Talent Management and Retention

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    TALENT MANAGEMENT AND

    RETENTION

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    The Mind Gym Ltd 2

    Today

    What is talent management? The prize for getting it right

    Three keys to 21st century talent

    management

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    Defining talent

    A. Everyone is talent and therefore talentmanagement is about looking after allhuman capital

    B. Top slicing identify high potentialindividuals and accelerate their progressionthrough the business

    C. Top slicing and business critical roles

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    The Mind Gym Ltd 4

    The prize

    A 10-point increase in an average Fortune500 company's talent quotient score willadd between US$70 million and US$160million to the firm's bottom line over thenext two to three years.

    Hewitt Associates.

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    The differences

    Old way Short half life

    Most of the effort in theinitial selection

    Minimal measures withorganisationalobjectives

    Subject to socialloafing

    New way Its tough to get in and

    stay in

    Its worth the effort itfits with my needs andhelps me succeed

    It makes a step change

    to organisationalcapability and retention

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    Its tough to get in and stay in

    Makes it more attractive for those who wantto 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 thatperformance is what matters here

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    Who should join?

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    How to identify this?

    Source: Deloitte (2008)

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    What about those not included?

    Performance management for the vitalmany

    Labelling

    67% of CIPD respondents agreed using theterm 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

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    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

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    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?

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    What is it thats difficult?

    Matt Pease and Simon Mitchell, Leaders in Transition: Stepping Up, Not Off. DDI.

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    It makes a step change to organisational

    performance

    Measurable shifts in Retention

    Speed of promotion

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    KPIs for talent programmes

    Source: Deloitte (2008)

    Other

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    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.

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    Organisational obstacles

    Source: McKinsey (2006)

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    Whats effective vs. whats popular?

    Source: CIPD (2006)

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    RETENTION

    A COMPANY IS

    KNOWN BY THE

    PEOPLE IT KEEPS

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    WHY A COMPANY FOCUS ON EMPLOYEE

    RETENTION

    NEW EMPLOYEE HIRING COST

    TO KEEP PRODUCTIVITY MAINTAINED

    TO RETAIN POTENTIAL TALENT

    TO RESCUE FROM THE LEAKAGE OF IMPORTANTINFORMATION

    TO MAINTAIN GOOD INTERNAL RELATIONSHIP

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    Employee Retention requires

    organizations to attract,

    manage and nurture talent.

    This calls for pro-active

    measures on three fronts:--

    Organizations will have to create an ambience where talent canbloom.

    They have to put in place systems that will help unleash the potential

    of their employees

    They have to build a reward and recognition mechanism that

    provides value for people.

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    HOW TO RETAIN EMPLOYEES

    CARE & CONCERN

    COMPETITIVE SALARIES

    INCREASE SALARIES IN ASPECIFIED TIME

    EMPLOYEE SATISFACTION

    NEW CHALLENGING JOBSARE ADDED

    MONETARY & NONMONETORY INCENTIVES

    BETTER OPPORTUNITIES

    FOR GROWTH

    INTERRACTION BETWEENEMPLOYEE WITH HISSUPERIOR , PEERS &

    SUBORDINATES

    TO MOTIVATE

    BY KEEPING INTEREST IN

    THE ACTIVITY

    UNDERSTANDINGEMPLOYEE

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    EXECUTIVE

    SUPPORT

    SUPERVISOR SKILL

    &

    ACCOUNTABILITY

    A HIGH

    RETENTION

    ORGANISATION

    TEAM MEMBER

    INVOLVEMENT

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    STRATEGY FOR

    EMPLOYEE RETENTION

    EXECUTIVES UNDERSTAND THE IMPACT OF TURNOVER & HOLDLEADERS ACCOUTABLE FOR RETENTION

    TRAIN LEADERS IN RETENTION COMPETENCIES

    INVOLVE TEAM MEMBERS IN REDUCING UNWANTED TURNOVER

    EDUCATE THE FRONT LINE ON THE VALUE OF A HIGH RETENTIONORGANIZATION

    UNCOVER PROBLEMS BEFORE THEY LEAD TO TURNOVER

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    MAIN CAUSE OF HIGH TURNOVER

    Todays dynamic market environment will giverise to lot many entrepreneurial opportunities,

    which will take away talent from even the best

    organizations. Thus the take home pay cheque

    will seize to be a major motivator. Excitingopportunities and meaningful work with a

    sense of fun will be the preferred choice for

    employees

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    ONE STEP BEYOND RETENTION

    Organizations will have to create smallentrepreneurial islands, where they can

    house their best talents to pursue

    experiments, innovate, develop cutting edge

    products, dream up new and better ways ofdoing business and create value in an

    unrestricted manner

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    THANK YOU