This article is based on cutting edge research done by the famous business-consulting firm, Boston Consulting Group. The key themes that are discussed in this article are those concerning talent management by successful companies. The overriding message from this research is that there must be all round HRM excellence and not only in the realm of compensation or employee benefits. Further, a fulfilling work environment works wonders for employee enabling.
Talent management is not only important for hiring people as per the need, it is also important for determining when to hire. The new generation employees are more enterprising and are willing to take risks in their career.
There are as such no hard and fast rules for succeeding in execution of management practices. However, for convenience sake there are certain principles of talent management that one should follow.
(From Business Wire) — With expectations that hiring activity will increase this year and next, HR departments at a large number of U.S. employers say that talent and performance management technology systems will be one of the most critical HR service delivery issues they will face in 2011, according to an annual survey conducted by Towers Watson, a global professional services company. The 14th annual survey on HR service delivery trends and practices also found that companies are planning to increase their spending on HR technology this year as they look for new ways to improve their efficiency and effectiveness. According to the Towers Watson survey, 41% of the 444 companies surveyed indicated talent/performance systems as one of their top three HR service delivery issues for 2011. Streamlining HR processes and systems was listed by 27% of the respondents, while 25% cited greater involvement in strategic business-driven issues as the other top three HR service delivery issues for this year. “As the economy continues to improve, the need for robust talent and performance management programs and enabling technologies has never been greater,” said Tom Keebler, global leader of Towers Watson’s HR Service Delivery and Technology practices. “Companies view talent and performance management technologies as a critical component of their workforce attraction and retention initiatives, and also as a way to enhance HR’s role in helping the business to meet its strategic goals.” Read more.
Most project management office (PMO) managers would probably agree that the success of a PMO launch depends heavily on its strategy behind selecting a suitable project management information system (PMIS). Even though the PMIS is merely one, although important, ingredient of the overall PMO foundation, along with process, talent development, project methodology, and strategic mission, it is vital to get it right from the beginning. What strategy can a company adopt when it decides to start a PMO and launch a PMIS?
The attraction, development and retention of top project management talent is paramount to the success of any organization. Here is a strategic execution framework that leaders and PMOs can use to guide their talent management efforts, specifically targeting six areas that can deliver the great impact and ROI.
Even the most brilliant strategy won’t mean much unless an organization has the right project and program practitioners to execute on it. And that’s precisely where project management offices can step in to help with the daunting task of finding the talent to fuel strategic initiatives–a big takeaway from PMI’s 2014 PMO Symposium.
In many organizations today, it’s sadly up to corporate dinosaurs to identify talent in an organization that lacks strategic resource management. What’s at stake when organizations unknowingly rely on those solely driven by status quo to spot talent? The answer is sustainability.
You have a staff of direct reports, perhaps a handpicked team or maybe a group you inherited when you took the job. Either way, you want them to perform at their optimum potential—but how? Here are some talent management concepts you might find helpful.
PMI’s Project Management Job Growth and Talent Gap 2017-2027 Report contains some startling revelations, among them the need for a significant increase in project-related roles. How does that increase get fed?
Generation Z—born between roughly 1994 and 2010—is about to steal the spotlight. But by 2020, they’ll make up 20 percent of the global workforce. Hiring managers and project management offices can prep to snag top next-gen talent by knowing what—beyond a native attachment to tech—makes Gen Z tick.
Learning how to better manage talent is more than researching great practices—you must be able to avoid problems keeping you from using them. The problems can be your preferences or the workplace culture, among other factors. Your development will go faster if you deal with these problems early.
Should business leadership move hiring and recruitment into the project management organization? Based on the similarities found between his talent acquisition experience and current training, this author says yes—and shares the potential benefits.
Edward Logan is playing a key role in leading the U.S. Patent & Trademark Office into a paperless 21st Century environment. Previously, he managed successful multimillion-dollar programs as a consultant. In his spare time, he has put his project management skills to good use at two non-profits organizations. Did we mention he’s 32 years old?
Accenture offers six strategies for organizations struggling to fill a skills gap. At a time when finding and keeping talent is a major business challenge, global management consultancy Accenture has conducted an online survey of 1,088 U.S. workers to better understand this talent crisis. The “Accenture Skills Gap Study” aimed to u…
Using client experience and independent research, Hays Specialist Recruitment Japan KK recently determined the most influential talent management trends for the Japanese labor market in 2013.
