THE WAR FOR TALENT Prof.Dr.Aung TunThet

OVERVIEW

1. Introduction

2. Winning WFT

3. Five Ways

4. Integrated Talent Management System

5. Conclusion

INTRODUCTION

THE WAR FOR TALENT (WFT)

1997

2001

Persist for next two decades

WFT

Timeless HR principles

Attracting

Developing

Retaining

Highly talented people

WFT

Recognising strategic importance of human capital

Value talent creates

New approach to talent management

WFT

Create winning EVP (employee value proposition)

Make company uniquely attractive to talent

Build long-term recruiting strategy

Job experiences, coaching, and mentoring to cultivate potential

WFT

Investing in A players

Developing B players

Acting decisively on C players

WFT

Pervasive talent mindset

Deep conviction

Competitive advantage comes from better talent at all levels

Build stronger talent pool

WFT

Competition among organizations

Attract and retain most able employees

Workers compete for most desirable jobs

Employers compete to find right talent

MYANMAR LABOUR MARKET

Tight

Intense competition for talent

Retain talent rather than rely on costly replacement and retraining

RETENTION OF TALENT

Vital for business growth

Build organisational competencies

Competitive advantage

WFT

Root cause of talent and skills shortages –Generational

Younger skilled workers less interested in traditional roles

See themselves as free agents

WFT

Management slow to respond

Scarcity of people with skills required for new emerging roles

Most critical market shortage

TOP 3 WAYS TO ADDRESS TALENT SHORTAGE

1. Enlist and empower management in talent management – don’t leave it to HR

2. Focus on developing clear career paths

3. Take holistic approach to talent management

WINNING WFT

COMPANIES

Lagging in competition for talent

Prioritize talent strategies around recruiting, retaining, and developing key employees

TALENT SHORTAGES

Going from bad to worse

By 2020, employers in world’s richest nations forecast to be short as many as 18 million college-educated workers

Situation will worsen

WFT

Can’t be won by poaching from outside

Developing employees internally

Connection between employee engagement and retention

WINNING WFT

Paradigm shift

Giving employees more control of own development

Unleashing hidden talent hidden

FIVE WAYS

1. MAKE LEARNING ON-DEMAND

Effective learning = dealing with immediate circumstances and challenges

1. MAKE LEARNING ON-DEMAND

‘Consumer’ model

Development tailored to each individual and available when most needed

Employees valued as individuals

Trusted to make informed choices

Individualized development investment, not cost

2. REDEFINE SUCCESS

Clarify

Success: ‘Do your best in whatever path you choose’

Engineer, sales professional, or expert in finance or law

Not just moving up corporate ladder to senior executive position

2. REDEFINE SUCCESS

Redefine "talent"

Shifting discussion from "high potential" to "high value" employees

Fill all "high value" jobs

Not those in senior leadership roles

3. CLARIFY PATH

Most employees don’t know how to progress in careers

Most companies aren’t clear on what’s necessary for employees to be ready for promotion or other opportunities

3. CLARIFY PATH

Enlist help of best performers in high-value jobs

Ask them about knowledge, skills, experiences, and personal qualities needed

3. CLARIFY PATH

Make information available to everyone

Employees and managers - fruitful discussions of what’s required to be successful today

Prepare for roles that fit organization’s future talent needs

4. LIFT VEIL

Mine hidden leadership talent inside organization

Tell everyone how to qualify to be on "high potential" list

Let employees who aspire to have opportunity to prove themselves

4. LIFT VEIL

Outstanding performance record

Willingness to take on bigger jobs

Personal characteristics and behavior expected of leader

Doesn’t guarantee promotion

Step up to challenge if they want

5. BUILD AGILITY AND VERSATILITY

Change only constant

Knowledge and skills rapidly becoming obsolete

Job requirements redefined

Technology and automation change face of workforce

5. BUILD AGILITY AND VERSATILITY

Forward-thinking organizations:

Give best performers variety of experiences and challenges early in careers

Out of comfort zones

5. BUILD AGILITY AND VERSATILITY

Build confidence to tackle bigger jobs

“First-time" assignments in other functions, businesses, and geographies

WFT

Cannot be won overnight

Less paternalistic, more bottom-up strategy vital

WINNING WFT

Giving people to take control of destinies

Right development opportunities at right time

Clear path forward to achieving career aspirations

INTEGRATED TALENT MANAGEMENT SYSTEM

TALENT

Scarce resource

Managed to fullest effect

New pressures

Strategic emphasis

TALENT MANAGEMENT

Anticipating need for human capital

Setting plan to meet it

Succession planning

TALENT STRATEGY: RECRUIT & INTEGRATE

Strategic Choices

Grow your own Hire In

Potential Job Fit

TALENT STRATEGY: DEPLOY, REVIEW AND DEVELOP

Strategic Choices

Structural move Open Market

Self-managed Guided Development

Individual Team

Egalitarian Meritocratic

Perform or go Grow or go

TALENT STRATEGY: ENGAGEMENT AND COMMITMENT

Strategic Choices

Formal Informal

Meaning Tangible Benefits

TALENT MANAGEMENT

Driven from top

Little employee engagement

Talent Management Cycle

TALENT MANAGEMENT CYCLE

Proactive analysis and planning

Long-term strategic development and deployment human resources

Systematic identification, assessment, planning, and developmental action

people.

TALENT MANAGEMENT CYCLE

Essential elements:

1. Talent Acquisition: Proactively recruiting diverse talent and providing on-boarding support

2. Talent Development: Developing and executing learning and development programs, processes and assessment to grow current and future leaders

TALENT MANAGEMENT CYCLE

3. Performance Management: Creating work environment where people perform to best of abilities

4. Succession Planning: Developing leadership pipeline or assuring near-term leadership continuity

5. Organisational Results: Achieving outcome expected

TALENT DEVELOPMENT

Expensive to develop all talent internally

Training people take long time

Require accurate predictions about skills in future

TALENT DEVELOPMENT

“Make or Buy”

Make and Buy

“MAKE” DECISION

Hiring person who doesn’t yet have all needed skills to fulfill role

Trained (“made”) to develop them

Distinguish between high-potential employees from mediocre employees

“BUY” DECISION

Hiring employee with necessary skills and experience to fulfill role from day one

Useful when too difficult to predict skills needed in future

BENEFITS OF GOOD TALENT MANAGEMENT

Three talent management practices effect performance:

1. Creating consistent talent evaluation processes

2. Achieving cultural diversity

3. Developing and managing leaders

CONCLUSION

REVIEW

1. Introduction

2. Winning WFT

3. Five Ways

4. Integrated Talent Management System

5. Conclusion

GOOD TO GREAT

‘Right Person on the Bus’

‘Wrong Person off the Bus’

‘Right Person in the Right Seat’

THANK YOU