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[Audiobook] Human Resources | Talent Management
Can investing in your workforce truly transform your business? Discover how mastering effective talent management strategies can create a high-caliber team, reduce training costs, and boost productivity. By understanding the stages of talent management—assessment, recruitment, development, and coordination—we provide practical insights into aligning skills with organizational needs. Hear about real-world examples like Jim's promotion initiative and Karen's comprehensive surveys at Certified Electric, showcasing the tangible benefits and challenges of these strategies.
Aligning individual goals with company objectives is the cornerstone of strategic performance management. Learn how to harness performance management techniques, talent reviews, and succession planning to benefit both your employees and your organization. From leveraging 360-degree feedback to developing a robust talent pool, we reveal how companies like Always Sweet and Excellence Studios are successfully implementing these concepts. Be inspired by actionable tips on motivating employees and creating a culture that fosters continuous improvement and leadership development.
Engagement is critical to your company's success, and it starts with you, the manager. Understand the traits of engaged employees and how to cultivate them through clear expectations, recognition, and development opportunities. Explore the object-oriented theory of motivation and how to balance extrinsic rewards and punishments effectively. Through stories like Sharon's journey in balancing attention across her team, learn how to use competency assessments and feedback to enhance overall performance. Gain wisdom from leaders like Jack Welch and John Quincy Adams to inspire and empower your team to achieve excellence.
Sign up for our self-paced courses or instructor-led workshops at www.ht-a.solutions
Sign up for our self-paced courses or instructor-led workshops at www.ht-a.solutions
Sign up for our self-paced courses or instructor-led workshops at www.ht-a.solutions
Talent Management Module 1. Getting Started. Talent management is an investment. Every company wants to have the best and brightest employees, and with talent management that can be achieved. The item that usually accounts for the highest cost for a company is its workforce. With a company's workforce being the highest cost to it, does it not make sense to invest in it? With talent management, you are developing a more skilled workforce and attracting a higher caliber of new employees. We all know that training and retraining costs money, and talent management can reduce these costs. Recruiting the correct people and keeping a talented workforce is a priority in today's business environment. Having a talented group of employees has always been a key to success. It will translate into cost savings and higher productivity. Talent management is the investment that will pay dividends over the course of its use.
Speaker 1:Module 2. Defining Talent. All talent is not artistic. Talent is any ability or skill at which a person is successful. It is important for leaders of organizations to find and develop talented employees. Employees who have the specific skill sets that the company requires are profitable and help drive the business forward. The human resource department typically monitors talent management. Since the late 1990s, the focus on employee management has changed. The high cost of turnover combined with poor engagement, competition for skilled labor and succession planning has led to a greater interest in managing talent. There are four stages to talent management Assess, determine what your company needs and the skills employees need to have.
Speaker 1:Recruit, search for and recruit the right employees for the organization. Develop, train and develop employees to promote and stay long-term Coordinate. Align the goals of the employees with the goals of the company. Companies need a variety of talent. It is important to match skill sets with positions, but it is equally important to find people who have natural talent and specific personality traits to provide balance and work with the other team members. There are four basic types of talent Innovator Innovators are good at finding innovative solutions to problems and monitoring the market trends. They keep companies from missing opportunities. Visionary Visionaries encourage change. They are always looking to the future and focus on new ideas. Visionaries drive the business forward. Practical, practical employees manage and implement different applications. They focus on seeing a task through to completion. They ensure that a job is done. Relationship expert people who listen well and communicate ideas effectively are able to develop relationships. These employees are important to create a functional team.
Speaker 1:Knowledge of a subject or field is necessary in order to develop certain skills. Knowledge comes from education and skills come with experience and training. For example, someone can have knowledge of legal requirements for a particular subject but not be skilled in applying that knowledge. Skills and knowledge are both required for a job. Skill examples Math Typing, editing, clerical Phone Speaking. Every position requires a different skill and knowledge set. Employees should already have a certain amount of knowledge and skills when they are hired, but skills and knowledge should be advanced with training on the job. For example, employees should have basic knowledge of the computer programs that the company uses, as well as the skills to use the program. Knowledge of policies and procedures, however, must be learned.
