DEBUNKING 10 COMMON TALENT MANAGEMENT MYTHS
Doris Sims, SPHR Founder and President Succession Builders, LLC Author of the 2009 book: The 30-Minute Guide to Talent and Succession Management Co-author of the 2007 book: Building Tomorrows Talent: A Practitioners Guide to Talent Management and Succession Planning Author of the 2001 book: Creative New Employee Orientation Programs @ Copyright 2008 Exploring 10 Talent Management Myths
In this session, well explore the most commonly heard questions and issues regarding talent management Well discuss core best practice ideas Well look at new ways to explain the business need for talent management 01/03/03 Talent Management Defined
3 For the context of this session, Talent Managementfocuses on the onboarding, identification,assessment, development, and movement ofINTERNAL talent There are several business objectives for the Succession Management and Talent Assessmentinitiatives 01/03/03 Comparing Financial and People Processes
There are several business objectives for the Succession Management and Talent Assessmentinitiatives 01/03/03 MYTH #1: THERE IS ONLY ONE BEST PRACTICE TALENT MANAGEMENT METHODOLOGY Talent Strategy Factors
The business goals of your talent management program The geographical spread of your organization The size of your organization The general transparency of other processes in yourculture The people, system and budget structure in place to leadand support the talent management strategy The type of organization (i.e. government, profit or non- profit, public or private, etc.) Leaders should include all direct reports on the Talent Assessment Grid.Exceptions to this might be determined at the business unit level by the Senior VP, but any exceptions must be communicated and held consistent within the business unit, to ensure a fair process. The Talent Assessment Grid should be prepared: AFTER the leader has completed a Career Interest and Development Plan discussion with each employee BEFORE nomination High Potentials and completing a Succession Plan Refer to an example of the Talent Assessment Grid in the Appendix of your Guide. Behaviors - as aligned with our Company Values Past Performance Most recent Performance Review rating Learning Agility Learns very quickly, generates multiple ideas, is flexible when changes occur, thrives on job challenges is creative, imaginative, and is open to/builds on the ideas of others Advancement Potential Demonstrates/communicates a strong drive/desire to advance, and if necessary, will relocate and/or move to another business unit for the right opportunity. Core Best Practices: Three Key Phases
1. Consistent Talent Assessment Criteria and EmployeeMeetings Leaders should include all direct reports on the Talent Assessment Grid.Exceptions to this might be determined at the business unit level by the Senior VP, but any exceptions must be communicated and held consistent within the business unit, to ensure a fair process. The Talent Assessment Grid should be prepared: AFTER the leader has completed a Career Interest and Development Plan discussion with each employee BEFORE nomination High Potentials and completing a Succession Plan Refer to an example of the Talent Assessment Grid in the Appendix of your Guide. Behaviors - as aligned with our Company Values Past Performance Most recent Performance Review rating Learning Agility Learns very quickly, generates multiple ideas, is flexible when changes occur, thrives on job challenges is creative, imaginative, and is open to/builds on the ideas of others Advancement Potential Demonstrates/communicates a strong drive/desire to advance, and if necessary, will relocate and/or move to another business unit for the right opportunity. 2. Documented Leadership Discussions and Calibration 3. Development Plans and Action Follow-Through Talent Assessment Tools
8 A best practice talent assessment process includes: A measurement of an individuals PAST PERFORMANCE A projection of an individuals FUTURE POTENTIAL Obtaining career and development needs and interests from THE EMPLOYEE MYTH #2ALL TALENT MANAGEMENT INFORMATION AND PROCESSES MUST BE HELD IN CONFIDENCE Typically Restricted Talent Data
10 The List of High Potential Employees Successors usually dont know which positions they areidentified for, although there are exceptions (i.e. retirement) Talent Review Meeting Notes Employee Vacancy Risk Data Compensation or Retention Packages of High Potentials Other Thoughts? Ideas for Open Talent Communications
11 Overall information / benefits of the Talent Managementprogram to all employees, including High Potential criteria Discussions with employees about their career interests andabilities, as well as their relocation ability Notify high potentials to increase retention, development,career movement and ability to measure results Discuss strengths and development plan information fromTalent Review meeting discussions with employees Other Thoughts? Communication Ideas A Talent Management Web Site
12 A Talent Management Web Site Succession Management Presentations and /or Webinars for Business Leaders Management Talking Points Talent Management Guides and/or QuickReference Guides for Business Leaders Provide webinars, workshops and referenceguides for your HR people MYTH #3HIGH POTENTIAL EMPLOYEES ARE DEFINED AS THOSE WITH THE ABILITY TO ADVANCE TWO LEVELS A New Definition High Potentials have the ability to advance up
14 High Potentials have the ability to advance up AND/OR across at least two positions over the next fewyears Making lateral career moves builds a greaterbreadth of knowledge, skills and experience The ability to make lateral career moves intoother departments differentiates highperformers and high potentials A New Definition 15 l High Potential Definitions Other Criteria? Learning Agility
Desire to advance / move laterally Leadership Abilities (rate based on your leadershipvalues and competencies, strategic abilities,business acumen) Superior interpersonal people skills At least 1 year tenure to observe sustainedperformance and other high potential criteria Engagement and self-initiative l There are several business objectives for the Succession Management and Talent Assessmentinitiatives 01/03/03 MYTH #4A TALENT MANAGEMENT STRATEGY IS ONLY NEEDED IN LARGE ORGANIZATIONS l Every organization can benefit from talent management
In a smaller organization,cross-functional trainingand proceduredocumentation is moreimportant Every organization canbenefit from employeecareer discussions,vacancy risk reviews,development plans, etc. l There are several business objectives for the Succession Management and Talent Assessmentinitiatives 01/03/03 MYTH #5IF WE DEVELOP OUR HIGH POTENTIAL EMPLOYEES, THEY WILL JUST LEAVE FOR ANOTHER COMPANY l Reduce Talent Turnover Risk
Notifying and developing high potentials increasesretention Start a high potential program with a Kickoff Meetingto set appropriate expectations! As appropriate, provide stock / compensationretention packages for high potentials and key experts Yes, this is a riskso our other choice isto notdevelop our top talent for future positions????? l There are several business objectives for the Succession Management and Talent Assessmentinitiatives 01/03/03 MYTH #6IDENTIFYING HIGH POTENTIALS AND SUCCESSORS IS A VERY SUBJECTIVE PROCESSHOW CAN YOU MEASURE POTENTIAL IF IT HASNT OCCURRED YET? Talent Assessment: A Business Process
22 Every type of business decision-making process isboth an art and a science: Financial Planning: The Budgeting Process Acquisitions and Mergers: Due Diligence New Product Development: Market Analysis Advertising: Focus Group Feedback Hiring Employees: The Interview Process Developing New Technology: System Requirements Remember: No business process is 100% accurate,but the process helps us to make the best possibledecisions to enhance profit and reduce risk There are several business objectives for the Succession Management and Talent Assessmentinitiatives 01/03/03 MYTH #7 SUCCESSION PLANNING IS UNNECESSARY IN A DOWNTURN ECONOMY Is This a Priority in Todays Economy?
