Menu:
Tips: Talent Management
A Talent Strategy should address key leverage points in order to increase the quality and consistency of the talent base, for example:
- Improve the calibre & performance of existing talent.
- Prepare high potential employees for their next promotion.
- Retain the best people, skills and knowledge.
- Focus development efforts where it will reap rewards.
- Supports development activity in the business and avoids a ‘one size fits all’ approach
- A consistent approach to rewarding and developing talent.
- Develop ‘home grown’ as well as externally recruited people; lower cost and better motivation.
- Ensure you have the skills and talent you need for the future.
Performance and Potential
Talent is usually assessed using two dimensions:
Performance
Assessment of performance rating is usually taken from the most current performance review. Performance rating usually reflects the performance against objectives and skills required for a team member’s role and overall contribution
Potential
Potential is more subjective and based on qualitative assessment. It is about looking forward and predicating what a team member could be capable of in the future. Whether a team member is ready to move up within the organisation or stay where they are.
Do not typecast people into a category as their performance and potential changes, and can be developed.
Potential and performance shift over time – e.g. a promotion or change in job can result in performance levels dropping for a short term whilst the person adjusts to the challenges of the new job.
If you discuss the talent plan with your team member take care to position your feedback carefully. Discuss what you see as the team member’s key strengths and talents and where you see opportunity for them to develop.
Performance vs. Potential Grid
When discussing Talent in your organisation looking at both Potential vs. Performance is useful to see critical resources and evaluating your organisations talent pool. This is often plotted in a 3x3 grid – sometimes called the “Talent Management Nine-Box Grid” (similar grids can be constructed with different scales). Each box has appropriate strategies and actions for managing people with that mix of potential and performance.
|
^ ^
|
H |
High potential and High potential to advance further although underperforming Maybe in wrong job/wrong manager; needs intervention |
High potential and Demonstrates high potential to advance further Valued talent, challenge, reward, recognise and develop |
High potential and Highest potential – best for senior succession Top talent, reward, recognise, promote, develop |
|
M |
Medium potential and Likely to have scope to move one level/ challenge is necessary as under-performing. May have lost pace with the changes in organisation Provide coaching |
Medium potential and Likely to have scope to move one level/ challenge is necessary as under-performing. May have lost pace with the changes in organisation Motivate, engage and reward |
Medium potential and Likely to have scope to move one level/ challenge is necessary as under-performing. May have lost pace with the changes in organisation Strong contributor, challenge, reward, grow and motivate |
|
|
L |
Low potential and Has reached job potential and is underperforming Performance manage or exit |
Low potential and Specialised or expert talent – reached career potential Engage, focus, motivate |
Low potential and Specialised or expert talent – reached career potential Retain, reward, help with developing others |
|
|
|
|
Low |
Medium |
High |
|
|
|
Performance >> |
||