Managing talent January 2011

Managing talent by Toronto Training and HR January 2011

3-4 Introduction to Toronto Training and HR 5-7 Definitions 8-9 Core characteristics or talents 10-12 Key assumptions 13-14 Individual development plans 15-16 Drill 17-25 Global talent risk 26-29 Organizational effectiveness 30-36 Linking reward to talent management 37-38 Battle for talent in China 39-40 A talent-based recipe 41-44 Tailoring talent strategy to context 45-49 Effective talent conversations 50-57 Example-talent management in the finance sector 58-67 Emergent best practices 68-74 Implementation of talent management processes 75-77 Making talent programs work 78-92 The future talent agenda 93-98 Case studies 99-100 Conclusion and questions Contents

Introduction to Toronto Training and HR Toronto Training and HRis a specialist training and human resources consultancy headed by Timothy Holden 10 years in banking 10 years in training and human resources Freelance practitioner since 2006 The core services provided by Toronto Training and HR are: ,[object Object]

Training course delivery- Reducing costs ,[object Object]

Improving employee engagement & morale

Services for job seekers,[object Object]

Definitions 1 of 2 Who is talent? What is critical talent? What is missing talent? Talent and skills scarcities-the numbers Link between top-performing talent and productivity advantages

Definitions 2 of 2 TESTS FOR TALENT Know them by what they want Know them by their influence on others Know them by how they demand to be spoiled

Core characteristics or talents

Core characteristics or talents Vision Self-belief Passion and principles A questioning disposition The networking factor

Key assumptions 1 of 2 Talent is a key driver of organizational performance across the entire business lifecycle-growth and recession Don’t think talent management, but rather talent-informed strategic decision-making

Key assumptions 2 of 2 A focus on human capital in a knowledge economy A focus on scarce and valuable people (the power curve) – the exclusive rather than inclusive approach A focus on buy rather than make A focus on potential rather than experience

Individual development plans

Individual development plans Definition Strengthening the individual development plan Opportunities to bolster talent over the entire span of the employee life cycle A critical re-recruiting tool A massive middle radar tool A baby boomer transition planning tool

Global talent risk 1 of 8 Introduce strategic workforce planning Ease migration Foster brain circulation Increase employability Develop a talent “trellis” Encourage temporary and virtual mobility Extend the pool

Global talent risk 2 of 8 INTRODUCE STRATEGIC WORKFORCE PLANNING Define job families and future critical skills. Model workforce supply and demand with a five to ten year planning horizon. Undertake a gap analysis to uncover potential shortages and surpluses. Link workforce planning to the company’s business strategy. Systematically determine actions from gap analysis; develop skills database for potential job rotations. Inform employees of the skills they will need in future growth areas.

Global talent risk 3 of 8 EASE MIGRATION Establish multilingual and virtual company presence to recruit beyond national borders and neighbouring countries. Seek expertise in immigrant pools while investing in the development of current employees. Recruit beyond national borders and neighbouring countries. Foster a migration-friendly culture. Brand your company internationally as “talent friendly”.

Global talent risk 4 of 8 FOSTER BRAIN CIRCULATION Offer generous return packages to highly skilled people and relocation assistance, including spouse career services and child care programs. Keep your talent mobile through: Horizontal and vertical mobility within the company International assignments Job rotation Encourage employees to take short-term assignments or sabbaticals abroad. Encourage foreign employees to build relationships with potential partners businesses in their home countries.

Global talent risk 5 of 8 DEVELOP A TALENT “TRELLIS” "Step into the talent’s shoes" to understand what diverse, talented employees seek (compensation, organizational flexibility, meaningfulness of business, etc.) Develop long-term retention strategies to retain scarce talent (e.g. flexible career systems). Provide a variety of development opportunities, such as virtual/cultural training, entrepreneurial training, peer-to-peer learning and lifelong learning. Ensure horizontal and vertical mobility opportunities. Build an international profile and use web 2.0/social media to attract, recruit and retain scarce talent.

Global talent risk 6 of 8 TEMPORARY AND VIRTUAL MOBILITY Introduce flexible work arrangements. Explore virtual work opportunities for employees abroad. Set up rotation programs and short-term assignment between business units and geographies. Foster virtual recruiting events and activities.

Global talent risk 7 of 8 EXTEND THE TALENT POOL Create a presence for the company brand at universities locally and internationally. Display cultural sensitivity in targeting minorities and women. Hire graduates from abroad with limited language skills and offer intensive language courses. Give employees support to contribute part-time as they raise families. Engage retirees (your own or those of other companies) to mentor, consult or complete short-term assignments. Recruit from other industries’ pools with similar skill sets.