Speaker 1:Jim was the CEO of a large company with hundreds of employees. He noticed that the aptitude of his managers was seemingly random, as many of them had been promoted based on seniority. Jim decided to implement a talent management program. His managers were required to measure the aptitude of their employees and make note of any skills they demonstrated in the workplace. When employees with potential were found and a promotion was available, the manager would help develop the employee's growth and coordinate the employee's goals toward the company's own goals. In the following months, jim noticed a stark increase in the talent and skill of his managers, and the company had prospered because of this.
Speaker 1:Module 3. Understanding Talent Management. Talent management takes hard work and dedication. It is not enough to recruit qualified candidates. Successful talent management retains the best employees. The goal of talent management is to have a skilled workforce and a complete succession plan without any destructive gaps that would cost the company if an employee were lost. The steps of talent management help guide the process. The two main guidelines are recruitment and retention. It is important that HR has a model for these guidelines and reviews them frequently. The information that should be included in the guidelines includes recruitment strategies. Determine position and responsibilities. Create a compelling job description. Identify pipelines and sources to recruit social networks, job fairs, colleges, etc. Review success of recruitment strategies and make changes as necessary. Retention strategies Employee training, development, incentives, compensation, work-life balance. Review success of retention strategies.
Speaker 1:Talent management is important to the success of any business. Employees who are treated as more than cogs in a machine are happier and everyone benefits. Managers, employees and the company benefit from implementing talent management strategies. Benefits Identifies candidates for promotion. Reduces turnover, increases productivity. Increases profitability. Creates career goals, engages employees, reduces stress and stress-related illness.
Speaker 1:Talent management programs face numerous challenges. This is particularly true in times of economic uncertainty. As positions expand to include many skills, there are fewer employees qualified to fill vacancies and the competition to recruit and retain skilled employees becomes fierce. Challenges Money to invest in employee development, advertising jobs and creating policies that appeals to the three different generations still in the workforce, support from executives, competition with other companies, few opportunities for advancement there are essential elements that need to be included in every talent management strategy. These elements can be implemented in all organizations, regardless of the size or structure. These elements are also helpful in other business strategies. Elements Strategic goals Create goals that focus on talent management. Employee involvement. Involve employees in the talent management policy. Communication, communicate expectations and provide feedback. Assessment, assess the program and make changes where necessary.
Speaker 1:Karen's company, certified Electric, is considered a leader in talent management. Part of the company's success comes from its willingness to listen to employees. Early in the company's development, karen decided that every major change in the company would have to be approved by a company-wide survey. Certified Electric's Appliance Engineering Department noted and addressed three problems in a 2021 employee survey compensation, benefits and communication. Appropriate steps were taken to address the issues and the employees were able to help shape a successful company culture Due to Karen's decision to listen to her employees. Certified Electric's turnover rate is much lower than industry standard and many employees feel that they matter in the company's overall plan.
Speaker 1:Module 4. Performance Management Performance management goes hand-in-hand with talent management. This method can focus on the company, divisions, procedures or individuals. It provides people with the tools that they need to meet their personal goals and the goals of the organization. Performance management is essential to any talent management program. Employee performance management demands communication. Managers must set strategic performance standards for each position. They do this by defining employee jobs and the tasks that accompany each job. These standards need to include personal performance goals that align with company goals. The goals make it clear when performance is and is not acceptable. Employers communicate whether or not performance is acceptable with performance appraisals. These appraisals are aligned with performance measurement systems. Performance measurements Mission this is the overall mission of the company based on strategic planning. For example, increase sales by 10% in two years. Process the steps taken to reach a goal. An example would be developing a new product. Critical performance these are the internal subsystems that can include programs, products, projects and teams. Individual performance performance of individuals is appraised periodically to enhance performance.
Speaker 1:Performance management provides numerous benefits to the company, managers and employees. Each organization will have its own set of benefits, but there are a few main benefits of performance management. Benefits Looks at the big picture to determine actions. Aligns actions to company goals. Examines results instead of employee activities. Produces specific measurements. Standardizes employee expectations and treatment.
