1. Managing talent in the 21 st century 2. Today What is talent management? The prize for getting it right Three keys to 21 st century talent management 3. Defining talent Everyone is talent and therefore talent management is about looking after all human capital Top slicing identify high potential individuals and accelerate their progression through the business Top slicing and business critical roles 4. The prize A 10-point increase in an average Fortune 500 company's talent quotient score will add between US$70 million and US$160 million to the firm's bottom line over the next two to three years. Hewitt Associates. 5. The differences Old way Short half life Most of the effort in the initial selection Minimal measures with organisational objectives Subject to social loafing New way Its tough to get in and stay in Its worth the effort it fits with my needs and helps me succeed It makes a step change to organisational capability and retention 6. Its tough to get in and stay in Makes it more attractive for those who want to succeed The threat of losing the privilege makes people invest more effort It reduces social loafing It makes it easier for those not involved Very visible message to everyone that performance is what matters here 7. Who should join? 8. How to identify this? Source: Deloitte (2008) 9. What about those not included? Performance management for the vital many Labelling 67% of CIPD respondents agreed using the term talent is demotivating. Think about alternatives: high flyers; Aspire? Transparent on how to get in and out Understood that some will drop off not right for everyone 10. Its worth it for me Appeal to self-interest increases Participation Willingness to change Transfer of learning What talent wants This helps me get ahead faster I feel proud to have made it onto the programme 11. Increasing the value of the programme Recognition Im special (exclusivity/ongoing assessment) Recognised outside my company Opportunities to grow fast Stretch Choice in control of what I am doing Regular flow of interesting work Job promotion/new career opportunities Investment in me Access to senior people Coaching, development, etc the skills to become great Very different kind of experience, eg, social projects Reward different structure for top talent? 12. What is it thats difficult? Matt Pease and Simon Mitchell, Leaders in Transition: Stepping Up, Not Off. DDI. 13. It makes a step change to organisational performance Measurable shifts in Retention Speed of promotion 14. KPIs for talent programmes Source: Deloitte (2008) Other 15. What makes a difference? Openness, teamwork, autonomy, career development, training Hiltrop, J-M. (1999) The Quest for the Best: Human Resource Practices to Attract and Retain Talent . European Management Journal 17(4), 422-430. 16. Organisational obstacles Source: McKinsey (2006) 17. Whats effective vs. whats popular? Source: CIPD (2006) 18.