How Do You Define Talent Management?

 An organization's ability to integrate and manage talent effectively has never been more essential than in today's volatile business market. Unfortunately, for many organizations simply defining talent management is difficult. Previous research on talent management rarely underlies a common agreed-upon definition, leading ASTD/i4cp to conduct a study on Talent Management Practices and Opportunities.
While most leaders do not agree on one narrow definition of talent management, they do seem to share an idea about the basic parameters of the subject. After careful identification of the variables comprising talent management, ASTD/i4cp defined talent management in this way:

• A holistic approach to optimizing human capital, which enables an organization to drive short- and long-term results by building culture, engagement, capability, and capacity through integrated talent acquisition, development, and deployment processes that are aligned to business goals. continue reading 

The Science of Happiness at Work

What drives you to be happy at work and why does it matter? The iOpener Institute and ASTD are giving you the opportunity to take an evidence-based benchmarked assessment. This new and unique tool will offer you personal insights and an understanding of how to leverage happiness at work for yourself, your teams and your organizations.
But why does it matter? Our empirical data shows Happiness at Work drives increased performance, productivity and a sense of achieving potential.  Seven years of research and development have resulted in ROI-linked metrics that enable orgs, teams and individuals to assess the status quo, analyze the results then act on the findings.

Read More at: The Science of Happiness at Work 

Recession Woes Change to Talent Management Worries

As the recession gradually wanes in its intensity, companies are growing increasingly concerned about key talent leaving. Sixty-four percent of companies are worried they may lose managers in a better job market, according to a survey of 262 companies by global talent management firm OI Partners, while 48 percent are worried they may lose executives.

Organizations may not be off base in their fears as more employees voluntarily quit their jobs in February, March, and April of 2010 than were laid off, based on information from the U.S. Bureau of Labor Statistics. February 2010 marked the first time in 15 months (since October 2008) that this was the case.

"There is a lot of pent-up frustration among employees who have survived layoffs, cutbacks, salary freezes, and other givebacks," said Tim Schoonover, chairman of OI Partners. "Companies have to demonstrate to employees that they are valued by investing in their career development, or they may lose them.”

The costs of replacing employees at the managerial and senior levels are quite significant when considering recruitment and training of both the employee who leaves and the new worker, lost business, and severance pay and benefits. For an executive, these expenses would amount to two and a half times her salary, and for a manager, two times his salary.

To retain managers and executives, 44 percent of companies are offering better salaries and benefits, and 60 percent are using in-house trainers and coaches.

In addition, organizations are also paying closer attention to who they hire in the first place as hiring the wrong managers and executives has been reportedly tied to low employee morale (83 percent), decreased worker productivity (78 percent); lost business and market share (53 percent); and high employee turnover (54 percent).

“Companies need to adopt an effective talent management strategy to identify, develop, and retain top talent and ensure that employees are achieving their full potential,” says Schoonover. “The survey demonstrates that businesses need to focus on coaching executives and managers in motivating employees, engaging them in their jobs more fully, and promoting better teamwork.”

Talent Glass Is Half Full

Executives believe in the possibilities of high-potential performers. Sixty-four percent of global leaders said they currently have or plan to implement high-potential talent management programs in 2010, according to the Pulse on Leaders survey from PDI Ninth House.

Respondents were leaders from 100 global organizations based in North America, Europe, and Asia Pacific.

High-potential leaders are defined as “those with the capability to take on significantly more responsibility and challenges—often in an accelerated timeframe—and to climb several levels beyond a current role.”

Focusing on exceptional talent for professional development programs can often have a significant return-on-investment. For example, one global technology organization that worked with PDI Ninth House on a program to help top employees lead important projects led to a 20 percent, or roughly $25 million increase, in revenues.

However, 26 percent of respondents reported they don’t have a high-potential program in place nor do they plan to implement one this year, and another 10 percent reported they don’t have the resources to institute a program.

PDI Ninth House recommends these programs because they focus on skills, values, and motives; they provide networking opportunities and relationship-building; and they enforce versatility, as well as providing intensive feedback, hands-on opportunities, action learning, and stretch assignments.

Disks That Flop: Implementation of New Technology Prevented by IT Understaffing

Does your company computer run slower with every passing day? You might just be one of many employees in the same predicament.

Sixty-four percent of chief information officers (CIOs) reported that understaffing in their company’s IT department at least partially interfered with their ability to implement innovative or emerging technologies, according to a survey by Robert Half Technology.

The company offers the following tips for companies that may be facing an IT staffing shortage: asking IT employees to provide workload updates to ensure that their to-do lists are manageable; getting other employees involved and brainstorming creative solutions and workarounds; taking stock of current skills to see if employees have the necessary ones to implement an emerging technology; and finally, considering reinforcements, in the form of cost-effective project professionals and other types of independent contractors.

Career Resolutions May Mean Pursuing Ambitions Elsewhere

The impending arrival of a new year may mean the desire for a new job for many employees. Sixty percent of respondents intend to pursue new job opportunities as the economy improves in 2010, according to a survey of more than 900 North American workers by Right Management.

In addition, 21 percent self-identified as “maybes” that have been networking in case something sparkly and better might come along.

“Employees are clearly expressing their pent up frustration with how they have been treated through the downturn,” says Douglas J. Matthews, president and CEO of Right Management. “While employers may have taken the necessary steps to streamline operations to remain viable, it appears many employees may have felt neglected in the process. The result is a disengaged and disgruntled workforce."

Only 13 percent of workers indicated that they intended to stay at their jobs, with another 6 percent saying a job change was unlikely though they updated their resumes to be safe.

“A segmented, customized and flexible talent strategy is critical to stem the alarming levels of employee turnover anticipated next year,” says Matthews.

I guess it’s not so far-fetched to say that as the recession reluctantly makes its way out of the hot buzzword arena, it just might bump into talent management brashly pushing its way back in.