As a global provider of consulting, outsourcing, and investment services, including human capital and talent optimization, Mercer understands the value of talent management. Our clients rely on our intellectual capital – our expertise, advice, and solutions – and as such, our greatest asset is our people. We place a premiu…
(From BusinessIntelligence Middle East) — Finance Business Partnering is the way ahead to gain competitive advantage, according to a new report from ACCA and KPMG. The training, development and retention of the finance function is crucial to the success of an organisation, especially in the current economic climate, asserts a new report from ACCA (the Association of Chartered Certified Accountants) and KPMG called Maximising People Power: Effective talent management in finance. The report emphasises that securing the right talent is one of the biggest challenges faced by Chief Finance Officers (CFOs), adding that the finance function must now take the opportunity to make a difference to their organisations’ success – whether in the public or private sector, whether in a listed multinational or small and medium sized enterprise. Ian Lithgow, partner, KPMG says: “The next decade presents a critical opportunity for finance professionals to help create and sustain long term value for organisations. But the challenge lies with employers to realise and leverage talent within their finance function.” Read more.
(From Human Resource Executive Online) — Much is currently being made in the media of the “war for talent”, particularly in technical fields. Everyone from high-tech start-ups to industrial giants is supposedly suffering from a dire shortage of technical talent and is going to extremes to lure talented candidates. However, evidence on the ground of this supposed “war” is scant. If your organization is feeling a talent shortage, that may reveal more about your organization than about the current labor market for skills. I recently visited a small market-research firm. It was located in a run-down building in a grimy industrial park. Most of the space was devoted to dozens of telemarketers talking simultaneously on the phone. When I asked the firm’s manager about her technical talent needs, she casually mentioned that she had on hand a full team of statisticians, all with Ph.D.s. We hear so much about the “war for talent” across the media, from NPR and The New York Times to The Economist. Yet, how is it that glamorous Silicon Valley start-ups on the cutting edge of data mining claim they can’t find the technical talent they need, while the manager of a local market-research firm has secured an entire team of Ph.D.-level statisticians? Perhaps her statisticians are of inferior quality? There is a perennial debate as to whether sustainable business success comes from extraordinary talent, or from more mundane factors such as cooperation, teamwork, motivation, and good team management. Mark Zuckerberg, founder and CEO of Facebook, said, “Someone who is exceptional in their role is not just a little better than someone who is pretty good. They are 100 times better.” Marc Andreessen, co-founder of Netscape and now a well-known venture capitalist in Silicon Valley, expressed a similar notion: “Five great programmers can completely outperform 1,000 mediocre programmers.” Meanwhile, Bill Taylor, co-founder of Fast Company magazine, argued in the Harvard Business Review, “There is more to long-term performance than the excellence of your individual players. … Winning teams are more than just a collection of talented individuals.” Your organization’s approach to talent acquisition is influenced by this debate. What side do you favor? Read more.
(From hrzone.co.uk) — According to a survey among 1,201 chief executives in 69 countries undertaken by management consultancy PricewaterhouseCoopers, emerging Asia-Pacific markets are being viewed by bosses in Western Europe as key to generating revenue growth in 2011, although the US is still the second most popular growth market behind China. Higher levels of confidence in the current economic climate also mean that 51% of respondents expect to hire again over the next 12 months, up from 39% last year. Only 16% anticipate cutting jobs, on the other hand, down from 25% in 2010. The most bullish sectors in this regard were chemicals, automotive and manufacturing. But two thirds of chief executives believed that the major challenge they faced over the next three years was the limited supply of candidates with the right skills, particularly in high growth markets such as China, India and some parts of Latin America. Read more.
Even at a time of economic uncertainty, talent continues to be a corporate pre-occupation. Chief executives want to be sure they have the best people to lead them through the downturn to eventual recovery. But there is plenty of evidence that talent management is simply not hitting the spot. Every major survey tells the same story: companies may recognise the business imperative behind talent management, yet few see the returns they want. Dig a little deeper, and you see why. Read the full article.
Despite the sluggish economy, the talent management software market has enjoyed an active summer and fall. Leading vendors Taleo and SuccessFactors sought to broaden their horizons, while other software providers introduced new features as companies continued to purchase the products. While growth rates are less than what was projected a year ago, the talent management market as a whole is growing by about 15 percent and should reach $2.5 billion this year, says Josh Bersin, head of research firm Bersin & Associates. Far from shriveling amid the recession, the talent management software field is expanding as business-services giants IBM, Accenture, Mercer and Hewitt build strategies to deliver a combination of talent management software, consulting and outsourcing, Bersin says. Talent management software refers to applications that help organizations with key HR tasks such as recruiting, employee performance management and compensation.
