talent management

Talent management&

Retention management

Omid Minooee

Talent definition:

1. A natural ability to excel at a duty or action.

2. A group of people, such as employees, who have a

particular aptitude for certain tasks. For example, producers of a

movie might recruit local talent, actors and actresses who live

nearby, to stand in as extras in a film.

www.Business dictionary.com

talent management

.Talent management refers to the anticipation of required

human capital the organization needs at the time then setting a

plan to meet those needs

. Talent Management is the science of using strategic HR to

improve business value and make it possible for companies and

organizations to reach their goals.. A talent management strategy

needs to be linked to the business strategy to make sense.

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Talent Matrix

Significance of talent management

• Between 40-70% of all senior execs will become eligible for retirement in next 5 years at most major corporations

• 50% of organisations have some form of talent management system

• 84% of managers want to be considered high potential • 31% of managers feel their current appraisal system is capable

of identifying high potentials • 60% of managers agree that those identified as high potential

were expected to be become senior managers/partners.

UK HR research organization 2010

Objectives of talent management

1.Identify the key gaps between the

talent in place and the talent

required to drive business success.

2.Develop a sound integrated talent

management plan designed to close

the talent gaps.

3.Facilitate and support management

to implement accurate hiring and

promotion decisions.

4.Develop talent to enhance

performance in current positions as

well as readiness for transition to the

next level.

5.Develop a succession and

retention plan to sustain

organizational excellence

6.Measure business impact and

workforce effectiveness during and

after implementation

Strategic Perspectives on Talent Management

Perspectives on Talent Management

1.Process: use people management processes to optimise development and

deployment of talent.

2.Cultural:belief that talent is most critical factor for success.

3.Competitive:keep talent away from the competition.

4. Developmental: Accelerate the development of high potentials.

5. HR Planning: Ensure right people in right jobs at the right time

6. Change management: Talent management used to drive change

Structure and systems to support talent management

A framework for developing a Talent Management System

The 5 key processes:

• Attracting & Recruiting

• Developing

• Motivating

• Appraising

• Retaining

retention

Definition:

1. [noun] the act of keeping in your possession

Synonyms: keeping, holding

2. [noun] the power of retaining and recalling past experience;

"he had a good memory when he was younger"

Synonyms: memory, retentiveness

www.eLOOK.org

Retention management

1.refers to the various policies and practices which let the employees stick to

an organization for a longer period of time.

2.systematic effort by employers to create and foster an environment that

encourages current employees to remain at the same employer having policies

and practices in place that address their diverse needs”.

Principles of Retention ManagementDavid Forrest (1999) defines five basic principles of retention management:

1.First the employees need to feel they are appreciated, valued and

trusted. It is about respecting people and their contributions to the

company effort.

2. The second principle is development. Employees who participate in

their own growth and development plans are going to stay with the

company because they know their company wants more for them.


3. The next principle is growth in responsibility. Most people want to

grow and to feel more competent and more responsible, at any level. A

good company helps people manage themselves by consistently focusing

on performance and results. The manager teaches the employee what they

are good at, what else they need to know and how to get it. As they grow

they receive higher levels of responsibility and accountability. This

attitude also encourages innovation and creativity.


4.The fourth principle is a good relationship with the manager. The

supervisor represents the personal experience of a corporation of

employees and therefore reflects, for better or for worse, its underlying

attitudes toward them.

5.The fifth principle is success. The valued and successful employee

stays. This implies, of course, that the work is meaningful to the

corporate enterprise. The strong employer rewards employees for helping

to make others successful as well.

The procedure of Retention Management

The procedure of retention management consists of six steps:

1.Identification of the target and actual needs of the staff

2.Analysis of the fluctuation risk of the staff

3.The Analysis of factors of Motivation/Demotivation of the retention group

4.Identification of the targeted measures

5.Implementation of the measures

6.Evaluation of the measures

The retention management process

1) Measurement and Assessment• Turnover measurement• Costing of turnover• Employee surveys• Exit interviews

2) Retention interventions• Selection• Orientation training• Compensation

3) Evaluation and Follow-Up• Review turnover data regularly• Track intervention results• Adjust interventions

Thank you