TALENT MANAGEMENT IN THE 80’S AND 90’S: THE ‘GOOD OLD DAYS’ Seemingly Unlimited Supply of People No Real Threat of Global Competition for Talent Strong US Economic Environment Companies Interviewed People Long-Term Employment Valued and Encouraged
TALENT MANAGEMENT IN 2000: OMG! Shortage of Talent – Unemployment dropped to 2.5% (and lower in some parts of the country.) Functionally at full Employment Traditional employer/employee relationship becomes less attractive to EMPLOYEES- Flex time, job share, telecommute World Shrinks & Flattens – Fierce Global Competition For Talent America Greys and Browns – ‘ Pot’ fully melting “Millenials” Come To Work – New mindsets and values emerge
TALENT MANAGEMENT IN 2010 THE ECONOMY HAS CHANGED OUR COMPANIES – RADICALLY, RAPIDLY AND FOREVER. IS YOUR HR TALENT MANAGEMENT TEAM LEADING THE CHANGE TOO – OR JUST ALONG FOR THE RIDE?
TALENT MANAGEMENT 2010 - 2015 We don’t know exactly when the economy will regain its footing, but consensus is for longer slower rebound, which will create a major challenge and a new opportunity for HR Talent Management
TALENT MANAGEMENT 2010 - 2015: WHAT WE KNOW Employers unlikely to over-hire or ramp up too quickly Employees remain ‘risk adverse’ to moves and changes Managing current employees critically important for success Need to balance static workforce with dynamic marketplace Employee training, motivation, reorganization and evaluation grow in importance Greater need to link employee measurement to results
TALENT MANAGEMENT 2010 - 2015: QUESTIONS EMERGE Why is Talent Management so Important to an Organization? How do I education my company leadership about Talent Management? How can HR gain a larger voice in the company? Where is HR going to be in 2015 and beyond? Which companies illustrate ‘Best Practices’ on Talent Management today?
TALENT MANAGEMENT 2010 – 2015 BUSINESS LEADERS ARE CLEAR ABOUT WHAT THEY NEED AND WANT FROM A TALENT MANAGEMENT PERSPECTIVE: 1.Help us find the best people 2.Give us the tools, advice, and counsel on how to keep these talented people engaged 3.Help us identify and groom the best and brightest leaders to assure we have a stable and capable leadership succession strategy
TALENT MANAGEMENT 2010 - 2015: THE NEW HR IMPERATIVE
TALENT MANAGEMENT 2010 – 2015: 4-STEP PLAN Step 1: Gather Information Step 2: Conduct SWOT Analysis Step 3: Develop Long-Range Business Plan for HR/Talent Management Function Step 4: Assemble Team of Talent Management Professionals
TALENT MANAGEMENT 2010 – 2015: THE BUSINESS CASE SOURCE: Gallup Path Microeconomics 2009
Talent Management 2010-2015: SWOT ANALYSIS SWOTs What do you see as the 3 biggest strengths of current HR Department? Why? What are the top three things that will make HR Department successful in next 12-24 months? What do you see as the 3 largest opportunity areas for HR Department? Why? Describe what you think are the 3 greatest external challenges (e.g. competitive intensity, local regulations, customer needs) HR faces in meeting the the demands of you, its customer? What are the top three things the HR Department fundamentally does less well today (our challenges) than our competitors? How widely acknowledged are those challenges? Objectives What should the most important strategic objectives be for the HR Department for the next year? What’s the two or three most important things the HR Department has to ‘get right’ in the next 12 months in order to drive that success over the next 5 years?
EMERGING CONCEPTS IN TALENT MANAGEMENT Continuous employee feedback loops Develop new performance measurements and metrics Ongoing evaluation of talent marketplace outside the company ‘Just in Time’ candidate development Your Company as Think Tank for Talent Acquisition productivity
CONCLUSION: HR DRIVES CEO DECISION MAKING HR and talent management must become as important as Marketing, Finance, Sales, Supply Chain or Creative Performance proven results increase required to earn a seat at the table Talent Management may be largest ‘controllable’ in operating business when so many other elements now ‘out of our control’