(The National) — Recent market swings have taught business the importance of top performers in management in helping to ensure continued success, Simon Blandford comments. To support the ambitious, but still attainable, long-term plans put in place by the UAE, organisations today have to capitalise on the past and plan for the future. Talented people are the key to its success and the recent market swings have taught us that it is not just a volume of people issue, but also one of concentrating on the creme de la creme in the region. Progressive companies in the UAE have transformed their talent management policies to adapt to the changes. But given the instability over the past 18 months, and the light that is now appearing on the horizon, which companies will remember these lessons and who will thrive when the upturn begins? Read the full article.
Providence, RI ( PRWEB) March 17, 2009 — HR Technology Solutions, the developer of the HRToolbench online suite of HR applications designed specifically for small and mid-sized organizations, has announced the release of a white paper titled, “The Day After Tomorrow: What steps should you take to prepare your company and its talent management practices for the inevitable economic upturn?” This white paper provides guidance and direction for business owners, executives and human resource professionals who are seeking talent management solutions suitable both for a difficult economy today and improved prospects tomorrow. “Many business leaders are wondering what initiatives they should work on today to guarantee future success,” said Robert Levy, president of HR Technology Solutions. “This paper shows them how to develop an effective talent management strategy that meets their workforce needs during a recession and gives them a competitive edge when tomorrow’s recovery comes.” With insight from leading human resources practitioners and consultants, this paper discusses how development of competencies should be the basis for any talent management initiative, and drafting comprehensive job descriptions based on competencies will prepare a business to meet its current and future talent needs, among other advantages. This paper discusses how to build that strategy, including: ( Read the entire release on PRWeb.)
(Bangalore)–After showcasing their talents to the world all these years, companies in India could face a huge ‘talent deficit’ in the coming years, says a report by Deloitte, a global consultancy firm. As per the report, the reason for this scarcity is that the country is not producing enough people equipped with the right skills required for the globalized environment. The report titled, ‘New India Manager’ states that new talent management model in companies will have to shift in outlook. The report suggests that paradigm of ‘scarcity of jobs’ should convert to ‘scarcity of talent’. “Unless a fundamental shift occurs in the educational system, it will continue to produce degree holders who will lack skills to operate in a corporate environment,” said Manish Agrawal, Vice President (Strategy and Innovation) at Deloitte. Read the full article.
Developing Singapore as a home for local and global talent will be a key strategy in the next phase of growth, says Minister Gan Kim Yong at the opening of the human Capital Leadership Institute (HCLI). The HCLI will offer a unique value proposition in helping companies translate the best talent and leadership ideas into practical strategies to support business growth, he added. Speech by Mr Gan Kim Yong, Minister for Manpower, “Singapore – The Global Talent and Leadership Development HUB for Asia” at The Official Opening Ceremony of The Human Capital Leadership Institute at Nepal Hill: Distinguished guests, Ladies and gentlemen Last September at the Singapore Human Capital Summit, Prime Minister announced the establishment of the Human Capital Leadership Institute, or HCLI, by the Ministry of Manpower and the Singapore Management University. This morning, I am pleased to join you for HCLI’s official opening, and share with you how HCLI will help position Singapore as a global talent and leadership development hub in Asia for Asia.
Erica Bank describes how Deloitte reinvented its performance management practices to break down silos between performance management, talent management, leadership development, and employee engagement.
In these bleak times, companies are depending on their star performers as never before. Organizations need their top talent to be in peak form-firing on all cylinders-so they can succeed in a market that is the toughest in living memory. How are employers handling this challenge? In a word, badly. To start with, leaders are seriously distracted. Caught between clamoring clients and vaporizing value, a CEO understandably might find it hard to focus on talent. People issues tend to translate into layoff strategies: How many should you let go? How should the cuts be distributed? Should you act surgically and strike deep or should you dribble out the reductions over time? When it comes to talent management, CEOs are also hamstrung by outmoded thinking. In times like these-marked by massive losses and rising unemployment-it’s tempting to imagine that there’s no need to worry about motivating talent. People are so grateful to have a job, the conventional thinking goes, that they can be relied on to contribute 110%. Right? Wrong. Read the full article.
(From PRWeb) — Despite the generally slow job market, three out of four organizations lost high-performing employees they did not want to lose during the past year, according to a survey by Right Management. Right Management is the talent and career management expert within ManpowerGroup, the world leader in innovative workforce solutions. Only 13% of survey respondents’ organizations saw no departures of top talent over the past 12 months. Respondents from more than 268 organizations throughout North America responded to the Right Management poll which was conducted in June and July. Has your organization involuntarily lost top talent in the past year? Read more.
