Via Your Story : 6 ways of strategising talent management
Most organizations struggle with their talent management, swaying from surplus of talent to shortfall, here are six ways to manage workforce.
Most organizations struggle with their talent management, swaying from surplus of talent to shortfall. Keeping pace with global shifts makes the job extremely complex. Global politics, economic changes and accelerated technology changes all impact the business and consequently talent management.
Indian IT services sector is a perfect case in point. It has been disrupted by Brexit, new US immigration norms, AI, robotics etc. In such an environment how does one build a talent management strategy that will give the best leverage to meet the needs of today and future proof for tomorrow?
We are suddenly talking about an existential crisis in many sectors. Most of these sectors while show a good growth today have a questionable tomorrow. If electric cars come into effect, how will it impact the automobile or oil & gas sectors? How does one anticipate the need for human capital when both the number and nature of talent is highly unpredictable and the cost of getting it wrong is colossal?
In today’s context, the operating principles applied to talent management are rather uncharacteristic.
Here are six ways to strategise talent management:
- Abandon long term talent forecasts. Shift to short term simulations – the idea that we can accurately predict talent demand for an entire company several years in advance is a myth. Lifelong employment and job security is not what the new generation of employees are looking for. An optimal approach is developing the internal talent, because it is cheaper, less disruptive and makes external hiring faster and more responsive.
- Realize the shift from generic to technical – the job of a manager is becoming redundant, it is about the expertise and individual impact one has on the value chain. One must keep pace with the advancement in technology; it is impossible to build for internally. Technical experts have different aspirations; most of them do not wish to lead a business, and hence their engagement drivers are far from the traditional.
- Be young by being relevant to the young. The new generation is special – 80% of them do not aspire to be a CEO. Purpose, impact on the community and learning opportunity mean more to them than job security, benefits and job title. For them a digital workplace is not just about offering flexibility to work from home, it is far more evolved. For the older generation refusing to take a new position was a career-ending move. Today, young employees are clearly looking for challenge and not necessarily the next level; promotion without job enrichment will not help you lure anymore.
- Contingent workforce will be the trend – everyone you need in your organization might not be or want to be a full time employee; the freelance economy is growing and gives easy access to a very diverse skillset. This is not only effective to manage your people costs but also helps you manage expectations and deliver better performance. By increasing utilisation one can negotiate the wage, save on training, lessen the burden on office infrastructure and effectively reduce overall costs.
- Make RoE count. Improve the return on employee development– by being selective, balancing build versus buy, looking for quality and not quantity companies can become more specific on who and what.
- Embrace the misfits. Make diversity of thought your differentiator – our traditional talent management rewards conformity, familiarity and not creativity.. While we are looking for a very distinct “type” that will thrive in our context, the new age skills we need to remain competitive will require us to be exactly the opposite.
If you are lagging behind your competition, chances are your talent management is not working for you. When your CEO says that human capital is their biggest challenge/ risk, they are questioning the effectiveness of the current talent management.
Next time you submit a million dollar plan for your talent management, ask yourself if this is an expense or an investment and how is it going to get you any different results from the previous year. Pause and reset your agenda.
Via HRD Canada : How to create a winning talent management strategy
What’s the key to finding and holding onto the best people in your business?
Instead of copying other organizations’ successful efforts, know your own company and what it needs, then focus on achieving that, Corus Entertainment’s EVP of people and communications Cheryl Fullerton says.
“It’s about really good rigour on defining what the needs are for the time and business, and trying to figure out in advance what effect you want to see, and when you want to see it, and trying to measure that.”
Over the past 18 months, since Corus acquired Shaw 18 months ago, Fullerton and her team have put that into practice, with a new talent management strategy and initiatives “very much tailored to what this new company needs to be and where we need to go.”
The company is utilizing “natural connectors – people that know a lot of people, they influence a lot of people, they talk to a lot of people” to help other employees make sense of the new company and their role in it.
The program began shortly before the acquisition, and Fullerton and her team “quickly pivoted” to upskill those connectors on change management, communication, and understanding the new business so they could assist with the transition process.
“We developed them and used their new abilities and their recognition of how they could influence others, in order to help us with our change management. It was an extremely great alignment of developing people and achieving business results at the same time.”
Fullerton adds that it’s not a one-size-fits-all solution, and HR professionals should be “very surgical” about what their own company needs, then choosing the right solutions, taking their business, industry, time and market forces into account.
