Via Forbes : The Impact Of Talent On Strategic Planning
Is your organization planning its current and future talent needs with the same level of energy devoted to its strategic plan? Your human capital plan must fit hand-in-glove with your strategic plan. A disciplined approach to your talent planning is a “must have” to complement your strategy. The strategic planning process guides your organization from where you are now to where you choose to be in the future, and your human capital plan makes that strategy a reality.
Companies that closely connect their talent planning to their strategic planning perform better financially. Just as you would identify your most important business opportunities and develop strategies to capitalize upon them, you must identify and quantify the important functions and responsibilities within your organization allocating talent to capitalize upon them.
A fresh look at your existing positions will yield new insights. Start by considering current jobs, and think about the goals that each position needs to accomplish. With the goal in mind, define the responsibilities of the job, and the skills of the talent needed to realize the job’s objectives. Don’t limit your thinking to the qualities of the employee currently in that position; they may or may not be the right fit. Instead focus on the outcome you want the position to create. Each position’s value to the organization should be quantified to the extent possible. Apply the same analysis of talent to the positions that do not yet exist, but must be created for your strategy to succeed.
Disciplined analysis of how a position creates organizational value sheds light on important value-creation functions. Some positions add value by realizing and managing revenue generation some by refining and reducing operating costs and some by improving organizational efficiencies. For these functions, value may be quantified by monetary measures such as contribution to revenue and cost savings from efficiencies created.
Often overlooked, are functions viewed as just cost centers, that are needed to create value. But supporting roles like IT, cybersecurity, risk management, and your HR positions are essential to the organization. Without them, business can grind to a halt. For such support, other more qualitative assessments may be employed like measures of effectiveness of ERM or learning initiatives that move the organization forward.
Every position should add value to the organization, yet some positions contribute much more than others. In fact, your analyses will probably discover that some positions are so important, that it would be difficult to function without them. Essential value-driving roles usually do not match the levels on your organizational chart. There are critical roles filled by people at numerous levels. In fact, when companies take a deep dive into the roles with highest value creation, they find that many of them are at levels significantly below the C-suite. These key positions don’t always get senior-level attention and might be missed.
It is a problem when key talent doesn’t get rewarded for their valuable work. Human capital planning means that management will be proactive and not wait until key talent has found better compensation and recognition at another company. At times, key people feel they must play the game of “getting a retention”, which means using the threat of leaving to get an improved pay and recognition package to be retained. Countering a retention package opens the eyes of management to the employee’s worth, whereas careful position analyses and human capital planning would make such drama unnecessary.
In the same way that your talent analysis assures your organization has the needed skills to face the future, the approach should extend to the board. All too often board recruitment relies on word of mouth and friends of the current board. This is a formula for a homogeneity in thinking that can lack a broader perspective that today’s world requires. Continuous technology, tax and regulatory changes requires open-minded creative thinking to grasp business needs and opportunities in new ways. Board members must be able to understand and oversee the introduction of ways to accelerate and improve performance. They have a duty to provide fellow board members with innovative ideas and new approaches.
Alignment of your strategic planning with your human capital planning involves all levels of the organization, from the staff, to the C-suite to the board. Position your company to make your strategy a reality.
Via Times of Malta : Employee engagement is central to talent retention
An organisation’s talent is its greatest asset. It is through its people that an organisation will be able to achieve its business objectives and reach and maintain its competitive advantage. The past few years have seen business leaders and organisations giving talent more strategic attention.
Organisations are investing more in acquiring and developing their talent. However, are they doing enough to enhance talent retention?
Recent talent turnover figures from various organisations across industries suggest that organisations are not doing enough. Strategically managing talent involves anticipating the need and type of talent (human capital) required by an organisation, and then setting a plan to meet that need.
An organisation must always be in a position to successfully attract, recruit, develop and retain talent. Put simply, organisations must bring people to the door, provide them with the tools and skills necessary to help them develop themselves and the organisation and, most importantly, keep them happy and activated to not only stop them from leaving, but also to perform better.
