talent risk presentation 11_10 final
TRANSCRIPT
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November 10, 2016
How High-performance Organizations Manage Talent Risk
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Amy Armitage, MBA
Director i4cp Member Research Programs i4cp is a membership organization dedicated to
exploring human capital next practices through high-performance organization research
Amy is responsible for growth and service delivery in i4cp’s peer networking business, including ten research working groups
She chairs i4cp’s Workforce Analytics and Strategic Workforce Planning Exchanges (with 50+ member organizations) and serves as an expert thought leader for i4cp’s members
She speaks frequently on Workforce Planning and Analytics and Evidenced-based HR
She is the co-author of i4cp’s new report, Talent Risk Management
Steve Trautman
Talent Risk Management and Knowledge Transfer Expert and CEO
Steve’s firm works globally, specializing in TRM and KT for technical organizations, helping leaders from corporate boards to the front line have practical conversations about talent risk
Headed L&D for the Worldwide Products Group at Microsoft and was a GM at Expedia
Author of Teach What You Know, A Practical Leader’s Guide to Knowledge Transfer and The Executive Guide to High Impact Talent Mgmt
Author of new book on Managing Talent Risk with Data coming out in spring 2017
Contributed to i4cp’s new report, Talent Risk Management
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ObjectivesThis webinar introduces new ground-breaking research and field work that demonstrate a new, holistic approach to managing Talent Risk. Participants will learn:
• What is Talent Risk?• Why Talent Risk is Business Risk• Key Findings of the Talent Risk
Management Report• A New Way of Managing Talent
Risk to Drive High Performance• How High-performance
Organizations are Approaching Talent Risk Differently
• What You Can Do
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What Is Talent Risk?
Talent risk is the gap between the current technical and professional capacity of a workforce and where it needs to be in one to three years (or right now).
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50+% of business expense is people Talent risk affects the big three business
drivers every day: Money, Time, Quality It’s about gathering different data – the money
story - to make better talent decisions
Why Talent Risk Is Business Risk
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National Association of Corporate Directors Says Need for Talent Risk Plan
“It is vital that the board recognizes talent, strategy and risk are inexorably linked….”
“Directors should request that management provide a talent component in every strategic initiative presented to the board.”
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Top barrier in the research: “We don’t have a feasible process for analyzing talent risk.” More of the same HCA data isn’t helping. Need a simple way to talk about both enterprise
and individual talent risks (from the board to the front line)
Why is Managing Talent Risk a Problem?
Data That Lets You See The Big Picture…
And also zoom in as needed...
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4 Findings from the Research
1. Talent risk is business risk – but less than half have processes in place to address it
2. Organizations need a structured process to manage risk at the individual (micro) and enterprise (macro) level
3. Two areas especially critical: Use of learning and development and simplified workforce planning using data and analytics
4. Get down to basics of data, productivity, knowledge transfer and financial impact
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1. Talent Risk Is Business Risk
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1. Talent Risk Is Business Risk – Especially in Highly Skilled Jobs
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2. Organizations Need a Process to Manage Individual and Enterprise Risk
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2. Process for Managing Talent Risk
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3. Critical Areas
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3. Critical Areas
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3. Critical Areas
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4. Getting Down to the Basics of Data and Especially Financial Impact
Cost of Project Delay Calculator Quantifies Talent Risk
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A New Way of Managing Talent Risk: Data at the Intersection of Strategy, People and Risk
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A New Way of Managing Talent Risk: Data at the Intersection of Strategy, People and Risk
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A New Way of Managing Talent Risk: Data at the Intersection of Strategy, People and Risk
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A New Way of Managing Talent Risk: Data at the Intersection of Strategy, People and Risk
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Data at the intersection of Strategy, People and Risk
1. Strategy: “I know I understand the strategy because I can explain it in plain language to my boss and my peers and we all sound alike.”
2. People: ““I can describe the unique technical skills required to execute the strategy and I either know the names of the actual people who will execute it or I can say where I am going to find them.”
3. Risk: “I have data to quantify the risks of not being able to execute the strategy due to people issues and I have a plan to mitigate that risk.”
STEP 1: Assess RiskDo we have enough bench strength for the critical areas of expertise (“knowledge silos”)?
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Inventory and Prioritize each Knowledge Silo for Risk and Risk Mitigation.
Prioritization Criteria: • Critical to business? • Available in marketplace? • Time to train? • Likelihood of losing
expert?
Team One
Name Priority 1 2 1 4 2 3Employee 1Employee 2Employee 3Employee 4Employee 5Employee 6Employee 7Employee 8Employee 9Employee 10
Name Priority
Tool: Knowledge Silo Matrix
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Knowledge Silo Matrix for Enterprise
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How High-performance Organizations Are Managing Talent Risk: Toyota Financial Services
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Steve story
How High-performance Organizations Are Managing Talent Risk: Toyota Financial Services
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Managing Employees as You Would Customers
How High-performance Organizations Are Managing Talent Risk: Toyota Financial Services
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What You Can Do: Use This Simple Checklist
42% Of HPOs say this is a major barrier
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1. Having a common methodology and terminology for analyzing, prioritizing and mitigating risk
2. Having profiles for key talent that align to business strategy and compare capacity to need – with plans to develop/source that talent
3. Having processes in place to transfer critical knowledge from vacating employees
4. Having processes in place to ensure the quality and predictability of outsourced work
What You Can Do: Plan for the FutureTalent Risk Management Next Practices
