1、Talent Magnets,Hugh Bucknall,21 August 2001,- Issues and Practical Experiences,Nicole Sexton,Guangzhou Office Opening Ceremony Seminar,Talent Magnets,Session 2: Practical experiencesLessons from other places What they have done about it What does it mean for you,Hugh Bucknall,21 August 2001,2,4 Ways
2、 to become a Talent Magnet,Staff Attraction & Retention Schemes,Employment Branding,Succession Planning,Talent Management,3,Practical experiences,Facts and FictionResponding to the challengeTake aways,Dispelling the myths Setting the record straight Why it is a very big business issueDiagnostics Too
3、ls Case studiesHow do you rate Tools you can use,4,Facts and Fiction,Dispelling the myths Setting the record straight Why it is a very big business issue,5,The Common Myth of Talent Management,. Even though pay has been increasing,“its a problem of COMPENSATION”,it is not enough to attract, retain a
4、nd motivate professionals .,6,So, what are the magnets that bind?,Inspiring Leadership Fun work culture Challenging Work Feedback Career growth Pay is fair,7,And, why do top talent leave?,Bad boss No career prospects No feedback and support Broken promises No customisation for my needs Wrong people
5、in wrong jobs Red Tape My voice not heard Work life balance Pay,Wm M Mercer Private Survey in Singapore 2000,8,High-performance talent management,practices yield significant economic returns,The Business Opportunity,Based upon a one-standard-,deviation increase in high,performance talent management,
6、practices,Source: “Mark A. Huselid, “The Impact of Human Resource Management Practices on,Turnover, Productivity and Corporate Financial Performance,” Academy of Management,Journal 38 (1995),9,High-performance talent management,creates an employee-customer-profit chain,Increased employee,commitment
7、and,productivity,Increased customer,satisfaction and,retention,Increased,shareholder,value,For every 5%,improvement in,employee behavior .,1.3%,increase in,customer retention,1.04% increase,in revenues and,0.4% increase in profits,Source: Anthony J. Rucci, Steven P. Kirn, and Richard T. Quinn, “The
8、Employee-Customer-,Profit Chain at Sears,” Harvard Business Review, January, 1998 / February, 1998,10,The cost of turnover is a business issue,Rule of thumb = equivalent to 6m- 3.5yrs,Average annual salary,Turnover %,Number of employees,Factor - 0.5 - 3.5*,X,X,X,Annual cost,Annual cost,=,=,RMB15,000
9、,22%,1000,1.5,RMB5million,=,=,11,Why companies treasure Top Talent,It costs 10 times salary to replace Top Talent 3-5 times the value marginal cost Build future business Move and shake Make things happen Magnet for more Top Talent,12,Source: McKinsey, Winning the War for Talent, 1999,My Company,Brin
10、gs in Highly talented people,10,16,23,3,3,Knows Who the high and low performers are,Retains Almost all high performers,Develops People quickly and effectively,Removes Low performers relatively quickly,So is anyone doing a good job?,13,Impact of the bad performer,Bad performers are a major reason why
11、 good people leave,* Adapted from Centre for Creative Leadership,“Low performers” in Critical Jobs,Low Job Performance,High Performers Leave company,Development/ Advancement Opportunities Lost,Subordinates Not Developed,Productivity and Morale Goes Down,14,How are others responding to the challenge,
12、Diagnostics Tools Case studies,15,Managing talent in a systematic way,What does the organization need from people in order to meet its business strategy? Leadership challenges driven from business strategy Competency models Position profiling,Organization Profile,Identify gaps between organizational
13、 needs and people capabilities and develop plans to shore gaps. Talent review Development plans Job assignments Training Mentoring and coaching Replacement plans,Talent Review/Development Plans,What capabilities currently exist within the organization? Talent assessment,Talent Profile,Talent as a Co
14、rporate Asset,People capabilities and development are aligned with current and future business needs.,16,Some topics to look at,17,Root causes of turnover can be grouped,Unemployment ratesMarket share Employment cost Competition (location and number) Labor pool,External influences,Promotion history
