One Size Fits One Best Practices for Building a Talent Strategy
Building a Talent Management Strategy
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Transcript of 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
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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
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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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Framework for Diagnosis and Strategy Creation
• Sample data points:
– Business “How would you describe the primary pressures on
the business (e.g. Medicare, customer satisfaction/dissatisfaction, competitor threats, etc.)?”
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Not At All To a SmallExtent
To a ModerateExtent
To a GreatExtent
To a VeryGreat Extent
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Framework for Diagnosis and Strategy Creation
• 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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Framework for Diagnosis and Strategy Creation
• 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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Framework for Diagnosis and Strategy Creation
• 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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Framework for Diagnosis and Strategy Creation
• 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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Framework for Diagnosis and Strategy Creation
• 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
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Content will be unique to your business. Use as reference only.
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Framework for Diagnosisand Strategy Creation (cont’d)
•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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Framework for Diagnosisand Strategy Creation (cont’d)
•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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Framework for Diagnosisand Strategy Creation (cont’d)
•Strategy Components:Deliverables (our Action Plan to grow leaders - short/medium/long-term)
#1 Competencies
#2 Development Solutions
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Framework for Diagnosisand Strategy Creation (cont’d)
•Strategy Components:Deliverables (our Action Plan to grow leaders - short/medium/long-term)
#3 Individual/Career Development
#4 Performance Management
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Framework for Diagnosisand Strategy Creation (cont’d)
•Strategy Components:Deliverables (our Action Plan to grow leaders - short/medium/long-term)
#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.
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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
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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)
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• 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.
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Good Luck…but don’t say goodbye…
Let me know when you get stuck and need to move forward quickly.talentminders.com
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]