November 2, 2021 — Creating a Modern Talent Management Philosophy

Summary

In this session, Sherry explores the importance of creating a modern talent management philosophy, emphasizing how organizations can improve business outcomes through strategic talent management. She highlights the need for a unified approach to hiring, developing, and retaining employees, as well as the evolving expectations of candidates and employees post-COVID. Sherry stresses the importance of leadership alignment, competency models, and diversity initiatives within talent practices. The session also addresses practical steps for aligning talent strategies with organizational goals, ensuring business growth, and preparing for future challenges in the 'war on talent.'

Takeaways

• 😀 Talent management philosophy is crucial for scaling businesses, reducing silos, and improving employee experience.
• 😀 HR's role as a strategic partner can add significant value when aligned with a well-defined talent management philosophy.
• 😀 The 'war on talent' is real; attracting, retaining, and growing talent requires more than just perks like snacks or foosball tables.
• 😀 Employees now expect growth opportunities, and organizations will be evaluated based on their ability to meet these expectations.
• 😀 Without a talent management philosophy, leaders often rely on personal biases, which can hinder fair and consistent talent decisions.
• 😀 A company's approach to managing talent is influenced by five key elements: performance, differentiation, transparency, accountability, and growth.
• 😀 To develop a talent management philosophy, it's essential to gather input from senior leadership and align on core principles and practices.
• 😀 Business and talent strategies must be closely integrated; organizational goals should dictate HR priorities and talent management practices.
• 😀 Competency models help define the knowledge, skills, and abilities required for roles, and should be unique to each organization’s needs and values.
• 😀 Diversity, Equity, and Inclusion (DEI) must be embedded into every stage of talent management, from hiring to retention.
• 😀 Continuous improvement and agility are key to successfully implementing and adapting talent management strategies over time.

Q & A

Why is having a talent management philosophy important for organizations?

A talent management philosophy helps organizations align their talent strategy with business goals, improve employee experience, reduce silos, and enhance HR's role as a strategic partner. It drives effective scaling, growth, and consistency in how talent is managed across departments.

What role does HR play in the context of a talent management philosophy?

HR plays a critical role in shaping and executing a talent management philosophy, especially in driving business outcomes. HR can become a key strategic partner by ensuring that talent management practices are aligned with organizational needs and that leadership is held accountable for performance and development.

How has the talent management landscape changed post-COVID?

Post-COVID, the traditional siloed approach to talent management has been disrupted. Organizations now face challenges such as the 'war on talent,' where attracting and retaining top talent requires more than just perks like snacks or foosball tables. A more strategic and intentional approach is needed.

What is the significance of a talent philosophy in terms of leadership behavior?

A talent philosophy ensures that leadership behavior is aligned with organizational values and strategic priorities. Without a clear philosophy, leaders may rely on personal biases and preferences, which can result in inconsistent and unfair talent management practices.

How can companies create a modern talent management philosophy?

A modern talent management philosophy can be created by engaging senior leadership to gather their input and reach consensus on key elements. This should involve mapping out the organization's current talent management practices, aligning them with business goals, and addressing gaps or inconsistencies in practices.

What are the five key elements of a talent management philosophy as proposed by Mark Efron?

The five key elements are: 1) Performance – defining the thresholds for employee performance; 2) Differentiation – determining how much to invest in top performers; 3) Transparency – deciding how openly to share information about employee performance; 4) Accountability – ensuring leaders are responsible for developing their teams; 5) Business Impact – ensuring talent strategies support business outcomes.

How does an organization determine the roles and competencies needed to achieve business goals?

Organizations can start by identifying their strategic goals and priorities. They then determine the roles and competencies that are needed to achieve these goals, such as increasing revenue from current customers. This helps guide hiring, development, and retention efforts to meet business needs.

What is the relationship between competencies and business strategy in talent management?

Competencies are the knowledge, skills, abilities, and attributes employees need to be successful in their roles. By aligning competencies with business strategy, organizations can ensure that their talent is equipped to meet strategic goals and deliver business outcomes.

What are some key considerations for organizations when developing a competency model?

When developing a competency model, it is crucial to ensure that the competencies are tailored to the organization's specific goals, values, and culture. The model should reflect both current and future needs, and be adaptable to changes as the organization grows or faces new challenges.

How does diversity, equity, and inclusion (DEI) fit into a modern talent management philosophy?

DEI should be integrated into every step of talent management, from hiring and growth to retention. For example, organizations should showcase their commitment to DEI through their employer value proposition (EVP), train interviewers to prevent bias, and ensure pay equity across gender, ethnicity, and other demographic factors.