15、Wage growth Position tenure Education Age Experience Full time / part time status Performance ratings Exempt / non-exempt status Gender Ethnic background Job / occupation Incentive earnings Training,Employee attributes,Employment risk Managerial turnover Bonus participation Supervision Workload Pay
16、levels and structure Size Prior turnover Tenure Recruiting sourceEmployee heterogeneity Training investments,Organizational practices,Impact of turnover,Little or no impact,High impact,18,The Power of Analysis,10% raise in base pay,Supervisor does not leave,19,Ratings by Performance and Potential,Cu
17、rrent Performance,Potential,Leadership Assessment Summary,At Standard,Below Standard,Low,Average,Exceeds Standard,High,Jean Dole,Chris Jones,Carol Cane,Pat Mitchell,John Doe,Troy Smith,Promotable Now,High Potential,Experienced Professional,Placement Issue,Mark Kent,20,Jill McGinnis,VP, Design & Deve
18、l.,David Baker,VP, Marketing,ABC Corporation,Arlene J. Cook,Michael Duncan,VP, Operations,Josey Miller,Brian Cross,Andrew Stephan,Merch. Manager,Patti Foecht,VP, Merch.,Aaron White,Dir, of Communications,Robert Carlson,VP, Communications,Ralph DiNardo VP, Communications,Gary R. Cills,President,Succe
19、ssion Planning Coded Chart,Retail Stores,Design Manager,Director of Marketing,High Potential,Irreplaceable Pro,Assess Talent,Meets Expectations,Performance Problems,KEY,Promote Now,21,Improving staff selection,22,Individual Development Plan,Results from Initial Assessment,Performance History,Educati
20、on,Personal profiles provide a starting point for development planning discussions,Undergraduate degree, school major, date Graduate degree,school, date Certification/designations/ credentials,Employment History,At current employer: Company, title, location, dates, mangerPrior employers: Title, loca
21、tion, dates,Overall rating, for how many years?,Objectives, action plan/timing, measures, results,Professional Development,Internal: task forces, leadership roles, etc. External: Leadership roles, significant government/community involvement,Overall rating/ranking, score for each success factor,Job
22、title, location, readiness,Future career interests,23,Multiple Career Paths,Key Career Path Options,Business Unit Leadership,Functional Area Leadership,Technical/ Functional Experts,Project Management Experts,Cross-Function Cross-Enterprise Integrators,Examples of Career Milestones,An Illustration,2
23、4,Work experiences are the most powerful development mechanism,Full job change Job design Special projects & assignments,Increasing Value,360-degree feedback & evaluation Coaching,Motivated self-development Formal training,Experiential Assignments,Feedback & Coaching,Training,*Adapted from: CCL,25,3
24、60 degree feedback, skilled coaching, job and,project assignments and training are the most,commonly used mechanism for developing talent,Other managers:,Top executives:,Training programs,360-degree feedback,Assessment centers,Individual,development plans,Developmental job,assignments,Executive coac
25、hing,Formal mentoring,Informal mentoring,Action learning projects,Team-building activities,Developmental opportunities for,Source: The Conference Board, HR Executive Review: Developing Leaders,26,Using Web Enabled Technology, eg. 360 Degree Feedback,27,Some of the best places to work - GE,Name,Posit
26、ion,Name,Position,Key elements of GEs “Session C” talent review performance of divisional leadership. Jack Welch,may spend 5-10 minutes reviewing the performance and developmental needs of each individual,*Source : Corporate Leadership Council Hypothetical based on GE Power systems,Promotability,/Pe
27、rformance,Universal potential, performance rating allows cross-calibration of talent,across the company,Promotability,A,Performance 1,Trend,Upward,Accomplishments:,Performance,A. Exceeds,B. Fully meets,C. Partially meets,D. Fails to meet,Promotability,1. Highly promotable, significant,leadership pot