Speaker 1:Employees who are motivated perform better. Effective leaders understand that motivation is part of their job. There is not a single method for motivating employees. Each person is different and managers need to meet the needs of individuals. Motivating tips Lead by example. Unmotivated managers cannot motivate others. Meet with individuals, communicate with employees directly and discover what motivates them. Reward employees, reward performance and make sure that the rewards align with employee motivations. Delegate, grant responsibility to employees and allow them to perform tasks without interference. Inform, let employees know how they are making a difference in the organization. Celebrate, observe achievements and celebrate with workers.
Speaker 1:International confection company Always Sweet was dropping in customer satisfaction after a recent expansion. The company tasked Steve, a performance management expert, with creating a program that would reduce problems with production, store management and customer service employees. Steve suggested that a consistent product be developed that meets the company's standards and attempts to reduce waste by 10% in a year. Steve then went on to help instruct store managers in educating employees that focusing on customer happiness was the most important aspect of their jobs. Working with a small task force of experts, steve also created a training program for customer service employees, which led to a raise in secret shopper scores by 15% over six months.
Speaker 1:Module 5. Talent Reviews Module 5. Talent Reviews Reviews are essential to the success of any talent management program. It is not enough to point out mistakes every few months. Talent reviews need to develop employees and teach them to make strengths out of weaknesses. This will create an effective workforce and improve the profitability of the company as well as the culture.
Speaker 1:360-degree feedback is a method of reviewing employees. Employees are given anonymous feedback from supervisors and peers. Managers are also given direct reports. In their feedback, employees typically evaluate themselves as well. These evaluations will help improve performance by identifying and enhancing strengths. Performance by identifying and enhancing strengths, identifying areas that need development, setting goals, creating action plans. The evaluations are typically done on a scale of 1 to 10 and there is a place for comments. The scores from supervisors, peers and direct reports are averaged and compared with average company scores. Talent calibration will help improve talent management by assisting managers in hiring and promoting the best candidates for the job. Calibration determines job parameters based on the requirements and attributes needed to perform the job well Requirements, hard skills, Soft skills, experience, attributes, adaptability, competency, self-motivation.
Speaker 1:An effective workforce demands the development of employees. This requires a commitment to develop talent. The needs of employees will be different at each company, but there are a few things that can help maintain an effective workforce Invest in training and development, promote from within, encourage risks, dialogue with employees. Talent reviews affect the future of the organization. When done correctly, talent reviews are used to minimize risk, facilitate organizational changes, generate developmental priorities, identify staffing needs and help create succession plans. A talent review will identify current and future leaders at every level of the organization.
Speaker 1:Talent management and succession planning provide company-wide benefits Decrease turnover, close talent gaps, engage employees, improve productivity. Excellence Studios, a software development company, had a high rate of turnover compared to the industry average. Jamie, the CEO of the company, had made the goals of the organization clear and employees were assigned personal goals for development and sales. Upon reviewing the company's history over the past year, jamie made a note that, while personal goals were typically met, turnover continued to climb. Jamie had employees fill out anonymous assessments to identify the problem. When the assessments were completed and analyzed. Each showed that most employees were not happy about their personal goals. When Jamie allowed employees to have a say in their goals, turnover dropped 10%. Module 6. Succession and Career Planning.
Speaker 1:Succession planning is an essential part of talent management. It is important to develop employees and provide them with goals to strive for. Knowing that there is opportunity for advancement will improve loyalty and make transitions in the company easier. Successful succession planning develops a pool of talent so that there are numerous qualified candidates throughout the organization to fill vacancies in leadership. This strategy requires recruiting qualified talent, creating a talent pool and instilling loyalty.
Speaker 1:The requirements of succession planning Identify long-term goals and objectives. The long-term goals directly relate to succession planning. Understand the needs of the company. The responsibilities related to different positions are subject to change. Consider which positions may be eliminated and which ones will be added. Recognize trends in the workforce and engage employees. Understand the changes occurring in your company. For example, are your strategic employees nearing retirement? Invest in employees and provide them with new responsibility. Retirement Invest in employees and provide them with new responsibility.
