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1、Talent MagnetsHugh Bucknall21 August 2001-Issues and Practical ExperiencesNicole SextonGuangzhou Office Opening Ceremony SeminarTalent MagnetsSession 2:Practical experiencesLessons from other placesWhat they have done about itWhat does it mean for youHugh Bucknall21 August 2001William M.Mercer,Incor
2、porated4 Ways to become a Talent MagnetStaff Attraction&RetentionSchemesEmployment BrandingSuccessionPlanningTalent Management2William M.Mercer,IncorporatedPractical experiencesnFacts and FictionnResponding to the challengenTake awaysnDispelling the mythsnSetting the record straightnWhy it is a very
3、 big business issuenDiagnosticsnToolsnCase studiesnHow do you ratenTools you can use3William M.Mercer,IncorporatedFacts and FictionnDispelling the mythsnSetting the record straightnWhy it is a very big business issue4William M.Mercer,IncorporatedThe Common Myth of Talent Management.Even though pay h
4、as been increasing,“its a problem of COMPENSATION”it is not enough to attract,retain and motivate professionals.5William M.Mercer,IncorporatedSo,what are the magnets that bind?4Inspiring Leadership4Fun work culture4Challenging Work4Feedback4Career growth4Pay is fair6William M.Mercer,IncorporatedAnd,
5、why do top talent leave?6Bad boss6No career prospects 6No feedback and support6Broken promises6No customisation for my needs6Wrong people in wrong jobs6Red Tape6My voice not heard6Work life balance6PayWm M Mercer Private Survey in Singapore 20007William M.Mercer,IncorporatedHigh-performance talent m
6、anagementpractices yield significant economic returnsThe Business OpportunityBased upon a one-standard-deviation increase in highperformance talent managementpracticesTalentTalentManagementManagementSystemSystem$27,000Sales/EE$18,600MarketValue/EE$3,800Profit/EE7%TurnoverDecreaseSource:“Mark A.Husel
7、id,“The Impact of Human Resource Management Practices onTurnover,Productivity and Corporate Financial Performance,”Academy of ManagementJournal 38(1995)8William M.Mercer,IncorporatedHigh-performance talent managementcreates an employee-customer-profit chainIncreased employeecommitment andproductivit
8、yIncreased customersatisfaction andretentionIncreasedshareholdervalueFor every 5%improvement in employee behavior.1.3%increase in customer retention1.04%increase in revenues and 0.4%increase in profitsSource:Anthony J.Rucci,Steven P.Kirn,and Richard T.Quinn,“The Employee-Customer-Profit Chain at Sea
9、rs,”Harvard Business Review,January,1998/February,19989William M.Mercer,IncorporatedThe cost of turnover is a business issueRule of thumb=equivalent to 6m-3.5yrsAverage annual salaryTurnover%Number of employeesFactor-0.5-3.5*XXXAnnual costAnnual cost=RMB15,00022%10001.5RMB5million=10William M.Mercer
10、,IncorporatedWhy companies treasure Top TalentrIt costs 10 times salary to replace Top Talent r3-5 times the value marginal costrBuild future businessrMove and shakerMake things happenrMagnet for more Top Talent11William M.Mercer,IncorporatedSource:McKinsey,Winning the War for Talent,1999My Company.
11、Brings innHighly talented people10162333KnowsnWho the high and low performers areRetainsnAlmost all high performersDevelopsnPeople quickly and effectivelyRemovesnLow performers relatively quicklySo is anyone doing a good job?12William M.Mercer,IncorporatedImpact of the bad performerBad performers ar
12、e a major reason why good people leave*Adapted from Centre for Creative Leadership“Low performers”in Critical JobsLow Job PerformanceHigh Performers Leave companyDevelopment/Advancement Opportunities LostSubordinates Not DevelopedProductivity and Morale Goes Down13William M.Mercer,IncorporatedHow ar
13、e others responding to the challengenDiagnosticsnToolsnCase studies14William M.Mercer,IncorporatedManaging talent in a systematic waynCreate a context for talent development and management to thrive.Learning ContextnWhat does the organization need from people in order to meet its business strategy?L
14、eadership challenges driven from business strategyCompetency modelsPosition profilingOrganization ProfilenIdentify gaps between organizational needs and people capabilities and develop plans to shore gaps.Talent reviewDevelopment plansJob assignmentsTrainingMentoring and coachingReplacement plans Ta
15、lent Review/Development PlansnWhat capabilities currently exist within the organization?Talent assessmentTalent ProfileTalent as a Corporate AssetnPeople capabilities and development are aligned with current and future business needs.15William M.Mercer,IncorporatedSome topics to look atIntegrated Se
16、lectionCompetency FrameworksRole Profilinge-RecruitmentRe-engineering Recruitment ProcessOrganisational Transition InventoryEffective InductionBespoke Market SurveyTotal Remuneration StudyIntegrated RewardEmployee Benefit FlexibilityReward Strategy ReviewHR Risk ReviewInspiring LeadershipPerformance