Research and practice both show that one of the key factors linked to effectively retaining talent is the emotional bond an employee develops with their employer, i.e. how engaged an employee is with their organisation.
Employee engagement involves unlocking an employee’s full potential to drive high performance and capturing an employee’s discretionary effort, the above-and-beyond effort people could give if they wanted to. When organisations talk about managing and retaining talent, they should be thinking about what they can do to ensure that an employee feels emotionally linked to their organisation and its goals, to their work and to their leaders, therefore being highly engaged.
That said, this emotional bond and high level of engagement is not something that develops overnight. It is a journey employee and organisation must embark upon together. The first step in this journey is for an organisation to take stock of its current employee engagement levels
Before moving forward, it is essential that the organisation knows where it stands. It must listen to employees and obtain an understanding of what is driving engagement/disengagement levels in their organisation. By looking at the drivers related to engagement, organisations will get a clearer picture of, and define, what is truly working and what can be improved. This, in turn, will support an organisation in developing an employee engagement strategy that truly nurtures the development of an emotional bond between employee and employer.
Things that get measured get managed.
The most commonly used means to measure employee engagement is through an online diagnostic tool. However, if organisations want to truly increase retention through engagement, then choosing which survey to conduct is critical. It is essential that the survey chosen actually does assess what is driving engagement holistically.
The KPMG Employee Engagement Plus Index does exactly this. It is a tool that supports organisations in taking stock and measuring their current engagement levels through an online questionnaire answered by employees.
The unique edge of this tool is that it embraces the fact that engagement is a multifaceted concept and thus does not measure engagement as a standalone construct, but holistically, also incorporating other scientifically proven drivers of engagement, such as leadership, communication and work commitment.
Furthermore, the tool also allows for the evaluation of an organisation’s HR management practices that act as a vehicle to achieve employee engagement. Together, all of this uniquely derived data will provide business leaders and decision-makers with invaluable information related to their organisation’s strengths, areas for improvement, areas of critical concern and, therefore, ultimately, support the organisation in reaching its final destination – that of a highly engaged workforce.
The KPMG Employee Engagement Plus Index provides for the ideal foundations upon which to build and implement specific and targeted actions which truly work towards increasing employee engagement within organisations.
By understanding what is driving or inhibiting engagement, an organisation will be able to treat the root cause of any employee engagement issues and thus be in a better position to develop a strong emotional bond with employees. This will create an environment that ensures they retain talented staff who are willing to invest their time and effort in growing and developing the business.
Via Economic Times : Why talent management is becoming the norm for modern businesses
Talent management is a term that includes activities such as recruiting, sustaining, developing/progressing and rewarding the talent acquired using the most trusted practices. Gradually, modern-day entrepreneurs understand the ever-increasing importance of talent management practices as this can set the stage for earning high dividend in the long run. In fact, the startups or the well-established firms that fail to acknowledge the potential of aligning its key business strategies with that of its talent management schemes, often find themselves in great trouble down the road. It not just leads to huge wastage of precious resources of the organisation but also make it a fit case for failure in multiple ways.
3 tips for effective talent management
As there are few rules that govern the talent management plan that must be in place before launching a talent hunt, the organisations must not only be adequately aware of it but include them in routine practices. The three most valuable tips for effective talent management include:
- Identifying the organisation’s true purpose and aligning the talent management strategy with it.
- Letting the channels of communication be open and working effectively for all the employees alike.
- Analysing huge volume of data with due care and efficiency so as to drive in profits through the masterminds who reside in-house.
There are several benefits of an effective talent management plan for an organisation. Some of the most potent ones include:
- Retention of the top talent in the industry.
- Winning an edge over the competitors in the prevailing scenario of continuous struggle for attracting and retaining the good talent.
- Ensuring peak performance and perfect operational accuracy as the retained and nurtured talent is bound to perform in the best way not just once but for long periods of time.
