building a talent management strategy

Building a Talent Management Strategy

Simple Truths, Strategies and Tools

Presented by Andrew Zak, Managing Partner

TalentMinders, LLC.

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Andrew ZakFounder/Managing PartnerTalentMinders, LLC.

• Medical and consumer electronics experience –KPMG, Apple, FedEx, Cordis J&J, Boston Scientific

• Head of regional/global Centers of Excellence.• Track record for driving change and growth.• Dedicated to helping others leverage talent

management as key enabler of growth.

3/28/2012 Visit TalentMinders, LLC. at talentminders.com and/or send mail to [email protected]

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2012 Talent Management Webinar Calendar


Date Webinar Workshop March 28 “Building a Talent Management Strategy”

April 20 “Strategic Competency Profiling/Integration”

May 18 “Succession Planning/Talent Reviews”

June 22 “Succession Planning Meeting Facilitation”

July 20 “Leadership Development Strategies”

August 24 “The HRToolbench®: Talent Management Software Solution for Small and Medium-sized Companies”

September 21 “Talent Management Budgeting/ROI”

October 19 “Talent Management Metrics & Scorecard”

November 23 “Performance Coaching/Appraisal”

December 14 “Front-Line Manager Talent Pool”

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Agenda• Tips for ensuring a sustainable impact• Change management model• Framework for diagnosis and strategy

creation• Key success factors and common

pitfalls• Metrics to assess business outcomes• Communication and marketing• Questions and answers


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Tips for Ensuring a Sustainable Impact

• Prepare for success: Agree with key stakeholders about scope/goals. Evaluate current business state. Understand go-forward strategies. Engage relevant stakeholders. Communicate with leadership teams. Adopt change management model. Build business-focused brand strategy.


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Change Management Model-J. Kotter


1. Create Sense of Urgency.2. Form a Powerful Coalition.3. Create a Vision for Change.4. Communicate the Vision5. Remove Obstacles.6. Create Short-term Wins.7. Build on the Change.8. Anchor the Changes in Corporate Culture.

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Framework for Diagnosis and Strategy Creation

• Create a structure to collect data from stakeholders:– Strategic questions vetted and approved.– Target comprehensive sampling (IC to C-suite).– Focus on strategy, organization and talent:

– Business– Strategy– Customer– Competition– Leadership– Job/Role– Performance– Development – Motivation

– Summarize findings and share with key stakeholders.3/28/2012 Visit TalentMinders, LLC. at talentminders.com and/or send mail to [email protected]

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• Sample data points:

– Business “How would you describe the primary pressures on

the business (e.g. Medicare, customer satisfaction/dissatisfaction, competitor threats, etc.)?”


Not At All To a SmallExtent

To a ModerateExtent

To a GreatExtent

To a VeryGreat Extent

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• Sample data points:– Strategy “What words would you use to describe the regional /

corporate business strategy that is being implemented to achieve the company’s goals?”

– Customer “Explain how the customer base may be changing (needs,

decision-makers, expectations, etc.) from the traditional base. How is this affecting the role of the Account Executive and the demands on your time, resources, skills, experience, etc.”


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• Sample data points:– Competition “Explain the company’s strategic advantages. How

are you winning the business (team structure, resources, technology)?”

– Leadership “What are the leadership characteristics that will be

required to achieve strategic success in the medium-term (e.g. inspiring, democratic, etc.)?”


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• Sample data points:– Role “What kind of skills and abilities will distinguish outstanding

performers from their average-performing counterparts in the years to come? That is, what skills and abilities will help the Account Executives be successful?”

– Performance Management “To what extent do you receive concrete performance

feedback on a regular basis? Describe the level (time commitment, etc.) of coaching and associated activities.?


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• Sample data points:– Development “How would you characterize your desired career path?

How are you planning to further your career with the company?”

– Motivation “To what extent do you feel your total motivational

energies are being drawn on to support the company’s strategic success? In other words, are you motivated?”


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• Strategy characteristics:– Simple format.– Identify Executive Sponsor.– Align with business and functional strategies.– Drives integration across business rules/practices.– Reflects priorities to achieve business growth targets (and not

individual needs).– Provides 3-5 year window.– Vetted and approved.– Flexible and scalable.– Use as marketing tool.– Balanced Scorecard.


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Framework for Diagnosisand Strategy Creation (cont’d)

•Strategy Components:Title Page

Table of Contents/Agenda


Content will be unique to your business. Use as reference only.

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•Strategy Components:Business Outlook (where do we hope to take the business moving forward?)

Organizational Challenges (what challenges do we face in achieving our anticipated growth targets?)