“Have a really clear vision of where you want to go. I find with HR professionals, sometimes we have a hard time with that, and some HR teams that I’ve worked with – before you talk about programs and tactics, and off-the-shelf or best practice, we have to improve our ability to recruit, or succession planning.”
She suggests sitting stakeholders down and saying: “let’s go two years, three years, four years, whatever years, into the future, close your eyes and just think about walking around this building, and what will it feel like, what will you see people doing, what kind of conversations will you hear, what kind of things will people be talking about, if there’s a problem, how will it be solved?”
Therein lies the solution, she says, adding that trying to picture what could be different, and what success should look like, “can be a really hard thing to do”.
“Start with the end in mind, figure out what the biggest, marked differences are, and figure out how can you possibly measure that, and then come back and say ‘what program is most likely to affect that measure’.”
Via Tech Target : Tie talent analytics to customer metrics to boost sales
LAS VEGAS — One of the most potentially lucrative applications of talent analytics ties it closely to customer satisfaction. The idea is that if talent analytics can help keep customer-facing employees happier or identify potential hires with the best temperaments and skills for sales and customer service, revenue can increase as a direct result.
Cheryl Johnson, chief human resources officer of Echo Global Logistics, a Chicago-based third-party logistics provider, has used talent analytics in just this way to recruit and develop the company’s sales force, which numbers approximately 1,600 employees. She described her experiences with talent analytics in a podcast from the 20th annual HR Technology Conference & Exposition.
“They’re a group of employees who do very similar work,” Johnson said. “So the more we can actually understand about best practices and things that impact productivity, the more effective we can be at actually driving the revenue of the company.”
Applying talent analytics to employee engagement data is central to the effort. Johnson explained how the company’s HighGround employee engagement platform collects data both internally and from customers. “Within that system, customers can give feedback to employees. They can rate the company; they can rate the employee,” she said. “We can collect all this information, and we can actually connect that directly to seeing if there [are] any risk factors with the customer.”
Linking customer experience data to employee metrics is “relatively new,” Johnson said. “If you think about it, marketing has always been the one who had customer information [and] customer sentiment. But it was rare that that customer sentiment was directly tied to an actual employee.”
The company also uses talent analytics, which is also called people analytics, to better manage the common talent management functions of recruitment, retention, development and performance management. “We look at every possible metric that we can look at to make sure that we have the ability to do some predictive analytics for the business — understanding who’s the best hire, who [has] the best profile, what are the factors that might make someone more successful or not successful,” Johnson said. “We have a lot of data.”
Certain metrics gleaned from talent analytics are particularly useful, such as turnover and retention by department and region, according to Johnson. The company also collects data on who is using the HighGround platform and how much they’re using it, which Johnson said can be better indicators than the numbers from employee engagement surveys.
For example, there might be evidence that a manager isn’t using the HighGround system and sales data that shows the same group is missing its goals. The manager’s underuse of the employee engagement platform could be causing employee turnover, which, in turn, hurts sales performance. “Now, instead of just having one piece of data … you have all these different pieces of data where you can triangulate on it,” she said.
Johnson shared advice on how to avoid getting thrown off by the amount of data available in talent analytics. “If you just look at the data, it could actually send you down the wrong rabbit hole, so it’s really important to layer on what are some of the other factors that were going on before you jump to a conclusion.”
Via Search Engine Journal : LinkedIn is Working on a Recruiting Tool Called Talent Insights
LinkedIn is working on a new tool called Talent Insights, which is designed to help companies make data-backed decisions when recruiting and managing talent.
With access to rich global datasets, LinkedIn aims to empower recruiters when it comes to making more intelligent and strategic talent decisions.
Boasting over 500 million members and 11 million active job listings, LinkedIn is in a unique position to provide a dynamic view of the rapidly changing job market.
About Talent Insights
Talent Insights will provide a self-serve access to two key reports that are said to inform immediate and long-term talent decisions.
Talent Pool Report
The ‘Talent Pool’ report will be able to understand the type of talent you’re looking for, and narrow it down to a specific population of candidates.
Data included in the report will tell you what you need to know in order to recruit from the talent pool to fill your job openings.
Insights can include:
- Where the talent lives and what industries they work in
- How difficult it is to hire the talent you need
- What schools are producing the talent you’re looking for
- How a particular type of talent is engaging with your company on LinkedIn
The ‘Company’ report provides insights about how your company is doing when it comes to attracting and retaining talent.
