Star Capital HR Academy - Introduction to Talent Management - Oct 2024 - PDF

HR ACADEMY INTRODUCTION TO TALENT MANAGEMENT & THE FUTURE TALENT MANAGEMENT Talent Management Highlight 01 Overview of Talent Management 04 Our Practices in Effective Talent Management 02 Evolution of Talent Management...

HR ACADEMY INTRODUCTION TO TALENT MANAGEMENT & THE FUTURE TALENT MANAGEMENT Talent Management Highlight 01 Overview of Talent Management 04 Our Practices in Effective Talent Management 02 Evolution of Talent Management 05 Our Talent Management Technology 03 Challenges in Talent Management 06 Conclusion 01 Overview of Talent Management What is Talent Management ? Scope of Talent Management Key Components of Talent Management Strategic approach to attracting, developing and The main components of talent management include : retaining the best talent for an organization. 1. Talent identification involves analysis of people It encompasses various HR activities, including capability both performance and potential recruitment, training, performance management, and 1. Talent development involves providing training and succession planning. development opportunities to enhance the skills and abilities of employees. 2. Succession planning involves identifying and developing employees for future leadership roles. 3. Talent Engagement Importance of Talent Management in Organizations Link to Organizational Success and Competitive Advantage Talent management is crucial for organizations to achieve their strategic goals and maintain a competitive edge in the market. Investing in the development of employees can lead to improved productivity, innovation, and customer satisfaction. Impact of Talent Management on Employee Engagement Effective talent management can lead to increased employee engagement, job satisfaction, and retention. Employees who feel valued and see opportunities for growth within an organization are more likely to be committed to their employer. 02 Evolution of Talent Management Traditional Approaches to Talent Management Recruitment and Selection Training and Development Traditional talent management approaches focused on recruiting Performance Management and selecting top talent based on Training and development experience and education. programs were typically limited to The emphasis was on hiring new hire orientation and Traditional performance employees who could meet job compliance training. management practices involved requirements rather than There was little emphasis on annual reviews that focused on developing their skills. ongoing skill- building or career past performance. development. There was no emphasis on ongoing feedback or coaching to improve performance. Modern Approaches to Talent Management Strategic Workforce Planning Strategic workforce planning involves identifying future talent Succession Planning needs based on business objectives and trends in the labor Succession planning involves market. identifying, developing, and It allows organizations to preparing employees for future anticipate and respond to changes leadership roles. in the talent landscape. It ensures that an organization has Talent Engagement and a pipeline of qualified candidates for key positions. Retention Strategies Modern talent management approaches focus on attracting, developing, and retaining top talent. This involves providing employees with meaningful work, opportunities for growth, and work- life balance. 03 Challenges in Talent Management Talent Shortage and Skills Gap Impact of the right Talent Identification The shortage of skilled workers can make it difficult for organizations to find and hire qualified candidates. Internal Talent Identification need to be strengthen and deep into employee’s skill and capabilities Implications for Talent Development The skills gap can make it challenging for organizations to develop their existing employees. Organizations need to provide comprehensive training and development programs to help employees acquire new skills and competencies. Changing Workforce Demographics Generational Differences in Diversity and Inclusion Work Expectations Initiatives The workforce is becoming increasingly Organizations need to develop diversity diverse, with employees from different and inclusion initiatives to attract and generations having different expectations retain a diverse workforce. of work. This includes creating a welcoming and Organizations need to be aware of these inclusive workplace environment and differences and tailor their talent providing equal opportunities for all management strategies accordingly. employees. The Needs of Technology to support Talent Management through Technological Advancements and Automation Leveraging Technology for Talent Management Organizations can leverage technology to improve their talent management processes. This includes using data analytics to identify and develop top talent, providing online training and development programs, and implementing virtual performance management tools. Impacts on Job Roles and Skills Technological advancements and automation are changing the nature of work, requiring employees to acquire new skills and competencies. Organizations need to identify the skills that will be required in the future and develop their employees accordingly. 04 Our Practices in Talent Management How Talent Management benefit Employee through People Journey 1. Employee Mapping Workstream 4. People Development Plan Promotion Learning Development Program Upskill & Reskill 2. People Review 5. Engagement Plan Exposure Opportunity to Grow : Coaching Global Talent Mobility Mentoring Internal Job Posting 3. People Identification 6. Dashboard Talent Identification Successor Identification How Talent Management benefit Employee through People Journey 1. Employee Mapping Workstream Talent Pools Hidden Gems Talent Optimization Low Performer 1. Talent 9 Box HAV Matrix : Hidden Gems Talent : The employee highlight : Performance Trend (Low Measurement : Age max. at 45 y.o. A person that gets an Rating Consistently) : Performance & Has STEM advantage without earning Downward - shows Potential (KSEA) Certification it. declining in trends Result :STAR, Emerging Top /international Those worker who benefit STAR, Emerging university graduates Stagnant -shows from existence, but don’t Successor Experience in companies stable trend 2. belong to the teams or Nomination with rigorous selection consecutively don’t give their Critical Position & methodology practices contribution & capacity. Upward - shows the Close to Pension Nominated as increasing in trend Age (≥50 yo) successor Low Performance in 1 3. Tour of Duty Plan BU Recommendation years of working in the Promotion Company) Eligibility Assignment/ movement plan How Talent Management benefit Employee through People Journey 2. People Review Talent Talent Talent Performance Acceleration Program Exposure Program Preventive Action Enhancement Plan Succession Planning Hidden Gems Grow Rotation (as per Talent PIP Program Talent Grow Card Card aspiration for Talent (Coaching for Global Talent Exposure &Project growth) Performance, Mobility (GTM) Assignment Coaching for Project Improvement, Retention Plan Performance Training /Courses) Promotion & Salary Job Enlargement / Rotation (put the right Adjustment Job Enrichment people in the right place) Internal Talent Resignation with Hackathon package (no Development replace) Program  How Talent Management benefit Employee through People Journey 3. People Identification to be Talent & Successor Talent & Successor Pre Identification Calibration & Final Talent to be Development & Aspect to identify Talent further Development Engagement 1. Talent have been pre identified through HAV Matrix SAP Fiori, will be calibrated and validated whether the HAV Matrix SAP Fiori KPI (Customer, employee as a Talent or not yet Financial, Internal Talents : Star, Emerging and Emerging Star Development : Business Process, Generated Short & Mid Term Plan Quantitative Learning & Growth) into 9 Box Talent Category 1. Education (Training / Performance Certification / DP Qualitative 360 Feedback Program) 2. Exposure (Coaching & Mentoring) 5 Pillars / STEM (Science, Technology, 3. Experience (Project Knowledge Engineering, Math) Assignment) Education Background (>S2, S1,