17、 Management Systems DesignCompensation Management ReviewCareer ThemingInternet/Intranet Web DesignDesign Company-specific Assessment CentreSkills Gap Analysis and PlanningTraining and Development Interventions16William M.Mercer,IncorporatedRoot causes of turnover can be groupedUnemployment ratesMark
18、et shareEmployment cost Competition(location and number)Labor pool External influencesMarket placePromotion historyWage growth Position tenure Education Age ExperienceFull time/part time statusPerformance ratings Exempt/non-exempt statusGenderEthnic backgroundJob/occupationIncentive earningsTraining
19、Employee attributesEmployment riskManagerial turnover Bonus participation SupervisionWorkloadPay levels and structure SizePrior turnoverTenure Recruiting source Employee heterogeneityTraining investmentsOrganizational practicesImpact of turnoverLittle or no impactHigh impact17William M.Mercer,Incorp
20、oratedThe Power of AnalysisReduction in turnover0.00%2.50%5.00%7.50%10.00%Turnover driverExternal1-point rise in unemploymentOrganizational:Supervisor does not leave10%reduction in layoffs10%decrease in overtimeHire 20%more from employee referralsIndividual:If promoted in past yearIncrease jobs perf
21、ormed(from 1 to 2)1-year increase in length of prior jobs1-year decrease in current position 10%raise in base pay1-year decrease in organisational tenureIncrease to 30%with university degrees(NBThese are case-specific findings.)10%raise in base paySupervisor does not leave18William M.Mercer,Incorpor
22、atedRatings by Performance and PotentialCurrent PerformancePotentialLeadership Assessment SummaryAt StandardBelow StandardLowAverageExceedsStandardHighJean Dole Chris JonesCarol CanePat MitchellJohn Doe Troy SmithPromotable NowHigh PotentialExperienced ProfessionalPlacement IssueMark Kent19William M
23、.Mercer,IncorporatedJill McGinnisVP,Design&Devel.David BakerVP,MarketingABC CorporationArlene J.CookMichael DuncanVP,OperationsJosey MillerBrian CrossAndrew StephanMerch.ManagerPatti FoechtVP,Merch.Aaron WhiteDir,of CommunicationsRobert CarlsonVP,CommunicationsRalph DiNardoVP,CommunicationsGary R.Ci
24、llsPresidentSuccession Planning Coded ChartRetail StoresDesign ManagerDirector of MarketingHigh PotentialIrreplaceable ProAssess TalentMeets ExpectationsPerformance ProblemsKEYPromote Now20William M.Mercer,IncorporatedImproving staff selection21William M.Mercer,IncorporatedIndividual Development Pla
25、nResults from InitialAssessmentPerformance HistoryEducationPersonal profiles provide a starting point for development planning discussionsUndergraduate degree,school major,dateGraduate degree,school,dateCertification/designations/credentialsEmployment HistoryAt current employer:Company,title,locatio
26、n,dates,manger Prior employers:Title,location,dates Overall rating,for how many years?Objectives,action plan/timing,measures,resultsProfessional DevelopmentInternal:task forces,leadership roles,etc.External:Leadership roles,significant government/community involvementOverall rating/ranking,score for
27、 each success factorPotential Job OpportunitiesJob title,location,readinessAdditional CommentsFuture career interests22William M.Mercer,IncorporatedMultiple Career Paths Level 1SupervisorSupervisorSeniorLocal ProjectLeadLiaison/CoordinatorLevel 2ManagerManagerLocal LeadUnit ProjectHeadIntegrationAdv
28、isorLevel 3Small BU HeadDirectorCompanysExpertEnterpriseProject HeadSenior IntegrationAdvisorLevel 4Large BU HeadEnterpriseFunctionHead Level 5Group Head Key Career Path OptionsBusiness Unit LeadershipFunctional AreaLeadershipTechnical/Functional ExpertsProject Management ExpertsCross-FunctionCross-
29、EnterpriseIntegratorsExamples of Career MilestonesAn Illustration23William M.Mercer,IncorporatedWork experiences are the most powerful development mechanismnFull job changenJob designnSpecial projects&assignmentsIncreasing Valuen360-degree feedback&evaluationnCoachingnMotivated self-developmentnForm
30、al training ExperientialAssignmentsFeedback&CoachingTraining*Adapted from:CCL24William M.Mercer,Incorporated360 degree feedback,skilled coaching,job andproject assignments and training are the mostcommonly used mechanism for developing talent554565384281752081 89Other managers:Top executives:Trainin
31、g programs360-degree feedbackAssessment centersIndividualdevelopment plansDevelopmental job assignmentsExecutive coachingFormal mentoringInformal mentoringAction learning projectsTeam-building activities34223913767265207972Developmental opportunities for.Source:The Conference Board,HR Executive Revi
32、ew:Developing Leaders 25William M.Mercer,IncorporatedUsing Web Enabled Technology,eg.360 Degree Feedback26William M.Mercer,IncorporatedSome of the best places to work-GENamePositionNamePositionKey elements of GEs“Session C”talent review performance of divisional leadership.Jack Welchmay spend 5-10 m
