talent management1

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Talent Management Anand kumar

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Definition’s Talent is like electricity. We don't understand electricity. We use it. Maya Angelou, Peninsula school, USA 2. Talent is only starting point in business. You have got to keep working that talent. Irving Berlin 3. Talent is culture with insolence. Aristotle

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Talent Vs Knowledge people Talent knowledged people Make and break the rule Conserve the rule Creates new Implements Initiate change Support change Innovate Learn Direction Action

Source of Talent : 

Source of Talent

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Hidden and Internal Talents: Often found lurking in the most unlikely places there are people within your organization who leave most signs of their talent at home! In their life outside work these people hold down positions of responsibility (e.g. volunteer youth worker, rugby coach) or they display outstanding creativity . At work however these people are frequently categorized as “someone who does a good job and then goes home. Market Talents: Talents that any organization wants to acquire from market, colleges, university, society, and from other organization

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Why talent management Talent management implies recognizing a person's inherent skills, traits, personality and offering him a matching job. This is beneficial for both organization and employee Organization Benefits : * Increased productivity * A better linkage between individuals' efforts * Commitment of valued employees * Reduced turnover * A balance between people's jobs and skills Employee Benefits : * Higher motivation and commitment * Career development * Sustained motivation and job satisfaction.

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Why talent management cont… Cost to loose a talent: Costs Salary 100.000 Euro Additional salary costs 30.000 Euro Costs for colleagues who have to deal with jobs not done by that employee* 33.000 Euro Costs for headhunter 35.000 Euro Costs for making the new hire productive** 50.000 Euro Costs for colleagues taking over add. tasks to compensate on boarding time of new hire 33.000 Euro Total 281.000 Euro Other important purpose : Transparence about our Human Capital 2. Recognition &Development of performance and potential 3. Long – term Competitiveness

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Some points in managing talent Talents do not respond well to command and control style Talents need freedom and flexibility Practice and foster a winning attitude Allow participation in decision making Use Talent based decision Praise in public , Pan in private Use total honesty Grant trust Focus on process not on result Be a friend not a boss Treat Talent as customer

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Talent Friendly Environment A winning organization management System has nine element to build a talent friendly environment where talent can be attracted and retained. Customer Focus System Performance And Satisfaction Measurement System Participative management system Change management system Constant Innovation system Project team formation system Employee development system Human resource management system Financial Support system

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Talent Friendly Environment cont…. Performance and satisfaction measurement system Talent Satisfaction Measurement System Talent Action Response System Talent Management system

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Talent Friendly Environment cont…. Participative management system Management by participation, process, project and wondering around Responsibility, authority, accountability process Open door practice

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Talent Friendly Environment cont…. Constant Innovation System Innovation Institute Implement six sigma Benchmarking Training Idea seeding and cultivation fund Champion process

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Talent Friendly Environment cont…. Employee Development System XYZ management Performance assessment and enhancement process Career planning Four C’s process Talent scorecard

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TMS: TMS is an effective tool for creation of relationship between talent and management. This deals how organization attract, keep and manage talents. TM is the process of managing the supply and demand of talent to achieve optimal business performance in alignment with organisational goals. Heidi Sprigi, President of knowledge infusion TM refers to the process of developing and interacting new workers, developing and retaining current workers, and attracting highly skilled workers to work for the company. Wikipedia

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Design a talent management system Unbiased reward and reorganization Flexible work environment and positive culture Proper training Effective and meaningful appraisal system Design job for talented people Proactive visionary management and leadership Provide proper research facility Compensate Talents as suppliers Right location to attract and retain Talents Assign right job to right talent Career and succession plan Balance age, race, gender, color Create challenging environment Create social bond through adventure, sports, party, contest etc Profit sharing plan Eliminate non working people Establish effective communication and cooperation Allow talent to create and apply knowledge Build trust on talents Set positive & constructive challenge Performing XYZ analysis Monitor talent as assets Set challenging business goal Take corrective action if necessary Identify own talent before hiring talent Performance based talent tool Test based Scorecard entries

Importance of TM : 

Importance of TM 1. Globalization 2. Increased competition 3. Increasing knowledge

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Steps to identify talents: 1. Select a jury : who examine evidence, vote and their strengths. Jury design a scorecard.

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Steps to identify talents cont… 2. Selecting and understanding evidence: Two objective and two subjective evidence Talent subject Boss + 1 or 2 Customer peer Supplier peer 2 or 3 subordinate

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Steps to identify talents cont… 3. Self scoring : Talent should make self assessment. 4. Jury scoring : Jury gives the score to talent on evidence 5. Average scoring of jury members 6. Analyze score : score shows whether weakness or strength 7. Normalize score to common scale: Position = Score Maximum count Scale range

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Steps to identify talents cont… 9 8 7 6 5 4 3 2 1 Super talent Strong talent Talent Watch talent Average Watch for improve Questionable talent Weak opportunity No talent Normalize score to common scale

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Challenges solutions Collision between talents Talent Fusion Not compatible with change Gross root education Talent development budget Forecast return on talent Hiring and holding Replacement cost Training cost

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Return on talent (ROT) = Knowledge generated and applied Investment in talent

Conclusion : 

Conclusion It is agreed by almost all CEOs of big companies that it is the human resource – a talented one – that can provide them competiveness in the long run. So, it is the duty of the HR department to nurture a brigade of talented workforce which can win the war in the business field.