(From Business Wire) — Lumesse, a global leader in integrated talent management solutions, today announced that it is making available as a free download the final detailed report on its global survey Inspiring Talent 2011 at www.lumesse.com/talentsurvey2011. The survey reveals that despite employee happiness at work, 29% of workers expect to leave their companies within five years. Four out of five employees also felt that their skills were not fully utilized, while almost half reported that their performance appraisal process was of little or no value. Based on a survey of almost 4,000 employees in larger companies in 14 countries, including the US, UK, Germany and China, the report examines employee attitudes to their jobs and employers in areas such as loyalty, job satisfaction, workplace pride, training opportunities and salary perceptions. Lumesse CEO Matthew Parker noted: “Some consistent messages come out of this free report regardless of age, gender and geographical location. It’s clear that many people feel their skills are not used as well as they could be, and that many employers are not using effective performance appraisal techniques to help people contribute more. For many people the solution is going to be a move to a new job. That’s a pity because overall the survey shows good levels of workplace pride and satisfaction. If employers can combine that happiness with better career management then the benefits are obvious – better retention, better performance and higher productivity.” Read more.
In 2008, ASTD partnered with The Institute for Corporate Productivity (i4cp) to assess Talent Management Practices and Opportunities. The study identified potential stumbling blocks to effective talent management. Chief among those were organizational cultures that don’t support talent management effectiveness and engage workers. When top leaders, as well as the larger organizational culture, support talent management, then it is much more likely to be seen as effective, with 51% of survey respondents reporting their “leaders see talent management as vital to organizational success” to a high or very high extent. [more]The ASTD/i4cp Talent Management Practices and Opportunities Study show that there’s considerable room for improvement in the degree to which organizations effectively manage talent. The largest segment of participants said their organizations could be more effective managers of talent. Just a fifth of the 518 respondents reported that their organizations were using talent effectively. Source: Talent Management: Practices and Opportunities(ASTD/i4cp) Click here to learn more about ASTD Research.
(From Business Standard) Can online, real-time engines ensure rapid but temporary manpower provisioning for today’s uncertain times? Downsizing. Right-sizing. Up-sizing. Human capital planning swings between these three points, without ever finding a balance at any point of time. It is amongst the most challenging and demanding business problems of our times. In his book, Talent on Demand, Peter Cappelli, professor of management, Wharton School, argues for using the principles of supply chain management, suggesting that the fundamentals of just-in-time manufacturing can be applied to talent management. In other words, talent management could boil down to a few basic questions: When do we need a particular talent or skill set? Where do we find it? For how long will we need it? Will the talent arrive just in time to manage the requirements? What is the right price for the talent? It does sound like asking for the parts of a product, but that is exactly what it is: A solution to manpower provisioning meant for today’s uncertain times where managers find it impossible to forecast their business needs and their requirements for specific talent and skills. Read the full article.
The criteria for success in important management positions have grown with the accelerated pace of organizational change, making it hard to fill positions created by organizational growth and the retirement of Baby Boomers.
Healthcare workers want to do their best, but working in a complex system without the right tools can lead to frustration and even bullying, affecting interpersonal dynamics. Workers need a talent management tool that will both facilitate collaboration and humanize the workplace. This webcast will describe how an efficient performance management and talent management program can combat workplace bullying and toxic work environments, leading to a championship culture. We will illustrate the direct relationship between communication and workplace culture and the barriers to achieving organizational excellence.After attending this webcast, participants will be able to: define workplace bullying articulate the impact bullying has on the patient, employee, and organization identify the manager’s role in influencing workplace culture review solutions to combat bullying and toxic work environments.
Helping organizations deliver outstanding business results while contributing to the skill development and career management of others is the biggest thrill as talent development professionals.
Despite dramatic evidence of the impending talent shortage, few organizations adequately protect the investments made when hiring new managers. The traditional orientation program, with its focus on policies, procedures, benefits, and other administrative issues, comes up woefully short when integrating employees into organizations.
This TD at Work focuses on the skills that are needed to succeed in middle management, specifically, the top five capabilities every middle manager needs to succeed: effective relationship building, building talent, critical thinking and alignment, optimizing performance, and inspiring excellence. Management is the best and most challenging job, and it provides the best opportunities to have maximum impact. Middle management acumen is a set of capabilities that will help every manager be a great engine for an organizations success. This TD at Work is targeted at helping managers focus on building middle management acumen, as well as providing a training and reference resource for human resources and training professionals.