33、inutes reviewing the performance and developmental needs of each individual*Source:Corporate Leadership Council Hypothetical based on GE Power systemsBackground/ExperiencesProvides background,context for discussion of managers currentperformanceEducationGE Service Date-Yrs.Promotability/PerformanceU
34、niversal potential,performance rating allows cross-calibration of talentacross the companyPromotability APerformance 1Trend UpwardAccomplishments:PerformanceA.ExceedsB.Fully meetsC.Partially meetsD.Fails to meetPromotability1.Highly promotable,significantleadership potential2.Promotable,significant
35、leadershippotential3.Effective-limited promotability4.Too soon to call5.Improvement needed360 degree assessmentLeadership abilities evaluated against corporate standard,not requirementsof a specific jobLeadership AbilitiesDevelopment/ActionsDevelopment actions determined based on assessment of indiv
36、idual need,career aspirationsStrengthsDevelopment NeedsCareer InterestsPlans/ActionsFuture Assignment Experiences Key Courses27William M.Mercer,IncorporatedSome of the Best Places to Work*ComputerWorld Magazine,November 2,1998 Reduced turnover from 10%to 5%by focusing on“what technical people really
37、 want”Internship program stresses IT/business immersion,accountabilityEntire IT community interacts with job candidatesComprehensive,multimedia IT tool kit guides career development with road maps from job to jobTechnical and business training encouragedComprehensive IT leadership programs at middle
38、 and upper levelsHiring from within and intracompany movement encouragedIT community building encouraged28William M.Mercer,IncorporatedSome of the Best Places to Work35-hour full-time workweekLive piano music in cafeteria;unlimited beveragesWeek off between Christmas and New Year36,000 square foot o
39、n-site gymOn-site day careOn-site massagesUnlimited sick days and time to care for sick familyLights out at 5:00!*Fast CompanyMagazine,1998 Offers no stock options,and Offers no stock options,and Offers no stock options,and salaries are no better than salaries are no better than salaries are no bett
40、er than competitive,yet turnover is an competitive,yet turnover is an competitive,yet turnover is an unbelievable 3%*unbelievable 3%*unbelievable 3%*29William M.Mercer,IncorporatedTake awaysnHow do you ratenTools you can use30William M.Mercer,IncorporatedHow Does Your Organization Rate?nShared set o
41、f values around talent managementnUnderstand what is required from people inorder to meet business plansTransitioning the strategy to talent requirements:Grade:_nCulture encourages risk-takingnEmployees have access to role modelsnManagers are held accountable for developingtheir employeesnEmployees
42、are recognized and rewarded fordevelopmentnPeople promoted are good role models ofdesired behaviorsnSenior leaders participate in training othersCreating a content that values learning&development:Grade:_nShared set of values around talent managementnUnderstand what is required from people inorder t
43、o meet business plansTransitioning the strategy to talent requirements:Grade:_nDevelopment is recognized as a corporate prioritynFrequent feedback from,multiple source is givennWillingness to put people in stretch assignmentsnPeople are moved cross-functionally,cross business-units etc.Developing fu
44、ture leaders:Grade:_nBelief that talent impacts thebusinessnManagers know strengths andweaknesses of employeesnUnderstand where talent gaps existnDifferentiates people onperformance and potentialCreating a talent mindset:Grade:_31William M.Mercer,IncorporatedCosts of turnoverCosts of turnoverCulture
45、 AuditCulture AuditProcess designProcess designCompetencydevelopmentCompetencydevelopmentCommunicationstrategyCommunicationstrategyRemuneration&benefitsRemuneration&benefitsRecruiting strategyRecruiting strategyCulture changeCulture changeRetention analysisRetention analysisProcess mappingProcess ma
46、ppingSegmentationSegmentationCommunicatingCommunicatingPlanningPlanningPerformancemanagementPerformancemanagementResults trackingResults trackingLeadership&managementdevelopmentLeadership&managementdevelopmentAbsencemanagementAbsencemanagementAbsence trackingAbsence trackingExit interviewanalysisExi
47、t interviewanalysisOrganisationdesignOrganisationdesignLearning&DevelopmentstrategyLearning&DevelopmentstrategyUnderstandingthe issuesSolutiondesign&developmentSolutionimplementationAgreeddeliverablesProfiling talentProfiling talentSome of the tools availableEmployer brandreviewEmployer brandreviewD
48、ata analysisData analysisBenchmarkingBenchmarkingEmployer branddimensionsEmployer branddimensions32William M.Mercer,IncorporatedSo,in SummarynThere are some who make things happennThere are others who watch what happensnThere are even more that wonder what happenednThe talent war is real losing is not a good option33William M.Mercer,Incorporated4 Ways to become a Talent MagnetStaff Attraction&RetentionSchemesEmployment BrandingSuccessionPlanningTalent Management34