Via Solutions Review : Talent Management Best Practices: Identifying and Developing High Potential Leaders
This video, presented by Kevin Groves, assistant professor of organizational theory and management at the Graziadio School of Business and Management, makes a case for why talent management matters now more than ever. Based on his research, he offers a model for talent management best practices and the implications of his findings for organizations.
Talent Management is a set of integrated organizational Human Resource processes designed to attract, develop, motivate, and retain productive, engaged employees. The goal of talent management is to create a high-performance, sustainable organization that meets its strategic and operational goals and objectives. With the current market becoming highly competitive for quality workers, otherwise known as the “war for talent,” companies are considering HR capital a top priority. And since companies are only as successful as the people within them, it’s important to find, hire and retain quality candidates and top performers. Implementing a strong and efficient talent management system can help with attracting and retaining top talent as well as making a bottom-line impact on productivity.
Gartner Inc., defines talent management software (TMS) as an integrated set of applications that support an organization’s need to plan, attract, develop, reward, engage and retain talent. Such applications include workforce planning, talent acquisition & onboarding, performance appraisal/assessment, goal management, learning management, competency management, career development, succession management & compensation management.
“These functional components align with the key human capital management (HCM) processes of plan to source, acquire to onboard, perform to reward & assess to develop. The talent management market is boosted by functionality to improve workforce engagement & collaboration, as well as to provide greater analysis and even predictive insights to improve decision making around workforce actions,” Gartner adds.
Via Forbes : It’s Time To Reinvent Your Human Resources Strategy And IBM Wants Watson To Be Your Guide
Business success starts and ends with a company’s talent. Every organization knows this but not every organization masters the art of creating a company culture that effectively leverages their employee’s skills. Market leading companies define strong cultural values, hire to fulfill that mission and treat employees as well as they treat their customers.
It’s time to reevaluate your talent management strategies.
The three main talent challenges a company must master – acquisition, retention and retraining- haven’t changed. However, the mix of how a company spends its resources is changing. Most organizations spend a large chunk of their time and resources on talent acquisition at the expense of other areas.
While improving hiring is essential, it’s only useful if you can retrain these employees and enrich their skill set over time. It can take months, if not a full year, for a new employee to reach their full productivity potential. Given the overall talent shortage, it’s also unrealistic to expect Human Resources (HR) to fulfill a bulk of the upcoming positions with outside talent.
With the rapid change in workplace technology, reskilling of a company’s existing employee base must become a board level imperative with dedicated resources. According to IBM’s research, as many as 120 million workers in the world’s 10 largest economies may need to be retrained or reskilled as a result of AI and intelligent automation . Digital literacy is critical for the modern workforce. With low unemployment and a competitive job market, talent retention and upskilling represent strategic areas that most companies should reevaluate.
The evolving nature of HR technology
While the strategic emphasis of human resources has changed, there’s another wave of change ahead. The technologies and methods that companies have access to for attracting, retraining and educating talent will dramatically change over the next few years. The rapid development of artificial intelligence (AI) solutions promises to disrupt the workplace status quo and upend existing HR functions. Leading companies are looking to AI to support functions from candidate discovery to designing individualized employee education programs.
Technology vendors and consultancies are racing to provide new AI-enhanced talent solutions to support workplace transformation. IBM has deployed products in the cognitive field for years with its Watson solutions. Now IBM’s Global Business Services group has introduced a new set of talent and workplace transformation solutions called the IBM Talent & Transformation service. It’s a new business designed to help companies navigate the coming challenges and opportunities associated with AI and automation. IBM’s offering provides new services, AI tools and related training initiatives.
AI can complement employee skills, redefine tasks, and increase productivity, but that requires training, development and new ways of working. The company’s talent solutions offer a range of products that can be purchased individually or combined, including:
· Watson Recruitment: Analyzes an organization’s employment history and external data sources to determine key attributes for success in any given role and then uses AI to surface the most qualified candidates without bias.
· Watson Candidate Assistant: Sifts through job-seekers’ employment and educational experience, infers skills and matches a candidate to openings that are the best fit with recommendations that might never surface with traditional applicant tracking systems.
· Watson Career Coach: Serves as a virtual coach and infers employees’ skills, interests, and eminence and provides personalized advice to lay the path for career opportunities.
· Watson Talent Frameworks: Defines the competencies and skills needed for a successful talent strategy today, and future-proofs organizations for tomorrow’s workforce in ways customized to their specific industry and needs.
