Transforming Talent Management

1
Transforming Talent Management
2
Are You..
Losing money on new hires that dont
perform? Losing customers because they did not
like working with your failed hires and your
company? Experiencing frustration and losing
time with starting over again?

3
Whats the Problem?

• Organizations are spending significant
• time and energy to bring on board new
• executives who dont prosper. This costs
• the organization significantly.

4
Whats the Problem?

• More than 50 of these highly qualified
  executives are not performing up to expectations
  and many leave the organization after a short
  period of time
• Job fit and culture are key success factors and
  are not sufficiently weighted
• Complexity coupled with speed of change

5
Whats the Problem?

• Many companies are purchasing talent management
  software like Taleo, Plateau and Authoria but are
  not using the programs effectively in a number of
  ways for a variety of reasons.

6
Whats the Problem?

• Decision makers are not looking at the
  total problem.
• According to a recent HBR article by Douglas
  Ready and Jay Conger there are 8 core components
  to functional talent management.

7
Core Components of Functional Talent
Management

Sourcing
Assimilation
Deployment
Development
Performance Management
Rewards
Retention
Engagement
8
Core Components of the Vitality of Talent
Management

Engagement
Commitment
Accountability
9
Whats the Cost?

• According to CPA and President of Exec Global
  Net, Carl Wellenstein, the costs are incalculable
  beyond salary, hiring bonuses, contractual
  guarantees, recruiters fees, management time
  involved in recruiting, interviewing, etc.

10
Whats the Cost?

• Loss of top talent
• Lost business relationships
• Loss of credibility
• Erosion of culture
• Loss of customer attention
• Loss of trust with key employees, customers,
  stakeholders

11
Whats the Cost?

• According to Dr. John Sullivan and Michael
  Lackaye of Quicken Loans the cost of an average
  hire that fails during the first 3 months is
  -35,000
• A great hire that stays and performs in the same
  role brings the organization about 500,000.
  This is an enormous gap

12
Whats the Cost?

• Each month more than 13 percent of workers leave
  their jobs to take other positions. Thats more
  than one in seven workers - compared with one in
  10 just five years ago.
• More than half of U.S. workers - 55 percent -
  think often of quitting their jobs or actually
  plan to quit within a year.
• The average public company loses half its
  workforce every four years.
• Its predicted that by 2008, the U.S. will face a
  shortage of 7 million workers.
• The average time it takes to fill a job opening
  is 41 to 51 days.
• Companies typically spend 10,000 to 50,000 in
  tangible costs alone to replace and retain after
  the departure of a single employee.
• While 75 percent of senior executives say
  employee retention is a major concern, only 15
  percent have made it a strategic priority - and
  only 9 percent rate their retention efforts as
  highly successful.
• Adapted from Keeping the People Who Keep You
  in Businessby F. Leigh Branham

13
History

• The right solution requires clarification of the
  core business challenges with people. For
  example
• For Coca Cola this means a transfer of critical
  skills from the US to Europe to satisfy the needs
  of expanding markets
• For defense contractors this means finding the
  right engineers
• For insurance it means meeting industry
  restructuring requirements initiated by Elliot
  Spitzer
• For retail it means building a performance
  culture and executive on boarding

14
Story

• One health care organization has hired many new
  executives from consulting companies to enhance
  competitiveness. A large number have not
  succeeded.

15
Story

• One computer company has hired many new
  executives to enhance a developing line of
  business and their strategic intelligence. Many
  have not succeeded.

16
Story

• One retailer has hired many new executives to
  develop their e-business and to move into a
  higher end market. They are succeeding.

17
Whats the Way Out?

• An integrated, end-to-end
• approach that incorporates
• refined selection, talent
• management and executive
• on boarding in the culture

18
Whats the Way Out?
Refined Recruitment
Executive On Boarding
Organizational Culture
Objective Selection
19
Whats the Way Out?

• The solution must align recruitment/selection
• with leadership development performance
• management, and the right platform for the
• organization in the culture.

20
Step 1- Planning

• Deliverables and Performance
• Based Staffing- POWER

21
Step 2- Recruiting

• Create benchmarks for top performers
• Train recruiters who are more technically
  sophisticated and business knowledgeable

22
Step 3- Selecting

• Benchmarking and Evaluating Against Your Best
  Performers in the Role
• Conduct a job analysis
• Benchmark using the Profile XT to determine what
  your best performers in this role bring to the
  table
• Assess all qualified candidates
• Use assessment feedback to conduct targeted final
  interviews based on identified soft spots.

23
What is the Profile XT?

• A predictive instrument developed by Profiles
• International that measures cognitive abilities,
  key
• behaviors and core motivators and compares them
  to your
• top performers already succeeding in that role to
  ensure
• job fit

24
Step 4- Preparing

• Highly Structured and Focused
• Executive On Boarding Process With
• Core Activities for Months 1, 2, 3 and 6

25
Conclusions

• There is a tremendous opportunity to save
  significant dollars and time, to leverage
  performance and enhance competitiveness by
  integrating and refining executive selection,
  talent management and on-boarding
• The problem is one of lack of systemic
  integration amongst selection, talent management
  and executive on boarding. All three need to be
  designed as one core business process, not
  separate activities
• HR services is rapidly moving into its third
  phase of focus from backroom operations, to
  strategic HR, to business integration that
  depends on successful talent management

26
Resources In Action, Inc.

• 1314 Milvia, Berkeley CA 94709
• www.resourcesinaction.com
• 510-524-4934