Global talent risk 8 of 8 INCREASE EMPLOYABILITY Make education a priority of the corporate social responsibility agenda (e.g. through pro bono training locally and internationally). Offer internships and vocational training opportunities Offer certified training opportunities beyond current job and educational leaves to foster upskilling. Engage with academia and government to equip talent with a balance of theoretical and practical skills (e.g. “teach the teachers” program).

Organizational effectiveness

Organizational effectiveness 1 of 3 Definition

Organizational effectiveness 2 of 3 LEADERSHIP Vision Vigour ORGANIZATIONAL ENABLERS Capability Architecture Action ENTERPRISE ACCELERATORS Enterprise alignment Enterprise agility

Organizational effectiveness 3 of 3 IMPLICATIONS FOR TALENT MANAGEMENT Talent management is central to the success of the entire business machine Talent management strategies and practices must be aligned Talent management strategies and practices also must become agile

Linking reward to talent management

Linking reward to talent management 1 of 6 INTRODUCTION Banish silos Get some data Be inclusive Show people the way Link reward and performance Pick some quick wins Communicate benefits Be creative Keep it simple Measure and review

Linking reward to talent management 2 of 6 TAKING AN INTEGRATED APPROACH Less likely to experience problems attracting critical-skill employees and top-performing employees Less likely to report having trouble retaining critical-skill employees and top-performing employees More likely to be high-performing organizations

Linking reward to talent management 3 of 6 BEST PRACTICES TO ADOPT Define an organization-wide employee value proposition (EVP) for attraction, retention, pay and talent management Manage and design programs according to an organization-wide total rewards philosophy Perform formal workforce planning activities that optimize the supply of talent versus demand

Linking reward to talent management 4 of 6 BEST PRACTICES TO ADOPT Leverage competency models across recruiting, career management and pay activities Facilitate healthy work/life balance and take measures to moderate employees’ levels of work-related stress

Linking reward to talent management 5 of 6 BEST PRACTICES TO ADOPT Link employee performance goals to the business, and effectively communicate performance expectations and results to employees Leverage total cash rewards through differentiation of merit increases and annual incentive awards Link individual and organization results to rewards Effectively deploy recognition programs

Linking reward to talent management 6 of 6 TO CONCLUDE Align Integrate and optimize Execute

Battle for talent in China

Battle for talent in China Reboot employer branding efforts Create local development opportunities Offer viable career paths Be smart about pay Become a quasi-local company

A talent-based recipe Top-down plan Bottom-up: shared mindset Workforce alignment Acquiring talent: pre-qualify source Workforce Scalability – Right numbers Right types of people Right places Doing right things Releasing employees: outplacement Enrich talent pool: diversity, fit and (serial in)competence Workforce fluidity Facilitate interpersonal connectivity: Increase absorptive capacity Expand role orientations Unleash talent pool Align incentives

Tailoring talent strategy to context

Tailoring talent strategy to context 1 of 3 RECRUIT AND INTEGRATE How are the requisite capabilities obtained? How are job candidates selected?

Tailoring talent strategy to context 2 of 3 DEPLOY, REVIEW AND DEVELOP How does talent get deployed? What level of career guidance should be provided? What types of behaviours get rewarded? To what extent do we differentiate performance? What are the boundaries for under-achievement?

Tailoring talent strategy to context 3 of 3 ENGAGE AND CONNECT How do we keep talent connected to one another? How do we energize our talent?

Effective talent conversations

Effective talent conversations 1 of 4 QUESTIONS TO ASK Do I have the right person in the job? Who are our rising stars and next generation leaders? Who should I promote? How do I get more out of …? Who is my successor?

Effective talent conversations 2 of 4 WHY TALENT REVIEWS OFTEN FAIL There is too little focus on strategic context Predicting executive success is tough Vested interests can lead to uninspired conversations

Effective talent conversations 3 of 4 PRINCIPLES FOR IMPROVING THE TALENT CONVERSATION Get clear on the critical role requirements Pick your spots Holistic assessment Focus on learning potential Put the right people in the assessment room Figure out the role of HR Actively seek meaningful conversations Open and honest

Effective talent conversations 4 of 4 PRINCIPLES FOR IMPROVING THE TALENT CONVERSATION Act with good will Focus on identifying development opportunities

Example-talent management in the finance sector

Example-talent management in the finance sector 1 of 7 INTEGRATED TALENT MANAGEMENT Definition of talent Recruitment and talent identification Competency frameworks Targeted development Comprehensive learning Structured career paths Performance measurement and reward Ongoing review

Example-talent management in the finance sector 2 of 7 CHALLENGES AHEAD How do CFOs structure the finance function and the roles within it to ensure maximisation of resources and a strong long-term talent pipeline? How do CFOs access the specialists they need – must they recruit or can internal talent be trained? What is the best way to improve the commerciality of the finance function and boost its internal credibility?