Dedicated employees who are always keen to find new and effective ways to carry out the assigned work. This is not an automatic reaction of the employees but a result of clubbing the business goals with that of the individual goals on part of the organisation.
When talent management is applied in an effective way, it makes it certain that the organisation accelerates and grows in leaps and bounds as the important decisions lying in the hands of the top officials are taken with utmost care and concern and there are real time solutions as against the trend of postponing such decisions.
Focusing on innovation while building a talent management plan
There is no doubt that welcoming innovation in a balanced way is a sure shot formula to retain the best talent in the industry. But just being innovative at the cost of shutting the doors closed to the outside influences can cost enormously as the company may lose sight of its truest goals as per the market trends. It is, therefore, essential for the entrepreneurs to design a talent management plan with a streak of brilliance and innovative ideas only to earn great rewards.
Innovation can sometimes be tangible when it comes to the utilisation of technology/equipment i.e., the talent management system(s) better known as the process part to manage the most capable personnel or may be non-tangible when it appears in the form of robust ideas that set the pace for acceleration (on the right path) of the organisation viz. the people’s part. In the former case, innovation may appear in the form of software/technology that caters to the diversified needs of various organisations to effectively manage their top talent. Such systems not just reduce the cost of the processes but also ensure the achievement of the goals through targeted goal assignments, measuring their progress and rewarding the top achievers. The people’s part of innovation helps in determining and strengthening the team and talent dynamics in an organisation. If every individual is allowed to openly communicate the ideas popping up in his mind, then this simple step can set the pace for growth (initially) in the near future.
Identifying best practices
- Peer-to-peer learning platform
Though there are many tips and tricks to attract and manage the talent in an organisation, talent management is not an easy matter to work on. The inclusiveness of team members is directly linked to the performance of a company. In this aspect, entrepreneurs often grapple to understand how they can continue to maintaining the moral of their teammates, keep the talent engaged at all times or even understand what is the talent is line with the vision of the company. One way to address this is when one entrepreneur interacts with another like-minded entrepreneur. This often happens through peer-to-peer learning networks wherein growth focussed entrepreneurs get together to address critical matters in a safe and trusted environment.
Peer-to-peer platforms such as ASCENT Foundation offers a learning platform or ecosystem in the form of trust groups to the growth ready entrepreneurs where they can learn from each other through exchange of ideas, experiences and insights, in a confidential yet liberal environment. It is when the power of collective is put together, entrepreneurs are able to address some of the major business challenges be it with regards to talent management or even other areas.
- Creating detailed profiles and attracting and keeping the right person in the right job
Set the achievers’ profiles (including areas of competence, possessed knowledge and experience and personal traits) for the officials as a ready reference in case they wander from the goals they are meant to achieve both as their personal and organisational goals. Such a detailed profile formation also helps in attracting the right personnel for the organisation.
- Technology is not everything, give a personal touch
Software or technology alone may fail to provide desired results when it comes to managing the human talent that thinks, communicates and is able to take decisions of their own. Any organisation that fails to deploy humane methods to form a connection with its human resource, often finds it hard to bridge the gap between the goals it has set aside and those it achieves through the retained talent.
So, to sum up, with all the proactive steps taken, over the years, talent management has gained much attention in the modern-day business world with the companies realising the importance of being open, innovative and appreciative in their approach for effectively managing the talent in the long run.
Via Gigabit : Infor: How new technologies are boosting talent management
As the digital revolution continues full throttle, Artificial Intelligence (AI) is set to impact every industry in some format or another. The birth of Amazon’s Alexa has propelled AI into the mainstream, prompting many organisations to evaluate its value in a business context. In fact a recent survey found that 38% of businesses are already using AI in their workplace, with 62% expecting it to be in place by the end of this year.
One area in particular where AI is driving change and delivering benefit, is HR. Faced with inordinate levels of administration and high volumes of repetitive tasks in the recruitment and retention of people, AI can play a role in taking away much of this administration to free up resources for more value-added projects.
