TALENT MANAGEMENT AND RETENTION

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 talent management is about looking after all human capital B. Top slicing identify high potential individuals and accelerate their progression through the business C. Top slicing and business critical roles

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The prize

A 10-point increase in an average Fortune 500 company's talent quotient score will add between US$70 million and US$160 million to the firm's bottom line over the next two to three years. Hewitt Associates.
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The differences
Old way Short half life Most of the effort in the initial selection Minimal measures with organisational objectives Subject to social loafing New way Its tough to get in and stay in Its worth the effort it fits with my needs and helps me succeed It makes a step change to organisational capability and retention

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Its tough to get in and stay in

Makes it more attractive for those who want to 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 that performance 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 vital many Labelling
67% of CIPD respondents agreed using the term 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?

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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

Other

Source: Deloitte (2008)

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What makes a difference?

Openness, teamwork, autonomy, career development, training

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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

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Source: McKinsey (2006)

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Whats effective vs. whats popular?

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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 IMPORTANT INFORMATION 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 can bloom. 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 A SPECIFIED TIME BETTER OPPORTUNITIES FOR GROWTH

INTERRACTION BETWEEN EMPLOYEE WITH HIS SUPERIOR , PEERS & SUBORDINATES TO MOTIVATE
BY KEEPING INTEREST IN THE ACTIVITY UNDERSTANDING EMPLOYEE

EMPLOYEE SATISFACTION
NEW CHALLENGING JOBS ARE ADDED

MONETARY & NON MONETORY INCENTIVES

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EXECUTIVE SUPPORT A HIGH RETENTION ORGANISATION

SUPERVISOR SKILL & ACCOUNTABILITY

TEAM MEMBER INVOLVEMENT

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STRATEGY FOR EMPLOYEE RETENTION

EXECUTIVES UNDERSTAND THE IMPACT OF TURNOVER & HOLD LEADERS 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 RETENTION ORGANIZATION

UNCOVER PROBLEMS BEFORE THEY LEAD TO TURNOVER

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MAIN CAUSE OF HIGH TURNOVER

Todays dynamic market environment will give rise 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. Exciting opportunities 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 small entrepreneurial islands, where they can house their best talents to pursue experiments, innovate, develop cutting edge products, dream up new and better ways of doing business and create value in an unrestricted manner

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THANK YOU