Talent management strategy
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Transcript of Talent management strategy
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Invest in your teamfor Growth.Invest in your teamfor Growth.
How to
do you really only invest in the best?
Re-sampled by Slide Comet
how much do you invest in
each individual
on your team?
$
two types of assetsthere are
time money
Money includes:
compensation, promotion, benefits, etc
Time includes:
coaching, mentorship, training, etc
of course, as with everything in business, investment assets are
always finite.
Example:
if you have 10 members on your team, $100,000 in comp, and 30 hours per week to support them, how will
you invest?
how much of your total time and money assets do you invest in your
top talent?
what about your weaker members?
what aboutEveryone Else?
What is Fair?
what gets you and the firm the highest return on those
investments?
remember, it is a fixed pie that you have to work with. so you need to
make hard choices
starsrest
first off, let’s divide your workforce into
categories.
A Typical Organization
Stars Potentials Work Horses
UnderAchievers
and, since people fall roughly into standard
deviations...
it’s a good bet that your team will distribute roughly as follows*...
Stars Potentials Work Horses
UnderAchievers
1 3 5 1
*assuming a team of 10
And their output/contribution will look something like this
Stars Potentials Work Horses
UnderAchievers
1 3 5 140% 30% 20% 10%
so how much do you spend on everyone?
Stars Potentials Work Horses
UnderAchievers
1/40%
50% 30% 20% 0%5 / 20%3 / 30% 1 / 10%
* nothing on your underachievers (ouch)
so how much time do you spend on everyone?
Stars Potentials Work Horses
UnderAchievers
1/40%
10% 50% 20% 20%5 / 20%3 / 30% 1 / 10%
so here is the logic..
Comp your Stars extremely well, and then get out of the way so that they can achieve. They just needs goals and
air cover
Stars
Time Money
Comp your Potentials above average, but invest a much greater relative percentage of your time to give them all the
support they need to become stars. This group has the highest return on time.
Potentials
Time Money
Comp your Work Horses fairly and spend some time helping them understand and achieve their goals. But let them know that while it is OK to "just get the job done," if they stretch themselves towards the Potential category, you'll respond
with greater investments.
Work Horses
Time Money
Do not comp your under achievers. Instead, spend a disproporationate amount of time to help them retrain and/or move out of the function
where they are under performing and into another function where they can become a star.
Time Money
Under Achievers
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