28、ential,2. Promotable, significant leadership,potential,3. Effective-limited promotability,4. Too soon to call,5. Improvement needed,Development/Actions,Development actions determined based on assessment of individual need,career aspirations,Strengths,Development Needs,Career Interests,Plans/Actions,
29、Future Assignment,Experiences,Key Courses,28,Some of the Best Places to Work,* ComputerWorld Magazine, November 2, 1998,Reduced turnover from 10% to 5% by focusing on “what technical people really want”,Internship program stresses IT/business immersion, accountability Entire IT community interacts w
30、ith job candidates Comprehensive, multimedia IT tool kit guides career development with road maps from job to job Technical and business training encouraged Comprehensive IT leadership programs at middle and upper levels Hiring from within and intracompany movement encouraged IT community building e
31、ncouraged,29,Some of the Best Places to Work,35-hour full-time workweek Live piano music in cafeteria; unlimited beverages Week off between Christmas and New Year 36,000 square foot on-site gym On-site day care On-site massages Unlimited sick days and time to care for sick family Lights out at 5:00!
32、,* Fast CompanyMagazine, 1998,Offers no stock options, and salaries are no better than competitive, yet turnover is an unbelievable 3%*,30,Take aways,How do you rate Tools you can use,31,How Does Your Organization Rate?,n,Shared set of values around talent management,n,Understand what is required fr
33、om people in,order to meet business plans,Transitioning the strategy to talent requirements:,Grade: _,n,Culture encourages risk-taking,n,Employees have access to role models,n,Managers are held accountable for developing,their employees,n,Employees are recognized and rewarded for,development,n,Peopl
34、e promoted are good role models of,desired behaviors,n,Senior leaders participate in training others,Creating a content that values learning & development:,Grade: _,n,Shared set of values around talent management,n,Understand what is required from people in,order to meet business plans,Transitioning
35、 the strategy to talent requirements:,Grade: _,n,Development is recognized as a corporate priority,n,Frequent feedback from, multiple source is given,n,Willingness to put people in stretch assignments,n,People are moved cross-functionally, cross business-units etc.,Developing future leaders:,Grade:
36、_,n,Belief that talent impacts the,business,n,Managers know strengths and,weaknesses of employees,n,Understand where talent gaps exist,n,Differentiates people on,performance and potential,Creating a talent mindset:,Grade: _,32,Costs of turnover,Costs of turnover,Culture Audit,Culture Audit,Process d
37、esign,Process design,Competency,development,Competency,development,Communication,strategy,Communication,strategy,Remuneration &,benefits,Remuneration &,benefits,Recruiting strategy,Recruiting strategy,Culture change,Culture change,Retention analysis,Retention analysis,Process mapping,Process mapping
38、,Segmentation,Segmentation,Communicating,Communicating,Planning,Planning,Performance,management,Performance,management,Results tracking,Results tracking,Leadership &,management,development,Leadership &,management,development,Absence,management,Absence,management,Absence tracking,Absence tracking,Exi
39、t interview,analysis,Exit interview,analysis,Organisation,design,Organisation,design,Learning &,Development,strategy,Learning &,Development,strategy,Understanding,the issues,Solution,design &,development,Solution,implementation,Agreed,deliverables,Profiling talent,Profiling talent,Some of the tools
40、available,Employer brand,review,Employer brand,review,Data analysis,Data analysis,Benchmarking,Benchmarking,Employer brand,dimensions,Employer brand,dimensions,33,So, in Summary,There are some who make things happenThere are others who watch what happensThere are even more that wonder what happenedThe talent war is real losing is not a good option,34,4 Ways to become a Talent Magnet,Staff Attraction & Retention Schemes,Employment Branding,Succession Planning,Talent Management,
