Talent Management program presentation .pptx

Talent management

1. Talent Management Presentation Agenda: What Is Talent Management? The importance of Talent Management Talent Management Model Talent Management Strategy Building Our Talent Management Strategy The Talent Management Process Proposed Action Items

2. What Is Talent Management? Talent management  is a constant process that involves attracting and retaining high-quality employees, developing their skills, and continuously motivating them to improve their performance. The primary purpose of talent management is to create a motivated workforce who will stay with your company in the long run. Talent management naturally encompasses many of the responsibilities of HR. All the same, it is not enough to expect that just because we have an HR department, we are managing talent. We need to have a talent management strategy in place designed just for our company to gain optimal results.

3. The importance of Talent Management The simple answer is because it capitalizes on employees — arguably, the most important asset of your company . Talent management helps to maximize the value of employees. Source:  www.mckinsey.com

4. As we can see from the graph above, there is widespread agreement that talent management is effective (or even very effective) at attracting and retaining talent as well as improving overall performance. There are a few main reasons why this is the case. 1. It helps businesses to improve performance With top specialists in your organization, you can reach any goal. Talent management is most effective of all when it combines three key components: rapid talent allocation, positive employee experience, and a strategic HR team. The importance of Talent Management ….

5. 2. It allows companies to stay competitive By hiring and developing talented employees, our organization becomes stronger and better prepared to face changes and risks. 3. It drives innovation New technologies are always hitting the scene, whatever be the industry. Talented employees are able to find ways to harness the capabilities of new tools and solve problems or come up with original ideas. 4. It helps form productive teams The appropriate talent management strategy will allow us to form a more productive team. This is far more useful than just having a bunch of creative and talented people in our organization. 5. It decreases turnover When employees feel valued at a company, when they know they will have plenty of opportunities to grow in the business, they are less likely to seek work elsewhere. 6. It leads to strong employer branding Talent management brands our company as an employer. This helps us to attract the best candidates for future hires. 7. It motivates others to grow Having inspiring talent on our team will motivate other employees and help them grow. The importance of Talent Management ….

6. Talent Management Model

7. 1. Planning Planning aligns our talent management model in line with the overall goals of our organization. Only with the correct planning can we ensure that we seek talent with the right skills and experience. In addition, it assesses current employees to see what is working well for the company. For instance, if employees with certain characteristics tend to stay at the organization for longer, we should plan to hire more workers like them. 2. Attracting It is not always as simple as when one person leaves the company, we start a search for someone else to fill the role. For instance, our needs may change or employees may take on new responsibilities. Talent management ensures that we always have sufficient staff to carry out all your operations and prevent heavy workloads that could cause demotivation. The right strategy will attract just the kind of workers you want at your business. Such hires will be driven, skilled, and seeking to advance within the company. Attracting talent is all about branding our company as an employer. We’ll need to find ways to increase visibility in ways that allow us to present company as a best place to work. The main consideration here is to make our business more approachable. Even if we choose not to hire someone for a particular position, we still need to create a positive experience. This will give us the opportunity to hire these candidates for other jobs or use them as ambassadors to acquire other talent. 3. Developing The development part of the model involves taking steps to help talent grow within the company.

8. It should be aligned with the  employee development plan  and includes identifying roles where particular employees could move to in the future as well as considering how to expand workers’ skills and knowledge to fulfill new challenges facing our organization. Talent management also looks at what will keep employees at our company enthusiastic and willing to go the extra mile. It is necessary to provide employees with value. Motivation also requires the correct onboarding — to give new hires a great impression of our company from the very beginning. This will increase the chance that they stay with the company and work hard. 4. Retaining Another purpose of talent management is to keep people at our company for longer. Employees need to continue feeling that the company is an enjoyable, meaningful place to work. Through training and other types of engagement, employees have the chance to create a career without leaving the company. We may achieve this by focusing on compensation (monetary and otherwise) as well as company culture. 5. Transitioning After hiring and developing their skills, we need to plan for employees’ transitions. Our aim at this stage is to keep their knowledge within the company — this is called  knowledge management . We need to have a plan in place to promote employees or move them to another role, department, or office. If a worker does decide to leave, we need to know why.

9. Talent Management Strategy A talent management strategy is based on the talent management model. It should match our organization’s goals and clearly define what type of talent you need. We organize the talent management process based on the talent management strategy. There are few different types strategies we can choose from. Strategy #1: Hire Only Top Employees The advantages of this strategy are obvious: We immediately receive top talent. The employees will perform well and probably reach high performance faster. We are able to grow your company faster. We are more prepared for challenges and risks. However, there are some disadvantages: It’s expensive, and will cost even more if we end up needing to hire someone else. It could be more difficult to retain top talent. The hiring process may take longer, as we’ll probably want to select from a wider pool of candidates. It can be challenging to manage team of top talent. Having too many top performers on a team can lead to competition and result in underperformance.