Example-talent management in the finance sector 3 of 7 CHALLENGES AHEAD How can individuals in roles deemed less critical be motivated and their expertise retained if they see training priorities being focused on others? How can the organization create a sufficiently stimulating career path to retain the talents of Generation Y? How can finance assess return on investment in its people in order to target learning and development and general talent management spend most effectively?

Example-talent management in the finance sector 4 of 7 STRATEGY FOR ORGANIZATION DESIGN What is the value-creating objective of the organization? Where and how can finance best contribute to supporting the organization in value creation? (What do our internal and external stakeholders want and need from the finance function?) How capable is finance in delivering these objectives currently?

Example-talent management in the finance sector 5 of 7 STRATEGY FOR ORGANIZATION DESIGN How much will it cost and what metrics can be used to measure success? Could a new structure – people, process, systems – improve the success of finance in supporting the organization?

Example-talent management in the finance sector 6 of 7 FINANCE FUNCTION EFFECTIVENESS Centres of excellence Shared services Outsourcing and offshoring Business partnering

Example-talent management in the finance sector 7 of 7 INTEGRATED TALENT MANAGEMENT Centres of excellence Shared services Outsourcing and offshoring Business partnering

Emerging best practices

Emerging best practices 1 of 9 Recruit Develop Engage Assess Retain

Emerging best practices 2 of 9 TURNOVER RISK Those with skills in short supply and high demand High performers Key contributors/technical experts Those with leadership potential at mid-level Those with leadership potential at an entry level Those in roles critical to delivering the business strategy Senior leadership The entire workforce

Emerging best practices 3 of 9 PRIORITIES Performance management Assessing/developing high potentials and top talent Recognizing exceptional performers Assessing/developing senior leaders Measuring/increasing employee engagement Strengthening the talent pipeline and succession management Training managers

Emerging best practices 4 of 9 PRIORITIES AND EFFECTIVENESS Mentoring of key talent Deploying key talent across roles/functions/regions Career pathing and planning Identifying and integrating competencies Onboarding Developing/implementing an employment value proposition

Emerging best practices 5 of 9 WHAT DOES TALENT WANT? Accessible talent borders Diversity High level of freedom of mind Inspiring work environment Lifelong learning opportunities Positive country brand Skill recognition institutions The “Perfect Employer” Inc. Virtual mobility

Emerging best practices 6 of 9 REASONS TO JOIN A PARTICULAR ORGANIZATION Employee Employer

Emerging best practices 7 of 9 CATEGORIES OF BENEFIT THAT DETERMINES IF TALENT STAYS OR LEAVES Great leaders Great company Great job Attractive compensation

Emerging best practices 8 of 9 ACCOMODATING THE REQUIREMENTS OF GENERATION Y More flexi-time options More recognition programs Access to state-of-the-art technology Increased compensation Access to educational programs Pay for cell phones and blackberrys Telecommuting options More vacation time

Emerging best practices 9 of 9 HARNESSING THE TALENT OF SKILLED IMMIGRANTS Building increased awareness among senior leaders and decision makers of the significance of the immigrant population as a source of skilled talent Providing recognition for the value and transferability of international skills and credentials Developing a data-driven understanding of the potential benefits of employing skilled immigrants Creating awareness among leaders of the value of skilled immigrants for access to international markets, and local niche/ethno-specific markets Recognizing that skilled immigrants bring access to new ideas and perspectives to support innovation

Implementation of talent management processes

Implementation of talent management processes 1 of 6 Linking rewards more closely to performance Giving employees self-service tools to search and apply for new roles in the organization Focusing more on key workforce segments Giving business leaders greater ownership and accountability for building the talent pipeline Using branding/marketing techniques to enhance the employment value proposition

Implementation of talent management processes 2 of 6 Creating more consistency in how talent is identified, developed and moved throughout the organization Creating a formal governance structure and process for talent management activities Redefining the critical attributes and competencies needed for the next generation of leaders Integrating talent management processes more directly into business strategy and operations

Implementation of talent management processes 3 of 6 Scaling and adapting talent strategies on a global basis Increasing use of technology to streamline talent management processes and activities Giving managers self-service tools to source and deploy internal talent Creating an experience “punchlist” for critical roles and designing targeted career paths to ensure adequate succession

Implementation of talent management processes 4 of 6 Improving quality and use of analytics to monitor the need for, and supply of, talent and better differentiate performance Adopting just-in-time talent-sourcing approaches, including contingent workforce designs Leveraging social networking tools to access and engage the workforce in new ways

Implementation of talent management processes 5 of 6 PROCESSES MOST CRITICAL TO ACHIEVING RESULTS AND TOUGHEST TO IMPLEMENT & SUSTAIN Integrating talent management processes more directly into business strategy and operations Giving business leaders greater ownership and accountability for building the talent pipeline Redefining the critical attributes and competencies needed for the next generation of leaders Creating more consistency in how talent is identified, developed and moved throughout the organization