Speaker 1:Succession plans will be determined by the needs of the company. The priorities of the organization will vary according to the industry and the goals. There are common priorities and goals that most companies should consider when developing a succession plan. Common priorities Profits, customer service, employee loyalty, inventory control. Clearly defining the company's priorities will determine what type of knowledge transfer will be covered in the succession plan.
Speaker 1:The responsibility of those involved in the succession plan needs to be established. This requires supportive HR and the senior leadership team. You may choose a committee or team to oversee the execution process. It is important that the skills of those in charge match the job description and that the ground rules are clearly established Identifying leadership, self-motivation, a history of completing projects, appropriate hard skills and soft skills. Communicate well. The goals and objectives of the succession will determine what to look for in project leaders. Establish a clear chain of command and provide the team with necessary materials, support and guidance. The team will also monitor how well the succession plan is working.
Speaker 1:Every succession plan encounters roadblocks. There are several different common obstacles that most succession plans encounter. Roadblocks no support from senior management. An effective succession plan requires commitment from senior management in order for the plan to succeed. Leaders are not flexible. Succession plans need to be altered over time. When people try to go forward with a plan that is not working, it will fail. The plan is not given priority. Large companies may be complacent about succession planning. Goals are not achievable. Never being able to achieve goals breeds frustration and failure. Once roadblocks are identified, choose alternatives to the obstacles.
Speaker 1:A mid-size retail organization has high turnover and usually depends on outside. The cost of turnover and training new people cut into the company's profits. Paul, a department manager, promoted an anonymous survey to figure out why this was happening. The survey revealed that employees were not satisfied with the amount of training received and believed that they could not move up in the organization. After meeting with the HR department to plan, paul implemented a talent review system. He was able to identify key talent and develop people for promotion. Within a year, turnover decreased by 10% and a succession plan was developed for open positions. Promotions replaced outside hires by 50% thanks to Paul's diligence Module.
Speaker 1:7. Engagement diligence Module 7. Engagement.
Speaker 1:Implementing any business plan requires managers to engage employees. The Gallup report indicates that engaged employees are more productive and have more company loyalty. Employee engagement is an important part of talent management. The term employee engagement describes how engaged people are in their work and the company culture. An engaged employee feels like part of the company's culture. Disengaged employees do not feel personally connected to the organization.
Speaker 1:Engaged employees are instrumental to a company's success. Managers need to assess their own level of engagement before attempting to engage employees. Engaged employees have a few common traits Engaged employees know what their job requires, have the tools and supplies they need, are recognized for their accomplishments, feel that the people at work care are developed, have a voice in the company, have opportunities to advance. It is not possible for every employee to be engaged, but there are ways that managers can improve engagement. The company culture is important to determining the level of employee engagement. There are several tips that will help leaders engage employees and manage talent. Tips for engagement Motivate employees, reward employees, let them know that what they do is important and treat them with respect. Direct employees. Make expectations clear and provide the necessary tools. Develop employees. Provide the necessary training and education to help employees succeed. Make opportunities available. Use employee feedback to make decisions and promote from within. Employee. Engagement influences every aspect of an organization. Statistically, employees who are engaged have better productivity, customer service, profitability and creativity. Engaged employees take ownership of their work. Their attitude affects the company culture and influences the people around them. Taking the steps to help engage employees will improve the talent pool and identify potential leaders.
Speaker 1:The majority of Print's management team was close to retirement. Unfortunately, there were large talent gaps. If not addressed, outside hires would soon manage the company. In an effort to improve morale and retain experienced talent, tom, a department manager, developed a detailed succession plan. His plan focused on identifying talent and training individuals to promote. Tom also created a roadmap to promotion for the employees in the company. After introducing the plan to the company, many employees took advantage of it. One employee said that he hadn't known how to advance his career and was planning on leaving the company before Tom had revealed his plan. As well as closing the talent gap, productivity increased 10%. Module 8.