In addition to these insights, the Company report will provide tips for how to adjust your recruiting strategy based on what the data is saying.
Insights can include:
- How a company’s workforce is distributed by function and geography
- Where a company is gaining talent from and losing talent to
- Which skills at a company are growing the fastest
- What schools a company is hiring talent from
Both of these reports will present data in the form of user friendly visualization that can be exported and shared. When it launches, Talent Insights will be seamlessly integrated with LinkedIn Recruiter.
Expect to hear more about Talent Insights before its expected release date in 2018
Via Financial Express : Employee value proposition is the secret sauce in talent management
EVP in India should focus on the company’s market position, a culture of innovation, and growth opportunities for the individual and the company, and not just compensation.
Ask the CEO of any large organisation on the biggest challenges in the market and he or she would most likely list ‘talent’ as one of them. Talent is becoming the biggest worry for organisations across the world. But sadly, talent management programmes have not been able to build brand connect to desirable levels with existing and potential employees. So, how can organisations fight the talent war that is raging in their respective markets? Employee value proposition (EVP) has arrived and already companies are reviewing and re-energising their EVP characteristics to ensure that it resonates better and creates a more authentic, compelling and attractive brand. What does EVP mean? EVP takes its name from the well-known marketing concept ‘unique value proposition,’ the value the company provides to its customers. It can be defined as benefits provided by an employer in lieu of skills, capabilities and experiences an employee brings to the organisation. EVP is just as important for attracting potential external talent as it is for retaining existing employees.
It is the underlying magic that can be the differentiator and provide competitive edge. It is the ‘magic sauce,’ as marketing guru Guy Kawasaki calls it, to being different from your competition. In short, EVP encompasses everything an employer is doing to attract and retain talent. It includes all the pay, benefits, rewards and perks that come with being an employee of that organisation. Basically, it’s the raison d’être why anyone would want to work in your company as opposed to finding employment somewhere else. So, how do you put together an effective EVP strategy?
Start with research:
i. Find out existing perception—both in the market and internally—about what your company currently offers. Is this perception aligned to the organisation’s goals and vision? What can be improved to better reflect the company vision and culture? You should consider the type of company culture you would like to foster;
ii. Understand what are the values and benefits that are important to the talent you would like to attract. Remember to also get input from current employees on the benefits they would value.
Drawing up EVP strategy
Be prepared to consider changing the benefits on offer to be more aligned with the goals, values and needs of existing and potential employees. Do not overlook the tough-to-quantify items that bring value to employees, like challenging work, interesting company culture, and values that align with their personal goals. Integrate the components of EVP with existing systems. For example, if the company offers time-off for employees to volunteer for charities, do not let it be overlooked in the administration of leave programmes, and make sure it’s communicated and reflected in the company’s EVP.
Rolling it out
Here is a four-step guide to implement EVP strategies:
i. Remember the importance of communication. Employees need to be aware of what is offered to be able to take part in and appreciate it;
ii. Make sure the leadership of the organisation is actively involved in developing EVP;
iii. Integrate EVP with external brand and customer experience;
iv. Work with all stakeholders to ensure EVP is integrated into total compensation packages and communicated consistently and effectively.
EVP for start-ups
What about start-ups? Do they need a differentiated strategy? For any entrepreneur venturing on the start-up journey, the idea of EVP should not come as a surprise. You should be thinking about people issues from day one, and have a plan in place. For most start-up founders, the first set of hires are easy as they are the people who have come together on the same passions and ideologies. It is the second set of hires that may not fully buy into the ‘big idea’ and therefore sustaining them would mean offering them a different set of EVPs to keep them engaged and motivated.
The easier option is to lean on to new funding to address pay and benefits related issues. But you must go beyond that to ensure the team stays together. A strategic EVP that offers the internal and external talent pool a range of experiences needs to be set in place. While this will need a good amount of investment of time from the founders, it needs to be specific and contextual to the company, the market and the business model. And it must continuously evolve to map to the growth of the company itself.
An interesting finding was made in KPMG’s India’s Annual Compensation Trends Survey 2017-18. The top reason for employees to change jobs still is better pay (28.1%) but another 23.4% quit for better career opportunity. The takeaway here is the increasing focus on better career opportunity. Thus, EVP in India should focus on the company’s market position, a culture of innovation, and growth opportunities for the individual and the company, and not just compensation. After all, talent is that magic ingredient that can propel your organisation to the next level.