Implementation of talent management processes 6 of 6 IMPLEMENTING A PROACTIVE TALENT MANAGEMENT PROGRAM Creed Strategy System

Making talent programswork

Making talent programs work 1 of 2 Clearly communicate the core objectives-set expectations at the start and manage them throughout Even though the organization as a whole may sponsor talent activities, it is beneficial to have HR/talent running the program, and visibility is important to maintain credibility and consistency Consider implementing a selection process for the top talent program to increase its perceived value and motivate participants to perform-make the selection process a learning event in itself and ensure all applicants receive constructive feedback

Making talent programs work 2 of 2 Review the structure of the talent program/pool with the business sponsor-coaching, mentoring and networking are the elements most valued by senior talent pool members Develop ways of harnessing the peer group created as part of the talent program by creating opportunities beyond the lifespan of the program

The future talent agenda

The future talent agenda 1 of 14 DEFINING THE FUTURE TALENT AGENDA What leadership competencies/attributes are required to drive our business strategy and lead the evolution of the culture? How robust is our existing leadership pipeline, and where are there risks? What are the pivotal job families/roles most critical to executing our business strategy? How will we differentiate talent strategies/investments accordingly?

The future talent agenda 2 of 14 DEFINING THE FUTURE TALENT AGENDA What are the implications for skill development, given our business strategy? What are our existing/emerging talent requirements in the various markets we serve, and how will we attract/deploy the right talent to these markets? How can we optimize investments in talent and reward programs to achieve the right performance outcomes and evolve the culture? Does the talent function have the right structure, capabilities and people to deliver value to the organization at the right cost?

The future talent agenda 3 of 14 TALENT MANAGEMENT IN THE NEW WORLD Differentiation Assessment and ranking Performance management Performance improvement Transparency

The future talent agenda 4 of 14 FUTURE ISSUES FOR THE TORONTO FINANCIAL SERVICES INDUSTRY Local and global competition for talent Gaps in leadership talent Significant loss in critical knowledge and skill with retirees Attracting younger workers and managing multi-generational workforces Integrating immigrant workers and managing increasingly diverse workforces

The future talent agenda 5 of 14 QUESTIONS TO ASK IN TORONTO Which segments of the workforce create the value for which we are most rewarded in the marketplace? Which areas of our business will be most impacted by impending waves of retirement? What are we doing to prepare successors? What impact will anticipated retirement have on the skills and productivity necessary to meet future demand?

The future talent agenda 6 of 14 QUESTIONS TO ASK IN TORONTO In what areas is the talent market heating up (i.e., demand will outpace supply)? Which segments of our workforce will be most impacted? What are the potential top-line and bottom-line implications? What skills will we need over the next five years that we don’t currently possess? How will we create that capacity? What happens to our business if we don’t?

The future talent agenda 7 of 14 QUESTIONS TO ASK IN TORONTO What is our turnover within critical areas? How much is it costing us? In customers? In productivity? In innovation? In quality? What are we doing to resolve the root cause? Are we actively developing talent portfolios or workforce plans that will help us to understand and communicate the financial consequences of talent decisions on our business?

The future talent agenda 8 of 14 A TIPPING POINT FOR TALENT MANAGEMENT? Integrated talent management remains more aspiration than reality Current talent management practices are insufficiently forward-looking

The future talent agenda 9 of 14 CHALLENGES AHEAD-WESTERN COUNTRIES A step change in productivity is required New kinds of jobs Aging population Different preferences of Generation Y compared to other groups Different offering needed from employers

The future talent agenda 10 of 14 CHALLENGES AHEAD-DEVELOPING COUNTRIES China alone will build “one Canada” in the next ten years Asia returning to its natural half-share of the world economy Emerging markets provide access to large skilled talent pools Not all graduates are treated equally The supply of professionals in China is fragmented

The future talent agenda 11 of 14 CHALLENGES AHEAD-DEVELOPING COUNTRIES China alone will build “one Canada” in the next ten years Asia returning to its natural half-share of the world economy Emerging markets provide access to large skilled talent pools Not all graduates are treated equally The supply of professionals in China is fragmented

The future talent agenda 12 of 14 Page 90

The future talent agenda 13 of 14

The future talent agenda 14 of 14 CHALLENGES AHEAD-SUMMARY Is talent management strategy as embedded as business and financial strategy? Are you tapping into non traditional talent pools and who are you competing against? Is your employee value proposition as tailored as possible to key segments (age, gender, diversity) and do you have five “compelling” stories? To what extent are you accelerating the development of high performers and how are you retaining them?

Managing talent January 2011

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