· Adverse Impact Analysis (AIA): Leverages Watson AI to analyze, identify and address unconscious bias across an organization’s employment history related to gender, race, age, education and previous employment.
· IBM AI Skills Academy: A new service offering and educational program, will help businesses plan, build and apply strategic AI initiatives across the enterprise like evaluating AI roles and skills, building the necessary skills, and creating an organizational structure in support of AI strategy. The curriculum covers areas essential to AI initiatives, including deep learning and machine learning frameworks, applying algorithms, open source technologies and data visualization, and will ensure that businesses make decisions less on “gut” intuition and more on data-driven analytics.
Additionally, IBM offers the IBM Garages to help organizations develop agile practices, test ideas and scale solutions. Within the Garage, IBM experts sit shoulder-to-shoulder with client employees to develop new ideas, then rapidly test, discard or advance those ideas. IBM said other companies including Ford Motor Company, Travelport and McLane are already working with various IBM Garages.
Not IBM’s first rodeo in advancing HR practices.
In true IBM fashion, the company first applied these methods technologies and learnings to drive its workforce transformation. The company used AI personalization to guide employees in development, measure flight risk for proactive retention and use bias reduction capabilities to flag bias in recruitment efforts. In IBM’s press release the company stated: “When applied to IBM’s HR function, these services drove more than $300 million in benefits to the company, $107 million in benefits in 2017 alone, and resulted in a significantly better candidate, employee and manager satisfaction.” While the service is new, IBM has completed more than 1,000 HR transformation projects globally through its consulting engagements or by companies outsourcing talent acquisition, talent development or HR operations to IBM. Companies like Citizens Financial Group Inc and Ernst & Young LLP are working with IBM Watson Talent solutions. IBM’s talent solutions intend to marry skillsets such as behavioral science and industrial-organizational psychology with analytics and artificial intelligence solutions.
Similar to the movement in IT, human resources departments are shifting from a service function to a strategic transformation engine for the organization. IBM’s new offerings aim to help companies make the transition by combining technology and services for a customized solution. The concept of purchasing off-the-shelf HR AI products without services is appealing, yet wrought with opportunities for failure. Every organization is unique and most organizations will need assistance in defining what they are trying to accomplish, integrating data from a variety of HR solutions and developing new educational roadmaps. IBM’s offering showcases how important it is to have a mixture of people, process and technology to assist in the creation of leading HR strategies.
The offering looks good but the challenge for IBM lies in convincing companies that the offering will be cost competitive and deliver better results. A company must also believe HR transformation is a strategic imperative that deserves more attention, executive support and funding.
The startup ecosystem also has a role to play in breathing new life and excitement into the HR industry. There are many fresh ideas in the space for recruiting, candidate engagement and education. Instead of focusing on how AI will replace jobs, there’s a tremendous opportunity to use AI to improve an employee’s job. Hopefully, new AI-driven talent services will help companies deliver better workplaces.
Via Personnel Today : ‘Total talent management’ could solve the productivity puzzle
Faced with uncertain access to labour and the need to reskill workers in the coming years, how can organisations take a more holistic approach to workforce planning? Richard Schofield from Alexander Mann Solutions explains the benefits of such an approach.
As if the Brexit forecasts for trade and wages weren’t depressing enough, UK productivity levels continue to be a problem, with output per hour worked still trailing behind pre-financial crisis levels.
Experts have floated myriad theories as to why UK productivity hasn’t grown as expected since the end of the last recession, with a shortfall in skills, under-investment and inaccurate measurement all being put forward as probable causes.
It has also been suggested that companies have “hoarded labour” and essentially clung on to unproductive employees through a fear of having to re-hire in a tight labour market.
However, businesses can boost efficiencies through adopting a more holistic approach to workforce strategies to ensure there are no skills gaps and – crucially – no skills surplus.
Raising skills levels
The complex reasons behind Britain’s persistent underperformance may be up for debate, but there is no escaping the fact that human resources and business productivity are intrinsically linked.
The CIPD recently reported that the UK is facing a labour “supply shock” with the number of non-UK workers in employment falling by almost 60,000 over the 12 months to June 2018. There has never been a better time to boost labour efficiencies.
Last year, the OECD calculated that raising UK skill levels on a best practice basis would improve UK productivity by at least 5%.
