: Talent Management Presentation

CONTINUED……….

Promote- from- within policy.

Page 33: Talent Management Presentation

TRAINING & DEVELOPMENT Focus on developing leadership qualities. “ACTION LEARNING TECHNIQUE”(training

methodology) Reimbursement of tuition fees. Continuous training for KSA development. “Entry Level Programs” for fresh

graduates. “Experienced Level Programs” for 2 to 5

yrs experienced candidates.

Page 34: Talent Management Presentation

PERFORMANCE APPRAISAL

Techniques based on nature of work.

Vitality Curve, 9 Block & Accomplishment Analysis (for evaluating managerial & non-managerial employees).

Promotion & incentives strictly on the basis of PRs.

Page 35: Talent Management Presentation

COMPENSATION MANAGEMENT

Compensation goals:- attract world class executive talent; retain key

leaders; reward past performance; incent future performance; align GE executive’s long-term interests with company objectives.

Compensation = base salary, annual bonuses, contingent long – term performance awards, stock options, restricted stock units, performance share units, supplementary pension plans etc:

Page 36: Talent Management Presentation

CONTINUED………

CP neither followed any stipulated formula nor varied with short-term company gains.

Individualistic in nature. Parameters of appraisal:- a) Performance compared to financial, operational

& strategic objectives set at year beginning,b) Contribution to company’s CF, revenue, ROIetc:,c) The nature & degree of responsibility held,d) Contribution to company’s CSR initiatives,

community leadership etc:

Page 37: Talent Management Presentation

CONTINUED…..

Compensation surveys of 30 co listed in Dow Jones.

Page 38: Talent Management Presentation