There are two key areas in particular where AI is making waves in 2018: better talent management and the reduction of bias.
When it comes to talent management, the availability of AI is proving a game changer, with 46% of HR executives saying that AI will transform their talent acquisition capability. When it comes to talent management, AI can help the process of identifying, selecting and developing talent.
The volume of data we gather on applicants, recruitment processes and employees can inform and shape AI platforms to help recruit the right kind of people into an organisation. These systems not only recruit the right people, but identify likely retention and high performers.
Through helping HR managers identify new hires with the highest probability of success, they can be placed in the right positions, given the precise level of training required and supported by the right people. Essentially AI can expedite candidate assessment and time to hire without compromising quality or standards.
In the same vein, AI has a valuable role to play in eliminating unconscious bias and discrimination around a candidate’s age, sex, race or religion from the recruitment process. According to McKinsey’s Why diversity matters, companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above national industry medians, while gender-diverse companies are 15% more likely to outperform their peers. A successful workforce contains diverse job histories, cultural backgrounds, levels of education and personalities.
However, overcoming the unconscious bias which plagues so many in recruiting is a challenge. Training people to avoid bias is rarely effective. But through removing ‘gut-feel’ and training AI to focus solely on attributes pertaining to the role, suitability and anticipated performance the best, most objective decisions can be made.
The reported benefits are substantial. In fact, one Infor customer in the retail industry made AI-infused hiring decisions that led to a sales increase of $58 per hour. Further research points to a 71% decrease in cost-per-hire, and a threefold increase in recruiter efficiency for companies using AI for recruitment.
With these kinds of figures being reported it’s easy to see why AI is set to surge in HR over the next few years. But of course, there are challenges in making AI work. While AI might be capable of supporting smarter, more accurate decisions, it is only as good as the level of data, monitoring and training. Data is typically held in disparate systems and must be consolidated in order to present a full picture from which to train the machine learning in AI. Systems and providers must be thoroughly evaluated to ensure the capabilities are robust and fit for purpose. In the wrong hands, it might be easy for a set of incorrect assumptions to prevail – continuous monitoring and evaluation is necessary, particularly in the early stages to avoid this.
And of course, there is the fear factor, with many worrying that AI will replace people. In fact, the opposite is true. AI in a HR context is designed to equip people with additional capabilities which add value. AI can be designed and trained to support whatever you need when it comes to talent management. It is about maximising people power – not replacing it.
In the same way that Amazon’s Alexa helps to place orders, select music or inform us of tomorrow’s weather forecast, AI capabilities in HR automate candidate selection, succession planning and development. But in the same way that Alexa needs people to direct and request data, AI in HR stands to add most value in the hand of HR professionals, helping to free up time and resources to focus on bigger challenges such as transformation or new models. And if evaluated thoroughly and deployed in the right way it can turbocharge people power and performance, helping to create the world class organisations of tomorrow.
Via fin24 : Benefits key to talent management
Keeping the best staff in place requires more than a great salary – excellent benefits are increasingly a key differentiator, says Steven Nathan, 10X Investments founder and CEO.
Carefully chosen, value-adding benefits, like a high performing, low cost retirement fund can add important points in the closely fought contest to be seen as an employer of choice, he says.
The Top Employers Compensation and Benefits survey, which is based on a sample of 600 organisations in 102 countries, shows that, as of 2016, benefits are central to talent management again after a long period, post the global financial crisis, when tougher times led many employees to seek job stability over greater rewards.
Retaining the best employees is a core driver of productivity and efficiency. In fact, keeping staff happy and engaged is known to be a key aspect of success for most businesses.
Overall health and happiness, which includes financial wellbeing and confidence about the future, are key drivers of employee productivity.
Numerous studies back up anecdotal evidence showing a clear connection between employees’ physical and financial health and a company’s success.
However, meeting the needs of a multi-generational workforce, attracting new talent and retaining current staff is no easy feat especially if it must be achieved without additional major budgetary outlays.