Our leaders are saying they wont be retiring now due thedecreased value of their 401(k) / stock Our training and development budgets have been cut so wedont have money for development We are laying off talent Mergers are taking place ascompanies collapse What else???? Leaders should include all direct reports on the Talent Assessment Grid.Exceptions to this might be determined at the business unit level by the Senior VP, but any exceptions must be communicated and held consistent within the business unit, to ensure a fair process. The Talent Assessment Grid should be prepared: AFTER the leader has completed a Career Interest and Development Plan discussion with each employee BEFORE nomination High Potentials and completing a Succession Plan Refer to an example of the Talent Assessment Grid in the Appendix of your Guide. Behaviors - as aligned with our Company Values Past Performance Most recent Performance Review rating Learning Agility Learns very quickly, generates multiple ideas, is flexible when changes occur, thrives on job challenges is creative, imaginative, and is open to/builds on the ideas of others Advancement Potential Demonstrates/communicates a strong drive/desire to advance, and if necessary, will relocate and/or move to another business unit for the right opportunity. MYTH #8 IT IS DIFFICULT TO MEASURE TALENT MANAGEMENT RESULTS Measure and Report Your Results
Customize to your Business Goals and Culture Generally, the easiest metric to show an ROI is an increasein internal fill and decrease in external recruiting costs Decide in your planning stage Gather baseline data Internal versus external fill of leadership positions Turnover rates of leadership positions External leadership recruiting costs Eligibility to retire information Leaders should include all direct reports on the Talent Assessment Grid.Exceptions to this might be determined at the business unit level by the Senior VP, but any exceptions must be communicated and held consistent within the business unit, to ensure a fair process. The Talent Assessment Grid should be prepared: AFTER the leader has completed a Career Interest and Development Plan discussion with each employee BEFORE nomination High Potentials and completing a Succession Plan Refer to an example of the Talent Assessment Grid in the Appendix of your Guide. Behaviors - as aligned with our Company Values Past Performance Most recent Performance Review rating Learning Agility Learns very quickly, generates multiple ideas, is flexible when changes occur, thrives on job challenges is creative, imaginative, and is open to/builds on the ideas of others Advancement Potential Demonstrates/communicates a strong drive/desire to advance, and if necessary, will relocate and/or move to another business unit for the right opportunity. Presentations and Reports That Provide Value
01/03/03 MYTH #9NOTIFYING HIGH POTENTIALS WILL GIVE THEM A BIG HEAD AND CAUSE MORALE PROBLEMS l The Big Head and Morale Issue
Arrogance seems to be a trait thatprevents individuals from beingidentified as a HIPO Make sure your HIPO criteria is veryclear and definitely differentiates highperformers and HIPOs Ensure all employees know that theHIPO program is not a stamp on theforehead for life Communicate, communicate,communicate l There are several business objectives for the Succession Management and Talent Assessmentinitiatives 01/03/03 MYTH #10 DEVELOPING OUR HIGH POTENTIALS WILL BE TOO COSTLY High Potential / Leadership Development Ideas
Kickoff Meetings 360 Feedback Executive AssessmentCenters Job Assignments Project Teams Non-Profit Board Community Work Leadership Book Clubs Coaching Groups Mentor Programs Mentor or Mentee Executive Involvement Business Simulations andWorkshops Senior Leader Interviews Be Creative! Leaders should include all direct reports on the Talent Assessment Grid.Exceptions to this might be determined at the business unit level by the Senior VP, but any exceptions must be communicated and held consistent within the business unit, to ensure a fair process. The Talent Assessment Grid should be prepared: AFTER the leader has completed a Career Interest and Development Plan discussion with each employee BEFORE nomination High Potentials and completing a Succession Plan Refer to an example of the Talent Assessment Grid in the Appendix of your Guide. Behaviors - as aligned with our Company Values Past Performance Most recent Performance Review rating Learning Agility Learns very quickly, generates multiple ideas, is flexible when changes occur, thrives on job challenges is creative, imaginative, and is open to/builds on the ideas of others Advancement Potential Demonstrates/communicates a strong drive/desire to advance, and if necessary, will relocate and/or move to another business unit for the right opportunity. doris@successionbuilders.com ? YOU WHAT HAVE? DO