Chapter 2 - The Imperative Of Talent Management Flashcards
Needs of businesses in the 21st century
Companies have to invent and innovate products more frequently than their rivals can, they need to cover markets wider and faster, keeping their brands building and growing all the while.
They need to clip costs without hurting quality, performance or functions of their offerings. They better reach closest to the customer swiftest and ideally be there with her all the time.
Needs of businesses in the 21st century
Thriftiness, quality, empathy, innovation, leadership, caution, honesty, agility, reach
Knowledge, technology and talent emerge as the resources that can deliver differentiation.
The ideal new talent manager
Talent miner
Talent nurturer
Talent owner
Why are talents needed in 21st century organizations?
Analysis, decision making, creativity and empathy are emerged among the more important of the non menial or cerebral work areas for employees in the postindustrial era. These qualities help them solve new and unexpected customer problems better.
Functions: resolve, relate, decide, emote, think, create and empathize
Talent Management is used first where?
McKinsey paper: The War for Talent
Talent Management definition
Cappelli and Keller
Process through which organizations anticipate and meet their needs for talent in strategic jobs
The evolution of talent management
Personnel department: 1970-80s, hire, pay and necessary benefits
HR: 80s, managing white collar workforce, treat them as valuable resources
Strategic HR: 90s, VP of HR, larger role- recruiting, training, design job roles and organizational structures, total compensation packages, point of communication for employees health and happiness, business partner role
Talent Management: new era, the organizations need more and better leaders across the board now, not just at the top but in all levels.
TMI definition of Talent
Individual’s capacities to produce, performance and navigate successfully in uncertain environments that are marked by unseen, new, strange and often shocking forces and characteristics.
Talent Management Roles
Enterprise wide consciousness: talent to workforce ratio need to increase
Management philosopher
Future designer
Hyper function: TM can’t function unless it’s free
Talent architect
Best practices wizard
Talent sourcing expert
Enterprise barometer: reflect the state and quality of an organization’s readiness for future
Changes for CHRO
1) workforce requirements and job descriptions changed violently
2) employee attrition increased, expectations soared
3) information systems analytics and technology stormed into organizations making HR look silly
4) HR outsourcing providers attack CEO office and hack away chro roles
