Talent Management Tool The Essence of Year
Personalizing talent management will be the big buzz in HR news next year. Large organizations, in particular, are seeking a more individualized approach so that they can personalize their processes, rather than relying on cookie cutter "one size fits all" solutions
Top Talent Management Trends[/b]
Creative talent acquisition strategies
Focus on engagement
Technology’s finally starting to deliver on its promises from the 80s
HR’s about the business
Global's the new black
Get performance management right.
Get performance management right
Stop stalling on social media
Build your diversity business case the right way.
Don't throw emotional dimwits into your high-potential pipeline
End the long era of lackluster leadership.
Move HR far beyond efficiency
Just measure it.
Dealing with survivorship
Training and self-development
Leadership challenges
Accountability
Customer service
Frugality versus extravagance
Turnover
Ethics
Optimism
Dealing with survivorship
Think global, act global.
Don't just retain knowledge, retain networks
Leadership skills, such as critical thinking, crucial communication and organizational change management, will be strategically imperative project management competencies to master.
The roles and responsibilities of the project sponsor will be a key focus. The continued growth of outsourcing will force organizations to pay more heed to its associated risks and conduct better due diligence.
One trend that I see for 2011 that I haven’t found a lot of experts talking about is…wait for it. Personalization. I think companies are starting to realize the incredible power of customizing approaches to talent management – whether in more focused, clear-cut recruitment to fit small but important niches or in finding ways to connect in better with top employees. You need to know your employees and their strengths uniquely to best understand how to empower them to reach great heights. The top companies get it…and my prediction for 2011 is that more companies will make it happen. Companies, who get talent management right…from recruiting to employee engagement…to leadership development, are going to take the next step. Companies that can’t compete in those key areas will see less than ideal results and more difficulty in building the core elements of their business.
Regardless of an employer's size or industry, during the last 50 years waves of change have swept over organizations. Some of these changes, such as affirmative action and related legislation in the United States or privatization practices in China, have had a broad and sweeping impact, forever affecting values, beliefs, and practices. Others, such as the movement from traditional training models to web-based e-learning, are still in a formative phase and the full impact on talent management has yet to be seen.
Evolutionary, and in some cases revolutionary, changes are already underway that will affect permanently how we approach talent management. But the biggest limitation of these traditional tactics is that, by definition, they are bound to that channel's geographic distribution, market, and circulation. Another limitation has been time--the time to write the ad, place it in selected media, wait for inquiries, schedule interviews or other screening practices, and so on. The dialogue in e-learning circles today is less about which dimension of the movement, such as the development of technical standards or the quality of content, will most fuel rapid adoption, but more about the synergy of these forces and how they will build greater momentum.
Key Findings:
Increasing competition for talent is universal.
98 percent of respondents say competition for talent is increasing in their industry, and 65 percent say it's increasing to a "high" or "very high" degree.
Talent costs this year are inflated.
Nearly 95 percent say the cost of acquiring and keeping talent rose in 2006, and two thirds say to a somewhat or high degree. One executive interviewed pegged this cost increase at 25 percent this year.
Time to talent is growing, as are requirements for developing it in-house.
55 percent note higher salaries were required in their organization in 2006. And 68 percent identified the need to implement internal talent development in their companies.
Talent management leaders are achieving significant benefits in a short period of time.
Companies that have adopted advanced solutions for improving performance and talent management have done so in as little as a month, and are reaping the benefits in the form of dramatically reduced turnover, improved goal alignment, and better engaged and performing employees.
Most companies, though, are way behind and playing talent management catch-up.
Though internal talent development is seen as a critical step, only slightly over half have formal plans in place to identify, grow and retain talent. Only about a quarter have formal talent scorecards, and only 29 percent can link talent performance to business value creation.
More than 80 percent of smaller companies lack any kind of talent management scorecard, and 60 percent lack formal plans to grow and retain talent.
Shock is heard round the world.
Organizations point to an increasing influence of globalization and easing of business boundaries as having a profound effect on talent consideration. 77 percent of all survey participants say that global factors. Bigger companies are taking the lead in embracing formal talent management practices, processes and systems, and smaller companies are further behind the curve. However, the great majority of our survey respondents agree: talent management is now critical to better achieve business goals, stay competitive, and be global.
As a result of rising costs and time required to hire good new talent, organizations are increasingly looking inward to train, develop, maintain and evolve their existing workforces. In other words, talent management will be an even greater strategic imperative for business.
Other trends may be part of the future:
1. Laws relating to sex discrimination, and particularly sexual orientation, will be widespread.
2. Worldwide, laws will be enacted to provide equal treatment regardless of weight and height.
3. At least in the United States, virtually the only group not protected will be white male Caucasians under 40 years of age.
4. Given widespread labor shortages, solid managerial talent will be scarce, and will result in breaking through the glass ceiling. Additionally (because of labor shortages), race, gender, and age-based discrimination in the workplace will occur much less often.
What does the future hold for turnover and employee retention?
1. Employee retention will be the number one priority of HR executives.
2. Retention rates will assume a prominent position in company annual reports.
3. Leaders and top executives will be held accountable for the retention of employees. All managers will be rewarded for their retention rate accomplishments.
4. A substantial part of training budgets will be devoted to equipping leaders with the talent to be effective retention leaders.
5. Leaders will be selected based upon retention leader talents.
6. It will be widely recognized that all employees are retention agents; that team members can assist in the efforts to improve employee retention by helping each other with work-related problems to stem the tide of turnover.
7. Years with an organization will be rewarded as a separate business criterion (i.e., longevity will be explicitly rewarded), in balance with performance contributions (i.e., it is not enough just to "show up").
