3 steps to enterprise talent success with performance profiles
DESCRIPTION
Do you know the keys to a high performance culture? Can you describe what success in your company's key roles looks like? If not, you're not alone. Over one-third of organizations in Brandon Hall Group’s recent skills gap survey have not defined the critical roles required to enable their future business success. Knowing the traits that lead to performance in particular jobs is a core task for the modern HR function, but creating an accurate picture of success can be difficult. By turning to data, many successful organizations are building "Performance Profiles" that help them reduce staff turnover, boost productivity and accelerate time to performance. This webinar will address the latest research on Performance Management, the science behind Performance Profiles, and how they can be deployed in the HCM cycle. In this Slideshare, Laci Loew, VP and Principal Analyst of Brandon Hall Group's Talent Management Practice, and Jason Taylor, Infor’s Chief HCM Scientist will explore the following: Critical trends in using data to define success, and the talent science behind it How to develop high-quality Performance Profiles for your organization Turning data into action – how profiles accelerate time to performance for new hires, identify low performers, and support development efforts through data-driven insights The importance of mobile tools for managing and measuring performance Managing employee and manager expectations around Performance ProfilesTRANSCRIPT
1Copyright © 2013. Infor. All Rights Reserved. www.infor.com@Infor_HCM 1Copyright ©2014 Infor. All rights reserved. This presentation is provided for informational purposes only and does not constitute a commitment in any way. The information, products and services described herein are subject to change at any time without notice.
Three steps to enterprise talent success with Performance ProfilesJason Taylor, PhDInfor Chief HCM Scientist
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What are your Top HCM challenges?
Turnover and retention
Lack of bench strength
Showing ROI
Operational improvement
Doing more with less
Brandon Hall Group’s Performance Management Framework
3©2014 Brandon Hall Group, Inc.
Brandon Hall Group’s Performance Management Framework
Reveals 10 Leading Practices of Performance Management
4©2014 Brandon Hall Group, Inc.
1. Create a PM strategy in alignment with your business strategy ensuring cascaded goals
2. Institutionalize PM as an ongoing process --- not an annual activity with a beginning and an end
3. Adopt an approach to PM that focuses on developing employees’ strengths, not evaluating their
weaknesses
4. De-couple performance discussions with compensation discussions
5. Engage peers and subordinates in providing performance feedback
6. Review and revise goals regularly to keep aligned with changing business priorities
7. Hold managers accountable for acting as coaches to develop employees’ strengths
8. Catch employees’ performing well (or not so well) and provide immediate, on-the-fly feedback (and do
this regularly!)
9. Define and execute on targeted individual development plans enabled with performance support
tools
1. Define a select few metrics to measure the impact of performance management and monitor those
metrics regularly to create the conduit for making continuous improvement changes and creating a
culture of perpetual high-performance.
The Business Impact of Leading Practice (Level 4) Performance Management
5©2014 Brandon Hall Group, Inc.
Business
Metric
Level 4 Level 3 Level 2 Level 1
Customer retention
increased 1-20%+
37.8% 25.9% 13% 0%
Revenue increased 1-
20%+
57.8% 51.9% 47.8% 15.8%
Customer satisfaction
increased 1-20%+
55.5% 27.2% 30.4% 5.3%
Voluntary turnover
has stayed the same or
decreased 1 – 20%+
60.8% 42.5% 45.9% 15.8%
85% or more of our
business goals set in
the last 12 months
have been achieved
56.4% 47.1% 29.3% 11.8%
Organizational
engagement has
increased 1-20%+
44.5% 26.3% 8.6% 15.8%
Teach your managers to be effective development coaches.
Consider eliminating forced distribution.
Engage executives in performance management.
Focus on developing employee strengths.
Automate performance management process and integrate it
with other talent processes.
©2014 Brandon Hall Group, Inc.
5 Calls to Action For Generating Leading Practice (Level 4) Performance
Management
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Three steps to talent success
Build your Talent Science
Deploy Talent Science across
HCM
Put your Talent data to work
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Three steps to talent success
Build your Talent Science
Deploy Talent Science across
HCM
Put your Talent data to work
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What is Talent Science?
The ability to leverage performance data to improve
future outcomes through people.