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•Strategy Components:Development Strategy – Vision (more than a training program and very much about helping drive business performance)

Talent Management Priorities (so, then, where to start and what’s most important relative to Talent Management)


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•Strategy Components:Deliverables (our Action Plan to grow leaders - short/medium/long-term)

#1 Competencies

#2 Development Solutions


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#3 Individual/Career Development

#4 Performance Management


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#5 Strategic Resource/ Talent Planning


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Balanced Scorecard

A measurement tool that translates strategic objectives into a coherent set of performance measures. The scorecard is balanced because it measures both leading and lagging indicators. These indicators are expressed in financial or non-financial terms.


MISSION & STRATEGIC PRIORITIESTo be the most effective and challenging business partner for building successful business growth in select global markets by supporting management in optimizing their overall talent resources.

Strategic priorities:.Develop TM ‘Center of Excellence’.

.Develop TM function to become a solid ‘business partner’.

.Assure the balancing of the short-term business focus with

long-term growth.

STAKEHOLDER.Provide quality and timely

services towards our clients

(internal/external).

.Focus on the development

and transfer of TM know-how

to and between

divisions/countries.

.Assure that the TM ‘team’ is

seen as pro-active advisors on

their respective talent

responsibilities and levels.

.Become a challenging

business partner for the

respective clients.

.Continue to be

representatives and initiators

for employees’ needs and

rights.

.Ensure that TM personnel

are perceived as trustful,

personal coaches/mediators.

.Drive the build up of an

image/reality as Company

ABC being a preferred

employer internally and

externally.

FINANCIAL.Increase the return on TM investments.

.Improve ratio excellent service/cost effectiveness, cost efficiency (micro level).

.Increase overall cost-effectiveness of TM activity (macro level) according to goals

established in conjunction with executive management.

LEARNING & GROWTH.Develop TM professionals towards more business-minded and challenging partners;

expanding skills and experience base beyond functional area..Learn to use TM performance indicators to re-align TM priorities quicker in function of

business needs.

INTERNAL BUSINESS PROCESS

.Optimize the effectiveness,

efficiency and transparency of

all TM processes.

.Develop and implement

measurement tools/instruments

and targets for measuring TM

performance on effectiveness,

efficiency and transparency.

.Ensure a complete ‘service

package’ with customized

feedback for management

teams; regular updating of

company-wide ‘talent’ and

‘organizational’ data-reporting

data, trends and actions.

.Develop and implement

measurement tools/instruments

and targets for measuring

stakeholder satisfaction.

.Ensure an optimal use of

synergies and networks

between the divisions/countries

(ex.intro.forums/platforms/cross-

divisional task forces, etc).

Example Talent Management (TM) Balanced Scorecard

Visit TalentMinders, LLC. at talentminders.com and/or send mail to [email protected]

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Key Success Factors & Common Pitfalls

• Perhaps heard but rarely executed:o C-Suite commitment.

o Vision, Mission, Strategy, Scorecards, Competencies, Rewards

o Talent Management Leader(s) with track record.o Knowledge, Skills, Experience, Attributes

o Proper scope and goals (linked with business priorities).o Assessment, Development, Succession, Metrics

o Scalable funding model.o Technology checks.o Accountability.


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Metrics to Assess Business Outcomes

• Quality vs. Quantity.• Efficiency vs. Effectiveness.• Negotiate with key stakeholders.• Benchmark for quality assurance.• Practice transparency (e.g. corp. scorecard)• Use data to drive continuous improvement.


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Metrics to assess business outcomes (cont’d)


• Sample EFFICIENCY metrics:o Cost per Hire (average cost of hiring 1 FTE).o Talent Management Cost / FTE.o Internal Placements vs. External Hires.o Profitability Per Employee

o Sample EFFECTIVENESS metrics:o Development Costs as % of Revenue.o % HIPO promotion from previous year.o HIPO Turnover (voluntary/regrettable).o % C-Suite members having min. 1 successor.

ready now or within 12 mos.

MetricsCurrent Target Variance

MetricsCurrent Target Variance

Efficiency Effectiveness

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Communication and Marketing

• Develop branding strategy/approved by stakeholders.

• Present strategy to leadership teams.• Execute staged announcements (CEO, BU Heads,

Functional Heads, etc).• Produce updates/reinforce brand awareness using

relevant publications, events, programs.• Promote all developments/successes.• Promote transparency implementation.


Good Luck…but don’t say goodbye…

Let me know when you get stuck and need to move forward quickly.talentminders.com

[email protected]

Complimentary tools can be accessed by following link http://bit.ly/HPoiEu

Visit TalentMinders, LLC. at talentminders.com and/or send mail to [email protected]

building a talent management strategy

Documents

strategy creationcreate

change management model

business outcomescommunication

key stakeholders

current business state

relevant stakeholders

customer base

key enabler of growth