With this in mind, focusing on developing existing teams should have an impact on output. Similarly, improved levels of employee wellbeing are also proven to enhance efficiencies.
Wellbeing and performance
According to Deloitte’s Global Human Capital Trends report, wellbeing is strongly associated with a range of individual, organisational and societal benefits, including improved productivity: with 86% of UK business leaders noting the importance of wellbeing as a driver of productivity.
Research from PwC, meanwhile, has found that 83% of workers feel that their wellbeing influences performance.
In order to truly ensure that workforces are firing on all cylinders, however, HR strategists must not only ensure that every employee is engaged and reaching their full potential in their current role, but also that entire teams are built for optimum efficiency.
According to Harvard Business Review, 73% of executives believe that poor talent planning had impacted their company’s ability to meet business objectives.
The concept of total talent management ultimately boils down to joined-up thinking around strategic workforce planning, which takes into account dependent, independent and robot workers.
The capabilities of today’s people analytics tools enable business leaders to map workers across an entire organisation globally, as well as external skills availability, so they can map and organise resources most effectively.
By viewing workforces in this way, current and future talent gaps can be spotted and managed easily – whether that be through traditional hiring, calling on flexible talent, reskilling or upskilling existing employees so that they can be redeployed within the business or exploring which tasks can be automated to free up human talent.
This exercise also enables business leaders to determine and address where there is skills overlap, which can zap overall productivity.
“Total talent management ultimately boils down to joined-up thinking around strategic workforce planning, which takes into account dependent, independent and robot workers”
Rigid job specifications and prescriptive working arrangements have historically meant that employers have been forced to hire individuals who may be a good fit for a business – but who are unlikely to meet its needs perfectly.
However, we must also accept that the industrial model of nine-to-five with a few weeks’ holiday no longer cuts it for a lot of people.
As such, in order to secure the skills they need at every level, businesses must become more flexible around their offerings to candidates.
In the future, finding a job will be like booking a holiday on Expedia: jobseekers will be offered suggestions based on their skills and availability, but will ultimately be gifted the scope to build their own role.
This, in turn, will allow employers to create a “talent jigsaw”, where gaps in knowledge and experience are plugged snugly – without any skills excess – to boost business productivity and profitability.
Via People Matters : A broader talent management game: Embracing new-age performance philosophies
In order to ensure that the right talent is retained and engaged, the most relevant performance management framework is crucial. Here’s the why and how for adopting new-age performance philosophies.
The talent management landscape has been growing and changing radically , and retaining talent has not been getting any easier. It is only natural then, that performance management systems have been undergoing a renaissance in terms of concept, functionality and business relevance.
In the past couple of years, various Fortune 500 companies like GE, Adobe, Cisco, Accenture have moved away from their traditional annual performance management process which was perceived as demotivating, bureaucratic and ineffective. And ever since, more and more companies are adopting new-age approaches to champion the performance management process. Hence, there lies a need to adapt to and adopt powerful, evolved, new age performance tools that are based on the latest work philosophies in order to leverage on and nurture the potential of the workforce today.
There is a need to transform the human-technology interface by creating enterprise platforms that can keep up with the experience provided by other consumer-class platforms and interfaces that we use everyday. Our expectations from technology change every day and considering that our demands from it have been increasing, seamless interface is of the essence. It is only natural then, that we seek the same seamless, well-integrated experience from our enterprise apps and technology platforms that we use for the smallest of tasks on a daily basis. When it comes to performance metrics too, organizations are quickly realizing the benefits of integrating the best-in-class live technology that makes real-time access and analysis the norm.
When it comes to future-proofing the processes of performance management, companies today are looking at features like Continuous Feedback, Competency Mapping and Unique Assessment Frameworks that are engaging for both managers and the employees they manage. Besides these, there are also other comprehensive features, such as, Goal Cascading, Succession Planning, Multi-stakeholder Feedback and Compensation Modeling. Moreover, it is no longer just about personalizing these processes for every organization but rather tailoring them to suit every individual in each organization.
Which are the features that are being used widely?
The number of organizations today that are trying to change their performance management systems has been growing exponentially over the last few years. The shift in measuring performance is not limited to any sector but rather is a collective shift across sectors.Top leading pharmaceutical brands, leading e-commerce players and logistics service providers are all on the path to greater success with the right features in their portfolio.
