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Return On Talent: DR - Sagar G Guest Faculty Cbsms

This document discusses return on investment (ROI) in talent management. It provides steps to calculate ROI, including determining costs of the current performance management process and new talent management system. Other factors that can impact ROI are improved employee feedback, goal alignment, development planning, satisfaction, and retention. Tips for measuring ROI include linking it to business outcomes, understanding stakeholders, establishing a baseline, and providing context. Optimizing talent requires diagnosing talent needs, designing strategy, hiring top talent, and inspiring employees. Integrating compensation with talent management requires considering both employee-centric and job-centric factors. A talent management system can manage recruitment, performance, learning, and compensation. Psychometric assessments allow employers to assess dimensions beyond resumes like

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106 views13 pages

Return On Talent: DR - Sagar G Guest Faculty Cbsms

This document discusses return on investment (ROI) in talent management. It provides steps to calculate ROI, including determining costs of the current performance management process and new talent management system. Other factors that can impact ROI are improved employee feedback, goal alignment, development planning, satisfaction, and retention. Tips for measuring ROI include linking it to business outcomes, understanding stakeholders, establishing a baseline, and providing context. Optimizing talent requires diagnosing talent needs, designing strategy, hiring top talent, and inspiring employees. Integrating compensation with talent management requires considering both employee-centric and job-centric factors. A talent management system can manage recruitment, performance, learning, and compensation. Psychometric assessments allow employers to assess dimensions beyond resumes like

Uploaded by

sumi akter
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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RETURN ON TALENT

CHAPTER 4
DR.SAGAR G
GUEST FACULTY CBSMS
Return on investment in talent
management

 ROI is the ratio of money gained or lost on money invested into a


particular product, process or a project. Typically these calculations are
undertaken over a three year period. Here are the steps to be followed.
Calculate ROI

 STEP 1: CALCULATE THE COSTS OF YOUR CURRENT PERFORMANCE MANAGEMENT PROCESS


 STEP 2: ESTIMATE WHAT A NEW TALENT MANAGEMENT SYSTEM WOULD COST
 STEP 3: CALCULATE YOUR ROI
 OTHER THINGS TO CONSIDER
 the quality and consistency of feedback employees receive, resulting in improved
performance
 goal and workforce alignment, resulting in better corporate results
 employee development planning, making it more comprehensive and effective, and
resulting in improved performance
 employee satisfaction
 employee retention
4 tips to measure ROI

 1. Link ROI to business outcomes


 Recruiting Reduced time to hire Reduced administrative time and
effort Reduced agency spend
 Onboarding
 Reduced turnover Reduced new-hire administration
 2. Know your stakeholders(In the views of CIO/CEO/CFO)
 3. Establish a baseline
 4. Always provide context
Measure Your Return On Talent

 1) Create a team who are responsible for developing talent

 2) Develop a means of measuring the return on talent

 3) Put in a process to increase the ROT figures


Needs to Evaluate Your ROT

 How wide and deep is your talent pipeline?


 What is your competition doing to attract and retain talent that you are
not?
 Do you have a formal, measurable mentorship program in place?
 Are you rewarding the correct leadership behaviors?
 Do you have core competencies identified for the whole organization?
 Do your employees know what’s expected of them? Do they have the
skills, experience and competencies to succeed?
Optimizing investment in talent

Defn: Talent optimization is a discipline that helps leaders close the talent gap
and solve their business problems once and for all

 There are four aptitudes you must master to master talent optimization:
 Diagnose: You’ll measure your people data, analyze that data, and prescribe
remedies as needed.
 Design: You’ll create and evolve your people strategy.
 Hire: You’ll use people data insights to hire top talent and build high-
performing teams.
 Inspire: You’ll use people data to drive important employee-oriented activities.
Essential of talent Optimization

1. Business context frames talent optimization.


2. People data drives talent optimization
3. Everyone in the organization must embrace talent optimization
4. Talent optimization protects against the four forces of disengagement
 Misalignment with the job
 Misalignment with the manager
 Misalignment with the team
 Misalignment with the culture
Integrating compensation with talent management

 Compensation management is job-centric whereas all other talent management functions are
employee-centric. Think about it for a moment. Your strategy is all about recruiting employees,
training employees, aligning employee performance plans with corporate goals, planning
employee growth and development, and identifying employees with potential then charting a
course to help them realize it.

 Compensation management, by contrast, is all about jobs: what they are worth in the marketplace,
how they stack up against one another internally, what grades or bands they fall into, and what
target incentives and equity compensation are associated with varying levels of jobs within the
company.
Talent management information system

 A talent management system is an information technology solution to


manage four corner points of human-resource management:
 Recruitment,
 Performance management,
 Learning-development management and
 Compensation management.
Talent management information system

A development of the talent management system requires the following:

 Finalization of various competencies around which future development of an employee is to take place.

 Creating of a human-resource model to rank and stack the existing workforce.

 Examine the current human-resource process to identify the developmental areas.

 Develop tools to increase existing talent pool.

 Pro-actively identifies future skill set requirements and manages the talent pool accordingly.
Psychometrics for talent management

 Psychometric assessments allow employers to assess dimensions of a person that

wouldn't necessarily be clear on a resume or performance review, like problem-

solving ability, social intelligence, and personality. Talent acquisition teams

increasingly leverage psychometric assessments in the hiring process.


THANK YOU

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