...law oFFice maNaGemeNT & aDmiNisTRaTioN RePoRT large firms, down somewhat. TALENT MANAGEMENT — Given productivity improvements in many firms over the past several years, it will be increasingly difficult for those firms to achieve the same gains in productivity that characterized performance over the past half decade. How to make Talent acquisition easier in Today’s marketplace — While demand for litigation continues to grow, there are signs that rates of growth are leveling off. — The real estate market appears to be cooling down. — Many clients are working aggressively to reduce their legal costs, and convergence projects will take a toll on many firms. — Operational costs are rising and will perhaps continue to do so because of this latest round of associate “salary wars.” — continuing growth and consolidation in the legal market will make it increasingly difficult for firms to differentiate themselves from their competitors. o coming to future issues of LOMAr l New—and Indispensable—Data on Law Firm Finances l Must-See Resources from LOMAr’s Summer Management Reading List l Best Marketing practices: 50 Tactics to Try Now! l Technology Do’s and Don’ts for Firms Set to Buy at Year-End l Exclusive Reports from the Industry’s 2006 conferences and Annual Meetings l What’s New With the ALA? l Associate compensation Is on the Rise: Here’s What the Shift Means for partners l 4 How to Select...
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...in frontier markets like much of sub-Saharan Africa, along with some countries in Central Asia, Latin America, and Southeast Asia face hurdles more challenging than anything they have seen in the BRICs, especially in recruiting, retaining, and developing employees. The frontier markets are at the heart of Etisalat’s long-term strategy and although telecommunication and technology are their main-business their biggest challenge lies in their talent management strategy. The nature of our industry and the dynamics of the market these days dictate that companies need people who are not just very capable but very adaptable to changing financial times and various geographic environments. Also, robust retention packages and incentives are required to retain talent. Etisalat has been able to attract, retain, and manage executive talent not just based on the compensation package, but also on their ability to create a long-term relationship and opportunities for professional development. They create a snapshot of each individual in their talent pipeline in terms of the three Es: education, experience, and exposure. And then they create the opportunities to make sure that they are well rounded. Etisalat maintains employee loyalty by offering not only competitive compensations and benefits but also by providing them with safe and interactive work environment. Employees in challenging markets with volatile political and economic situation are allowed to enhance their personal and professional...
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...ASSIGNMENT NO. 2 TALENT MANAGEMENT RESEARCH PAPER TABLE OF CONTENT I. Executive Summary…………………………………………………...............3 II. Introduction…………………………………………………………................4 III. What is the meaning and nature of talent or global talent management and succession planning in particular organizational contexts?.................................5 IV. What are the key challenges faced by organizations in their approach to talent management?.......................................................................................................7 V. What are the measures of success/critical success factors for talent management initiatives for both the management of the organization and its employees?......9 VI. Conclusion……………………………………………………………..….....13 VII. Bibliography & Reference..……………………………….…………………14 TALENT MANAGEMENT RESEARCH PAPER By Ramy Emam Page 2 I. EXECUTIVE SUMMARY What is talent management? Wide variations exist in how the term ‘talent’ is defined across differing sectors, and organizations may prefer to adopt their own interpretations rather than accepting universal or prescribed definitions. That said, it is helpful to start with a broad definition and, from our research, we have developed a working definition for both ‘talent’ and ‘talent management’: Talent consists of those individuals who can make a difference to organizational performance...
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...Performance Appraisal Form of Talent Management Head a) Objectives: * Hiring culture fit employees * Talent Retention * Effective workforce planning b) Dimensions: Quantitative: 1. Cost per hire – A metric is designed to measure the costs associated with the sourcing, recruiting and staffing activities borne by an employer to fill an open position in the organization 2. Time to fill – From the time you advertise your vacancy till the time the candidate is actually on board 3. Performance of hired employees – Appraisal rating of employees joined after one year of hiring 4. Attrition rate – Attrition rates describe the rate at which employees leave a company Qualitative: 1. Aligning talent acquisition strategies with business needs – Identifying the business needs and aligning the talent acquisition strategy accordingly to contribute in fulfilling business strategy 2. Effective use of technology in hiring – Using the latest online mediums available (for example: portals, LinkedIn etc.) and targeting at reducing the cost c) Measures: S: Strengths to build upon P: Performs well & meets expectations D: Developmental needs I: Issue Dimension | Expectation | Actual | Measure | Quantitative | Cost per hire | 10% of CTC | 8% of CTC | S | Time to fill | 2 months | 3 months | D | Performance of hired employees | >= 3 | 3.5 | P | Attrition rate | < 6% | 5.8% | P | Qualitative | Aligning talent acquisition strategies...
