talent management
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This is presentation about talent management presented by IIT kharagpur studentTRANSCRIPT
Talent Management
Satyendra
rohit
Anand
Definition’s
1.1. Talent is like electricity. We don't understand Talent is like electricity. We don't understand electricity. We use it.electricity. We use it.
Maya Angelou, Peninsula school, USAMaya Angelou, Peninsula school, USA
2. Talent is only starting point in business. You have got 2. Talent is only starting point in business. You have got to keep working that talent.to keep working that talent.
Irving BerlinIrving Berlin
3. Talent is culture with insolence.3. Talent is culture with insolence.
AristotleAristotle
Talent Vs Knowledge people
Talent knowledged people
1. Make and break the rule Conserve the rule
2. Creates new Implements
3. Initiate change Support change
4. Innovate Learn
5. Direction Action
Source of TalentSource of Talent
Talent management system
Internal talent Hidden Talent Talent from market
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
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.
Why talent management cont…
Cost to loose a talent:
CostsCosts Salary Salary 100.000 Euro100.000 Euro Additional salary costs Additional salary costs 30.000 Euro30.000 Euro Costs for colleagues who have to dealCosts for colleagues who have to dealwith jobs not done by that employee*with jobs not done by that employee* 33.000 Euro 33.000 Euro Costs for headhunter 35.000 EuroCosts for headhunter 35.000 Euro Costs for making the new hire productive**Costs for making the new hire productive** 50.000 Euro 50.000 Euro Costs for colleagues taking over add. tasksCosts for colleagues taking over add. tasksto compensate on boarding time of new hire to compensate on boarding time of new hire 33.000 Euro33.000 Euro
TotalTotal 281.000 Euro281.000 Euro
Other important purpose :
1. Transparence about our Human Capital2. Recognition &Development of performance and potential3. Long – term Competitiveness
Some points in managing talent
1. Talents do not respond well to command and control style
2. Talents need freedom and flexibility
3. Practice and foster a winning attitude
4. Allow participation in decision making
5. Use Talent based decision
6. Praise in public , Pan in private
7. Use total honesty
8. Grant trust
9. Focus on process not on result
10.Be a friend not a boss
11.Treat Talent as customer
Talent management system
Design Talent friendly environment
Design TMS
Talent Friendly EnvironmentTalent Friendly Environment
A winning organization management System has nine element to A winning organization management System has nine element to build a talent friendly environment where talent can be attracted and build a talent friendly environment where talent can be attracted and retained.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
Talent Friendly Environment cont….Talent Friendly Environment cont….
Performance and satisfaction measurement system
1. Talent Satisfaction Measurement System
2. Talent Action Response System
3. Talent Management system
Talent Friendly Environment cont….Talent Friendly Environment cont….
Participative management system
1. Management by participation, process, project and wondering around
2. Responsibility, authority, accountability process
3. Open door practice
Talent Friendly Environment cont….Talent Friendly Environment cont….
Constant Innovation System
1. Innovation Institute
2. Implement six sigma
3. Benchmarking
4. Training
5. Idea seeding and cultivation fund
6. Champion process
Talent Friendly Environment cont….Talent Friendly Environment cont….
Employee Development System
1. XYZ management
2. Performance assessment and enhancement process
3. Career planning
4. Four C’s process
5. Talent scorecard
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
TMS
Attract TalentKeep Talent Manage Talent Identify talent
1. Design a talent management system
2. Unbiased reward and reorganization
3. Flexible work environment and positive culture
4. Proper training
5. Effective and meaningful appraisal system
6. Design job for talented people
7. Proactive visionary management and leadership
8. Provide proper research facility
1. Compensate Talents as suppliers
2. Right location to attract and retain Talents
3. Assign right job to right talent
4. Career and succession plan
5. Balance age, race, gender, color
6. Create challenging environment
7. Create social bond through adventure, sports, party, contest etc
8. Profit sharing plan
9. Eliminate non working people
1. Establish effective communication and cooperation
2. Allow talent to create and apply knowledge
3. Build trust on talents
4. Set positive & constructive challenge
5. Performing XYZ analysis
6. Monitor talent as assets
7. Set challenging business goal
8. Take corrective action if necessary
1. Identify own talent before hiring talent
2. Performance based talent tool
3. Test based
4. Scorecard entries
Steps to identify talents:
1. Select a jury : who examine evidence, vote and their strengths. Jury design a scorecard.
Attributes Type of evidence self score jury scoreInnate SkillsIntellectual strengthCreativityWork hardWork smartContinuous learningPassion for workPassion for actioncommited to enterprise…………….…………….…………….…………….…………….…………….…………….
talent scorecard
Steps to identify talents cont…
2. Selecting and understanding evidence: Two objective and two subjective evidence
Talent subject
Boss + 1 or 2
Customer peerSupplier peer
2 or 3 subordinate
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 countScale range
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
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
Return on talent (ROT) =
Knowledge generated and applied
Investment in talent
=Project value - project expenses
Investment on talent
ConclusionConclusion
It is agreed by almost all CEOs of big It is agreed by almost all CEOs of big companies that it is the human companies that it is the human resource – a talented one – that can resource – a talented one – that can provide them competiveness in the provide them competiveness in the long run. So, it is the duty of the HR long run. So, it is the duty of the HR department to nurture a brigade of department to nurture a brigade of talented workforce which can win the talented workforce which can win the war in the business field. war in the business field.
ReferencesReferences
The talent era by subhir chaudharyThe talent era by subhir chaudhary
www.wikipedia.comwww.wikipedia.com
www.management.comwww.management.com