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TalentManagement
WorkforceManagement
LearningManagement
Core HR
EmployeeConnect
TalentAcquisition
TalentScience
Robust• Broadest solution in the market -
complete back office platform• Single & multi-tenant SaaS• Science-driven• Socially-enabled• Modern UX• Industry analytics, benchmarks
and dashboards• Flexible deployment approach –
Implementation Accelerators
Proven• 5,000 customers• 50M paychecks monthly• 30 million applicants annually
Infor CloudSuite HCM
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Talent Science at the Center
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Performance Profile
U.S. Patent 8,204,778U.S. Patent 8,484,072
The “Backbone” of Talent ScienceComplete
Assessment
Performance Data
Incumbents
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Study parameters
• Sample size: 17,849 employees
• Study period: 2 years
• Comparison: “Recommended” by Talent Science vs.“Not Recommended” by Talent Science
With Talent Science, store managers are improving customer service and driving revenues to strengthen the company’s leadership position in the retail industry.
Results
9.3%Higher Sales to Goal average by “Recommended” hires
28.9%Reduction in involuntaryturnover among“Recommended” hires
Turnover reduction
28.9% reduction
in involuntary
turnover
“Not Recommended” by
Talent Science
“Recommended” by
Talent Science
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Study parameters
• Sample size: 2,506 employees
• Study period: Over five years
• Comparison: Hired with Talent Science vs.Hired without Talent Science
The study period consisted of two similar blocks of time to document pre-deployment and post-deployment results.
Results
$5.6Msaved compared to previous year’s turnover rate
60.96%lower turnover rate after thethird month of employment
11.1%higher monthly sales by “Recommended” Managers on Dutyrepresenting $9.5M/yr if applied to all hires
Turnover reduction
60.96% lower
turnover
withoutTalent Science
withTalent Science
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Start with the data, end with the data!51% lower termination rate $1.1M increase in sales Better hiring decisions
63% more promotions $4.75M potential sales growth Higher goal attainment
41.9% lower turnover$560k savings
Increased retention
633% annual ROI Improved productivity
69% lower turnover $857 monthly production increase Reduced costs
46% lower termination$395K turnover-related savings
Higher starts to leads33% lower involuntary turnover Streamlined hiring process
55% lower turnover$2.4M saved
Lower turnover
31% higher performance rank Improved performance
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Talent Science Components
Big Data
Volume
Velocity
Variety
Veracity
Validity
Value
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Mobile Trends (n = 38,909,513)
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Talent Science: Mobile Assessment• Challenge
• Reliable assessment medium?
• Candidate experience
• Method• 2.9 million candidates
• Results• Customized testing experience
• Equivalent to desktop assessment
• Increased applicant access 0
10
20
30
40
50
60
70
80
90
100
Mean Dimension Value
MobileDesktop
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Talent Science Components
Big Data
Volume
Velocity
Variety
Veracity
Validity
Value
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Talent Science: Applicant Behavior• Challenge
• Applicant social desirability?
• Method• 10 measures of assessment “authenticity”
• 750,000 incumbents
• Results• Candidate transparency is important
• Concurrent assessment of retention predictors
• 152 additional days of tenure0
50
100
150
200
250
300
350
400
450
500
Median Tenure
Passed AAFailed AA
AA = Authenticity Alert
*
*
*
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Three steps to talent success
Build your Talent Science
Deploy Talent Science across
HCM
Put your Talent data to work
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Interrelated Issues in HCM
More with Less
Development
Bench Strength
Turnover
Theft
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Behavior Impacts Operational Challenges
Participants (n = 53,713)
463% Reduction
Full service to Small FootprintAssociateAssistant ManagerManagerData Collected Over 5 Years
Termination due to theft
.11%
No/Low Fit High Fit
.62%
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Start with the HCM Cycle
Retain
Develop
Attract
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Meet Allison.
She’s your new employee!
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9.1%
Irene JonesAllison JonesProduct Manager
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Allison JonesProduct Manager
HR Services Delivery
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Allison Jones
TalentManagement
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Three steps to talent success
Build your Talent Science
Deploy Talent Science across
HCM
Put your Talent data to work
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Job FitPositioned for success
Poorly positioned
Behavioral Level
Skill Level
Training required
Coaching required
TalentManagement
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Allison Jones
LearningManagement
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Team FitHigh Functioning Team
LowFunctioning Team
Behavioral Level
Skill LevelTalent
Management
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Team Fit
Behavioral Level
Skill LevelTalent
Management
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Allison Jones
TalentManagement
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It’s not Magic…It’s Science
Build your Talent Science
Deploy Talent Science across
HCM
Put your Talent data to work
Profiles Value Return on Investment
36Copyright © 2013. Infor. All Rights Reserved. www.infor.com@Infor_HCM 36Copyright ©2014 Infor. All rights reserved. This presentation is provided for informational purposes only and does not constitute a commitment in any way. The information, products and services described herein are subject to change at any time without notice.
Three steps to enterprise talent success with Performance ProfilesJason Taylor, PhDInfor Chief HCM Scientisthttp://blogs.infor.com/infor-hcm/