Continuous Feedback for continuous improvement: A leading e-commerce player in India with an inherently millennial DNA and self-starter mindset needed a platform that allowed its dynamic workforce to be able to speak a common language and also provide a space to enable smoother dialogue. They implemented the practice of continuous feedback across all levels to keep communication channels open and create a culture of instant information sharing and course correction. The key to drive engagement and adoption with regard to these new formats seems to be user-centric design, intuitiveness, and simplicity, which platforms like Darwinbox allow for. With these three pieces in place, no matter how wide an organization is, each individual can be connected despite geographical, cultural and educational diversity.
Unique assessment frameworks for every philosophy: A growing logistics company made avail of multiple assessment frameworks on Darwinbox to personalize a performance feedback model at a role level catering to organization-specific needs and demands. With companies that have a very diverse team based on roles, such models are not just relevant but a requisite too. Since roles served across levels, function and departments are varied, the competencies to be measured, the weights assigned to each and the format of appraisal needs to be different as well. Enabling level of role-specific personalization in appraisal frameworks paves the way to greater engagement and a deeper internalization of goals and feedback.
Success in succession: Companies that are moving away from the mentality of hiring ready-made talent and moving towards innovative and effective succession planning are on the right path. There are performance management tools today that not only help organizations to identify successors but also to define a succession profile and create a succession map. A framework that has been found to be exceptionally helpful for succession planning is the 9 box talent matrix. The tool assesses individuals on two dimensions: their past performance and their future potential. It places employees on a grid and identifies employees’ ranking in both performance and potential. It thus provides a clear picture in terms of where a certain employee stands and how s/he can be made to attain his/her full potential.
Goal-den opportunity: One of India’s largest pharmaceutical companies empowered its employees by cascading goals and by facilitating goal alignment at an organizational level. Goal cascading provides the opportunity to elevate accountability, strategize future goals and prepare a more effective plan of action. A unique but efficient way to do that, as Darwinbox saw, was to map out an organizational scorecard where besides individual and group goals, the vision of the organization is translated into actionable and attainable goals as well. This not only helps individual employees understand the bigger picture but also to envision the specific part they play in it.
The (b)onus of new-age performance management
Performance management, being a critical requisite in any successful organization needs to be a democratic process that facilitates transparency and continuous dialogue. But while the right performance management system come with a big bag of bonuses, whose onus is it to make the shift toward these new-age philosophies that are proving their worth across sectors? To enable greater engagement and more individual involvement, these new systems need to be true, objective and always backed data ensuring fairness and transparency. With most companies being in the grip of digitalization in every aspect of business function, sharing the evolution process might ease the path ahead.
Via Forbes : 5 Tips On Talent Acquisition From Beamery’s CEO
Talent acquisition and retention are skills most companies need to refine if they wish to be successful. As Donna Kimmel, the Chief People Officer from Citrix Systems Inc., told me in an interview “Leading companies are talent-first companies. Success is driven by employees. People bring the culture to life, drive innovation and results. A company’s people drive the customer-first mentality.”
Increasingly companies are struggling to fill the employee ranks as the types of skills a company needs change and as baby boomer retire. Despite the fact that a myriad of online job platforms and talent acquisition platforms companies are still struggling to find candidates. Where’s the disconnect? Abakar Saidov, co-founder and CEO of Beamery, says that instead of talent acquisition or management, companies need to focus talent relationships. According to Beamery, the company “saw a problem where up to 70 percent of the global workforce was made up of passive talent who weren’t actively job searching and companies lacked a way to engage with them.”
Beamery, a provider of recruitment software, says the key to success is treating your prospective candidates as you would a customer. It’s the concept of moving from a transaction to a relationship. Beamery provides what it calls a talent engagement platform that it claims enables companies to approach recruiting like customer acquisition – from outbound prospecting and pipeline building to targeted nurture and engagement.
It’s a good concept that meets a real market need. For example, there’s a good chance you’ve already interviewed a candidate that was a good fit for the company but not for the current role. Sadly, the term “we’ll keep your resume on file” doesn’t ring true. When the right position for the person does surface, it’s difficult to find their resume, and the hunt for a candidate starts again from scratch. Image the time and money an organization could save if it eliminated these inefficiencies in the system.
Apparently, the venture capital (VC) community agrees as Beamery just received its B round of financing for $28 million. However, it’s not just VCs or cloud-native startups such as Facebook that has taken notice. Large enterprise companies, such as Balfour Beatty, Continental and Vmware, have signed on with Beamery to support recruiting efforts