10. Talent Management Strategy… Strategy #2: Hire Promising Specialists and Develop Them This second option has a couple advantages: We can find talent faster. This may be necessary if you are in urgent need for talent and have insufficient time to search for top employees. We will likely save money on salaries. The employee has the potential to become a skilled and loyal professional. We can hire two, or even three, promising specialists for the same amount as for one top performer. The main disadvantages are: O ur company may grow slower. Compared to top talent, these hires lack of knowledge. This can lead to lower performance. We may need to hire another specialist if the employee cannot handle the role. It requires a larger investment in development. The strategy may fail entirely and we may need to revert to option 1.

11. Talent Management Strategy… Strategy #3: Combine Strategies 1 and 2 This quote describes the strategy best: "Your team’s strength is not a function of the talent of individual members. It’s a function of their collaboration, tenacity, and mutual respect.“ Finally, the pros of combining the two above are: It gives us the best of both worlds. It also allows us to take advantage of a combination of new hires and existing talent. Having top talent and potentially good specialists (e.g. young employees) will help the specialists grow faster and motivate them. It leads to knowledge transfer — top talent can teach other employees. All the same, there is one cons: If we have specific requirements (such as you are in urgent need of growth or if you are on a tight budget), sticking to a single strategy may be more appropriate.

12. Building our Talent Management Strategy Lastly, before we go ahead and launch our recruitment and talent management strategy, we need to make sure to include the essential components of a talent management strategy. 1. Know What Is our Talent Management Strategy Is For Every organization has its own unique goals. Whether they relate to better performance or higher revenue, our goals need to be clearly stated and achievable. We also need to know exactly how employees will play a role in helping you meet our targets. 2. Measure the Results We need to know how to measure results to see if your strategy is working. Define the metrics we’ll use and how often we’ll take measurements. 3. Assign Responsibilities Much of the talent management strategy is down to HR, but other people at our company will also need to be involved. For instance, C-level executives are responsible for succession planning. 4. Communicate with Employees Make sure our employees are clear about where they stand and know what is expected of them. Talk to them about their career goals to ensure that your company is creating the right opportunities.

13. The Talent Management Process What Is the Talent Management Process? The  talent management process  is how we organize the management of our human resources. It is how we choose employees, how we hire them, and how (or if) you train them, motivate them, fire them, and so on. The 7 Steps Approach of Talent Management Process The following steps cover what we need to do to develop a continuous talent management process for our organization. It covers how to find the most talented people available and then help them stay in your company. Step 1: Specify What Skills We Need Before we can go any further, we must determine what kinds of hires we need and what requirements they should fill. We may consider if it would be possible to teach existing employees to avoid the need to hire anyone new. Step 2: Attract the Right People There are several stages to attracting talent: Create targeted advertisements and post them on top job sites — HR branding/LinkedIn is helpful here. Plan interviews and other means to identify the best person for the job. In addition to regular questions, consider using personality assessments, references, and tests that require candidates to perform in real-life situations. Hire our top choices.

14. The Talent Management Process… Step 3: Onboard and Organize Work Help new employees feel orientated by being ready for them as soon as they enter the company. Know what tasks we will set them, have training sessions scheduled, and assign current employees to support new workers settle in. Step 4: Organize Learning and Development It is often easier to develop the skills of your current employees than to hire new talent. Plus, even if we do hire top talent, they will likely want to learn something in their new role. Plan ways for our workers to learn and grow, such as through conferences, courses, and a learning management system to create a learning environment.

15. The Talent Management Process… Step 5: Hold Performance Appraisals Checking employee performance regularly allows us to see if workers could manage additional responsibilities. This could save you hiring new talent and it may help an employee prepare for a promotion. Step 6: Strategize to Retain Your Best Talent Keep employees satisfied at work through promotions, well done certificate, appreciations, benefits, motivating tactics, ensuring job satisfaction, and improving company culture. Step 7: Plan for Successions Nurture employees for successions, such as for when a senior member of staff retires. Enable employees to perform to their best through continuous learning opportunities, including knowledge management.

16. Proposed Action Items : Comprehensive HR Software System (To include all HR activities (including TM) in cloud) Creation of Skill Matrix Mapping of Skill & Competency Matrix Continues Training Plan (Yearly / Monthly / Weekly) Employee Engagement Employee Learning & Development Plan Knowledge Management Plan Succession Planning Employee Satisfaction Survey Employee Evaluation / Self Appraisal

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