8. Human metrics will be increasingly used to document the impact of turnover and retention imperatives.
Personalizing talent management will be the big buzz in HR news next year. Large organizations, in particular, are seeking a more individualized approach so that they can personalize their processes, rather than relying on cookie cutter "one size fits all" solutions
Top Talent Management Trends[/b]
Creative talent acquisition strategies
Focus on engagement
Technology’s finally starting to deliver on its promises from the 80s
HR’s about the business
Global's the new black
Get performance management right.
Get performance management right
Stop stalling on social media
Build your diversity business case the right way.
Don't throw emotional dimwits into your high-potential pipeline
End the long era of lackluster leadership.
Move HR far beyond efficiency
Just measure it.
Dealing with survivorship
Training and self-development
Leadership challenges
Accountability
Customer service
Frugality versus extravagance
Turnover
Ethics
Optimism
Dealing with survivorship
Think global, act global.
Don't just retain knowledge, retain networks
Leadership skills, such as critical thinking, crucial communication and organizational change management, will be strategically imperative project management competencies to master.
The roles and responsibilities of the project sponsor will be a key focus. The continued growth of outsourcing will force organizations to pay more heed to its associated risks and conduct better due diligence.
One trend that I see for 2011 that I haven’t found a lot of experts talking about is…wait for it. Personalization. I think companies are starting to realize the incredible power of customizing approaches to talent management – whether in more focused, clear-cut recruitment to fit small but important niches or in finding ways to connect in better with top employees. You need to know your employees and their strengths uniquely to best understand how to empower them to reach great heights. The top companies get it…and my prediction for 2011 is that more companies will make it happen. Companies, who get talent management right…from recruiting to employee engagement…to leadership development, are going to take the next step. Companies that can’t compete in those key areas will see less than ideal results and more difficulty in building the core elements of their business.
Regardless of an employer's size or industry, during the last 50 years waves of change have swept over organizations. Some of these changes, such as affirmative action and related legislation in the United States or privatization practices in China, have had a broad and sweeping impact, forever affecting values, beliefs, and practices. Others, such as the movement from traditional training models to web-based e-learning, are still in a formative phase and the full impact on talent management has yet to be seen.
Evolutionary, and in some cases revolutionary, changes are already underway that will affect permanently how we approach talent management. But the biggest limitation of these traditional tactics is that, by definition, they are bound to that channel's geographic distribution, market, and circulation. Another limitation has been time--the time to write the ad, place it in selected media, wait for inquiries, schedule interviews or other screening practices, and so on. The dialogue in e-learning circles today is less about which dimension of the movement, such as the development of technical standards or the quality of content, will most fuel rapid adoption, but more about the synergy of these forces and how they will build greater momentum.
Key Findings:
Increasing competition for talent is universal.
98 percent of respondents say competition for talent is increasing in their industry, and 65 percent say it's increasing to a "high" or "very high" degree.
Talent costs this year are inflated.
Nearly 95 percent say the cost of acquiring and keeping talent rose in 2006, and two thirds say to a somewhat or high degree. One executive interviewed pegged this cost increase at 25 percent this year.
Time to talent is growing, as are requirements for developing it in-house.
55 percent note higher salaries were required in their organization in 2006. And 68 percent identified the need to implement internal talent development in their companies.
Talent management leaders are achieving significant benefits in a short period of time.
Companies that have adopted advanced solutions for improving performance and talent management have done so in as little as a month, and are reaping the benefits in the form of dramatically reduced turnover, improved goal alignment, and better engaged and performing employees.
Most companies, though, are way behind and playing talent management catch-up.
Though internal talent development is seen as a critical step, only slightly over half have formal plans in place to identify, grow and retain talent. Only about a quarter have formal talent scorecards, and only 29 percent can link talent performance to business value creation.
More than 80 percent of smaller companies lack any kind of talent management scorecard, and 60 percent lack formal plans to grow and retain talent.
Shock is heard round the world.
Organizations point to an increasing influence of globalization and easing of business boundaries as having a profound effect on talent consideration. 77 percent of all survey participants say that global factors. Bigger companies are taking the lead in embracing formal talent management practices, processes and systems, and smaller companies are further behind the curve. However, the great majority of our survey respondents agree: talent management is now critical to better achieve business goals, stay competitive, and be global.
As a result of rising costs and time required to hire good new talent, organizations are increasingly looking inward to train, develop, maintain and evolve their existing workforces. In other words, talent management will be an even greater strategic imperative for business.
Other trends may be part of the future:
1. Laws relating to sex discrimination, and particularly sexual orientation, will be widespread.
2. Worldwide, laws will be enacted to provide equal treatment regardless of weight and height.
3. At least in the United States, virtually the only group not protected will be white male Caucasians under 40 years of age.
4. Given widespread labor shortages, solid managerial talent will be scarce, and will result in breaking through the glass ceiling. Additionally (because of labor shortages), race, gender, and age-based discrimination in the workplace will occur much less often.
What does the future hold for turnover and employee retention?
1. Employee retention will be the number one priority of HR executives.
2. Retention rates will assume a prominent position in company annual reports.
3. Leaders and top executives will be held accountable for the retention of employees. All managers will be rewarded for their retention rate accomplishments.
4. A substantial part of training budgets will be devoted to equipping leaders with the talent to be effective retention leaders.
5. Leaders will be selected based upon retention leader talents.
6. It will be widely recognized that all employees are retention agents; that team members can assist in the efforts to improve employee retention by helping each other with work-related problems to stem the tide of turnover.
7. Years with an organization will be rewarded as a separate business criterion (i.e., longevity will be explicitly rewarded), in balance with performance contributions (i.e., it is not enough just to "show up").
8. Human metrics will be increasingly used to document the impact of turnover and retention imperatives.