So how are we getting to our outcomes? Next, look ahead to capacity projections. People trends are also part of the talent implication equation. Internal and external forces such as retirements, cultural diversity, and regional recruiting trends all affect future success. Organizations want to ensure their supply of leaders meets demand, so identifying and addressing future gaps has to be part of the plan today.
Finally, analysis of the organizational situation discerns the state of talent management within a company.
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It defines who owns talent management, how it is supported by senior leadership, what systems will support individual initiatives, and the role of HR in executing the strategy. These initiatives are most effective when they are built on common competency models or, optimally, Success Profiles. The advantage of Success Profiles is that they are informed by the business drivers described in the business landscape box, so they naturally create the alignment we feel is so important to success.
Talent management has never been more of an immediate concern than it is right now. But in the rush to fill a perceived talent management void, organizations must be careful not to rush into implementing initiatives or programs that are more about taking action than about implementing a well-crafted solution.
Only when this happens is it possible for talent management to be both effective and sustainable. In addition to the overview offered in this white paper, DDI can provide specific best practices and advice for implementing each of the components of the Talent Management model. Contact us today.
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The idea of managing talent is not new. Talent management defined There is no shortage of definitions for this term, used by corporate leadership the world over. Identification of the key gaps between the talent in place and the talent required to drive business success. A sound talent management plan designed to close the talent gaps. It should also be integrated with strategic and business plans. Accurate hiring and promotion decisions. Connection of individual and team goals to corporate goals, and providing clear expectations and feedback to manage performance.
Development of talent to enhance performance in current positions as well as readiness for transition to the next level. A focus not just on the talent strategy itself, but the elements required for successful execution. Business impact and workforce effectiveness measurement during and after implementation. What's driving the current emphasis on talent management?
There are several drivers fueling this emphasis: There is a demonstrated relationship between better talent and better business performance. Increasingly, organizations seek to quantify the return on their investment in talent. To highlight just a few: A study from the Hackett Group found companies that excel at managing talent post earnings that are 15 percent higher than peers. For an average Fortune company, such an improvement in performance means hundreds of millions of dollars. A study from IBM found public companies that are more effective at talent management had higher percentages of financial outperformers than groups of similar sized companies with less effective talent management.
Talent is a rapidly increasing source of value creation.
The financial value of our companies often depends upon the quality of talent. By , these percentages nearly flip-flopped, with 80 percent of value attributable to intangible assets and 20 percent to tangible assets. The context in which we do business is more complex and dynamic. Hyper-competition makes it more difficult than ever to sustain a competitive advantage long term. New products—and new business models—have shorter life cycles, demanding constant innovation.
And as we mentioned already, the recent economic downturn following years of rapid economic growth adds a whole new dimension to how we manage talent. Record layoffs, lower engagement, and less opportunity for advancement all present additional challenges to man- aging talent. Boards and financial markets are expecting more.
Boards and investors are putting senior leaders under a microscope, expecting them to create value. This pressure, most visible at the CEO level but generally felt up and down the org chart, drives a growing emphasis on the quality of talent—not just at the C-level, but at all levels. Employee expectations are also changing. This forces organizations to place a greater emphasis on talent management strategies and practices. Employees today are: Increasingly interested in having challenging and meaningful work.
More loyal to their profession than to the organization. Less accommodating of traditional structures and authority. More concerned about work-life balance. Prepared to take ownership of their careers and development. Their July study showed that 56 percent of financial performers understand and address employee engagement.
This is just one piece of a large body of evidence that illustrates how the cultures built within our organizations are crucial to attracting and retaining key talent. Workforce demographics are evolving. Today, 60 percent of workers over the age of 60 are electing to postpone their retirement due to the financial crisis, according to a survey by CareerBuilder.watch
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Many hold top positions, squelching the opportunity for lower-level talent to advance and leaving younger workers feeling stuck and potentially looking for opportunities with other organizations. At all levels, each deferred exit from the workforce is one less new hire in an already depressed job market.
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How will we ensure we retain the best? I caught up with Ancona and Swart recently to hear their thoughts on the subject. For Ancona, neuroscience brings biological proof to what has been known to psychologists for a long time. She is excited about finding ways that will help people to become better leaders. While some of these habitual modes of operating may be quite beneficial, some are not," she pointed out.
She used the example of risk-taking behavior to illustrate her point. However, the work of Rebecca Saxe at MIT shows that this may be due to group members actually bypassing that part of their brains that are responsible for moral reasoning. It stands to reason that a deeper understanding of our collective brains can be of great service to business leaders, managers, and employees. If we have better insights into why we make decisions the way we do, we can course-correct ourselves or react to the decisions of others more effectively.
Swart sees a co-evolution of the two areas of research, "I think that psychology and the physiology of neuroscience will become more correlated going forward. They are on a spectrum under the umbrella of cognitive sciences, and the advent of brain scanning has put depth and data behind the psychology that has informed business and leadership for decades. Of course, a biological basis for human behavior is not a new concept, only now we have more clarity on the biological processes that influence and govern our actions.
There has been a revolution in what we know about how the brain works. Swart believes that we need to recognize our entire being as an interconnected system--brain, body, and mind. Swart places great emphasis on work-life balance, proper sleep and nutrition, and keeping the body healthy so the mind stays sharp. Looking forward, she sees neuroscience as not only a way of explaining our behavior and decision-making, but also a means of augmenting our physiological reality. The two-day course provides hands-on application of concepts and techniques derived from brain research and psychology that can improve individual leadership performance, as well as that of teams and organizations.
Introduced last year, the program quickly became popular with executives eager to put the latest neuroscience insights to work for the good of their organizations. True to the instructors' holistic approach to the brain-body-mind system, the program schedule includes an early-morning yoga session and nutritious meals with plenty of vegetarian options. In this new course, designed to help leaders motivate and inspire their peers and teams in ways that catalyze innovation and increase business success, Swart focuses on helping participants to develop the neuroscience-based coaching skills that have proven effective in her own executive coaching practice, The Unlimited Mind.
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