Speaker 1:Competency Assessments. It is essential to monitor performance. This will show what employees need help with and who your top performers are. Competency assessments are useful tools that allow you to monitor performance and compare it with the needs and goals of the organization. Competencies are a set of skills and knowledge required to perform a certain job. The competencies for a particular job need to be established before someone is hired for a position and can be instrumental in the hiring process. A competency assessment assesses the skills of employees and compares them with core competencies. A supervisor or HR professional determines the score. The performance is based on behavioral indicators and assigned a different level, along with an explanation for the rating. Each company has its own assessment levels, but most include the following Sample rating Excellent, meets expectations. Needs improvement Not applicable. Implementing a competency assessment requires work. There are several steps that competency assessments demand before they can be implemented Identify competencies.
Speaker 1:Determine the competencies and skill level needed to perform a job. Develop assessments. Create a method of assessment that is fair and focuses on targets. The company goals will determine the targets. Develop assessments. Create a method of assessment that is fair and focuses on targets. The company goals will determine the targets. Practice assessments Managers must practice using the assessment and develop this just like any other skill. Assess employees. Use the standards developed to fairly assess employees. Plan. Use the assessment and action plans to develop employees. The final destination is a talent pool of trained professionals. The final destination of each company depends on the goals and needs of the company. Reaching this stage could require completely overhauling the competency program or placing more attention on action plans and training. By identifying the goals of the organization and the competencies of each position, your organization will be able to reach its final destination.
Speaker 1:Terry, the owner of a small sales firm was constantly frustrated by what he considered to be poor productivity. To him, it seemed that no one wanted to do their jobs and almost all of his employees were undisciplined and lazy. He threatened to fire people and held surprise meetings to improve performance. Terry finally had HR implement an employee engagement program and train more employees for promotion. Despite HR's diligence and hard work implementing the program, productivity did not improve. Terry decided to hold exit interviews which revealed that employees felt unappreciated by Terry. They were also frustrated because they did not always have the tools or support that they needed to do their job right.
Speaker 1:Module 9. Coaching, training and Development. Coaching, training and developing employees are essential to effective talent management. Assessments without coaching and training are useless. It is important to help employees reach their personal and professional goals in order to create a strong talent pool.
Speaker 1:The success of a talent management program requires leaders to identify goals and objectives. Goals and objectives help guide employees. Goals and objectives must be smart to be successful. Smart goals Specific goals should have specific instructions. For example, a specific goal would be to communicate with a supervisor once a week. Measurable People should know when goals are met. For example, reducing turnover by 8% is a measurable goal. Attainable. Impossible goals discourage people. Make sure that goals are reasonable and attainable. Relevant Goals need to align with, and attainable Relevant goals need to align with, employees' jobs. Timely goals require specific timeframes.
Speaker 1:There are different options to train employees. It is important to determine which option will work best for your employees. Internal training Training at work reduces the need for travel and makes the training easier to schedule. There are different methods of internal training Employee trainers develop employees to train others. Training expert hire someone to train the staff. On-site Meetings have meetings to introduce new information. Online training hold company-wide trainings online. External training sometimes external training works best. Off-site training allows employees to focus on learning new skills without distractions. Training events provide opportunities for employees to go to conferences and seminars. Professional associations provide membership costs for professional associations. Continuing education adjusts schedules and helps supplement employees who continue their education.
Speaker 1:People in positions of authority need to provide timely feedback, whether it is positive or negative. It is important to communicate with employees about their performance. Feedback that is not delivered well can be counterproductive. There are several basic characteristics of effective feedback Feedback Be specific. Focus on specific actions, not perceptions. Address professional issues. Do not bring up personality issues. Provide criticism and praise early. Do not allow problems to continue without addressing them. Praise good behavior so it will continue. Involve the employee. Provide employees with opportunities to ask for feedback and involve them in their action plans. Be respectful. Make sure that the tone and manner of the feedback is helpful and not condemning. You must always wrap up a training or feedback session. It is important to determine that the employees understand exactly what is expected of them. Allow employees to reflect on the information provided and ask any questions before leaving them In groups. Try to end with an activity that will instill the main points of the lesson With individuals. Bring up ways the information can be incorporated into their action plans.
Speaker 1:Philip, a project manager, has several employees performing below average. There are yearly competency assessments in which Philip meets with the employees to give them feedback, but he feels like employees are disregarding his feedback. Reviews are done yearly and he encourages employees to take home his suggestions. The goal is to increase the number of high-performing employees who exceed expectations. In an effort to improve the company, phillip suggested that they overhaul the competency assessments to include action plans. With the evaluations Over the next year, many employees began to show improvement. Overall, the department scores improved a level and Phillip identified several employees to develop for leadership positions Module 10.
Speaker 1:Do's and Don'ts. It is important to practice the proper talent management techniques. There are do's and don'ts to every business plan. Identify the proper way to practice talent management and communicate with your employees effectively. This will improve the chances of success in implementing your talent management plan. There are a few basic do's and don'ts to remember when implementing a talent management plan. Do's get to know people. Motivate on a personal level. Check in on high-performing employees. Improve the company culture. Don'ts spend all of your time with low-performing employees. Threaten or bully people. Create impossible goals. Ignore employee feedback. There are a few simple tips for talent management that will help prevent problems and improve talent management success.
Speaker 1:Do not wait until you have a problem to implement a talent management program. Monitor performance consistently. Adjust goals and competencies as needed. Involve everyone in talent management. Keep everyone informed of changes. A small retail outlet has a talent management plan but still loses top-performing employees. The cost of training employees only to lose them is cutting into profits. John, the owner of the outlet, decided to hold anonymous evaluations for employees to get their feedback. The evaluations indicate that many employees that leave are not satisfied with the way that feedback is communicated. This surprises John, who thought that he communicated his feedback very well. The talent management plan is revamped to include basic feedback skills. After some time, john reviews the change in the company. The review revealed that turnover improved by 8% in the first quarter after feedback skills were addressed.
Speaker 1:Module 11. Employee Retention Employee retention is a goal of any talent management program. Goals and motivation are linked to the success of a talent management program. Setting smart goals will help motivate employees, improve morale and keep employees in the organization. The best way to motivate employees is to establish professional goals that resonate with personal goals. This will improve productivity and performance. Set goals Determine what motivates employees. Create company goals that align with employee goals. This will improve productivity and performance. Set goals Determine what motivates employees. Create company goals that align with employee goals. Create smart goals that still challenge people. Allow employees to develop the goals with you. Monitor progress.
Speaker 1:The expectancy theory describes human behavior and decision-making. Basically, people choose actions based on the outcomes that they expect. The theory is based on expectancy. Believe the effort will be able to reach the performance levels. Instrumentality whether one will be rewarded for performance. Valence the value of performing the task. You have the ability to influence your employees by showing them the value of performing well and helping them perform to the desired level.
Speaker 1:The object-oriented theory is also known as the carrot and stick approach. It uses completely extrinsic motivation to deal with employees. They are rewarded for good performance and punished for poor performance. This is probably one of the oldest methods of motivation, but it is important to stay balanced. It is easy to become too strict or too soft. Object-oriented motivation does not motivate employees.
Speaker 1:On a personal level, sharon, a manager at a business consulting firm, has several high-performing employees and chooses to focus on improving the competencies of lower-performing employees. She thinks that since her high-performing employees are very capable, they can work with less feedback from her, while she helps the underperforming employees increase their productivity. At the end of the quarter, sharon performed competency assessments to gauge how successful her efforts had been. The assessments revealed that the highest-performing employee dropped a level. The poor performers did not improve as much as Sharon had hoped. The manager spent the next year giving attention to all employees. The scores improved vastly over the rest of the year.
Speaker 1:Module 12. Wrapping Up Although this workshop is coming to a close, we hope that your journey to improve your talent management skills is just beginning. We wish you the best of luck on the rest of your travels. Words from the wise Jack Welch If you pick the right people and give them the opportunity to spread their wings, and put compensation as a carrier behind it, you almost don't have to manage them. David Ogilvie Hire people who are better than you are. Then leave them to get on with it. Look for people who will aim for the remarkable, who will not settle for the routine. John Quincy Adams If your actions inspire others to dream more, learn more, do more and become more, you are a leader.