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...Summer Internship Report On TALENT MANAGEMENT & PRACTICE ACKNOWLEDGEMENT The completion of this project is the result of the efforts of many people who are directly or indirectly involved with me from the initial stages onwards. I am therefore, indebted to all those who have made this project a success. Foremost, I would like to thank the almighty who has been the apostle of my strength throughout. It is my distinct honor & privilege to work under the able guidance of my faculty guide Mr. T.V.Raman & industry guide Mr. Rohin Dhar. I am thankful to both of them for their whole hearted support, kind inspiration, keen interest, affectionate guidance, valuable suggestions & analytical discussion in the research project. I am deeply indebted to their genial modesty & able guidance rendered during the course of the study. I acknowledge my sincere thanks to Director General Dr. Sanjay Srivastava, for providing necessary facilities & help for the study. Last but not the least, I feel indebted to my parents & friends who have provided help directly or indirectly in completion of this project. Also my special thanks to everyone in ICICI direct for their help & cooperation for the achievement of this goal. And a word of thanks to all those who remained unmentioned but contributed in some way or the other. They all may not be mentioned but no one is forgotten. Payal Gagneja A0101908398 ...
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...echnical specialists in a technical career EMELIE BAEDECKE YLLNER ALEXANDRA BRUNILA Master of Science Thesis Stockholm, Sweden 2013 i Talent management – Retaining and managing technical specialists in a technical career Emelie Baedecke Yllner Alexandra Brunila Master of Science Thesis ME200X 2013:31 KTH Industrial Engineering and Management Industrial Management SE-100 44 STOCKHOLM ii iii Master of Science Thesis INDEK 2013:31 Talent management – Retaining and managing technical specialists in a technical career Emelie Baedecke Yllner Alexandra Brunila Approved 2013-05-30 Examiner Kristina Nyström Supervisor Martin Vendel Commissioner Anonymous Contact person Anonymous Abstract The purpose of this thesis is to investigate talent management and how companies should work with talent management in order to retain and manage technical specialists in a technical career. Talent management is found to be important for modern organizations because of the advent of the knowledge economy, new generations entering the workforce and the need for businesses to become more strategic and competitive, which implies new ways of managing human capital. Furthermore, talent management is motivated by the fact that it has been found to lead to higher corporate profits when it is connected to the corporate strategy. The research method in this thesis is qualitative, and based on a case study of an organization in Norway active in the oil and gas industry, where qualitative semi-structured interviews...
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...with maximum efficiency. In the nonprofit sector, creating a competitive compensation and benefits strategy is important to attract talent, but developing a total rewards package may be more important. “Employees nowadays are looking at the whole package: ‘What’s my base salary, do I have incentives, what are my benefits, can I telecommute, can I have flex time, can I have a relaxed dress code and is it family-friendly?’” Glantz said. “[If] a not-for-profit can offer what’s considered an attractive total rewards package, [it’s] going to help that company.” The argument now is that these intangibles need to be measured and monitored, and subsequently tied to the bottom line. Re-defining the bottom to include intangibles such as leadership practices, organizational capabilities, and the ability to attract talented people is necessary. In addition, as organizations continue to automate business processes using technology, in order to remain competitive against others that are doing the same, they must now focus on their talent. Additionally, though talent can be cultivated and developed, it can also leave the organization, become sick, de-motivated, and perhaps influence others to behave in ways unfavorable for the organization. Worst of all, talent can deliver the “double-whammy” by moving to a direct competitor. The strategic management of talent as such a critical driver of corporate performance has become more and more important in the last few decades. Several key events have...
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...the growing popularity of talent management and over a decade of debate and hype, the concept of talent management remains unclear’ (Collings and Mellahi, 2009) This assignment will explore this statement by conducting a literature review of the current commentary on the definition of ‘talent management’. Furthermore the impact any lack of clarity around the concept of talent management may have on the national and international markets which organisations source ‘talent’ from and any impact of Human Resource Management practices in terms of employee retention and exit strategies being managed fairly and ethically will also be looked at. After careful analysis of the academic literature on talent management and what it actually is, it becomes apparent that there is a ‘fundamental lack of consensus’ about the definition of talent management. Despite various attempts of countless academics to define and describe the concept of talent management, there doesn’t seem to be any consensus on what exactly TM entails. Before looking at the concept of ‘talent management’ as a whole, one must look at the definition of ‘talent’ first to gain a better insight into this confusion and lack of clarity. Here are some examples of some definitions that have been put forward in recent years: * ‘Talent’ is essentially a euphemism for ‘people’ (Lewis and Heckman, 2006:141) * The best and the brightest (McKinsey in Beechler and Woodward, 2009:274) * ‘Talent consists of those individuals...
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...Talent Management Strategy Dr. Daniel Frost HRM532- Talent Management May 15, 2015 Companies have always had a focus on talent management; however, it was a very basic focus on acquiring, hiring and retaining employees. As companies evolved, their focus began to shift to create a higher performing workforce. They found that the key to igniting optimal performance is aligning the company strategy with talent management. Formulate a talent management strategy to encompass the entire talent requirements of the organization. According to Nancy Lockwood, talent management is the primary driver for organizational success. It is the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs (Lockwood, 2006). By implementing an effective talent management process the company is more prepared to compete and improve their recruiting process. An effective talent management strategy consists of the following: Align the talent management plan with the company’s strategic plan and overall business need. By aligning this goal, it allows management to clarify job roles for individuals and add value to the employees in the organization by engaging them and taking ownership in the success of the company. All the employees in the organization understand what is expected of...
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...Formulate a talent management strategy to encompass the entire talent requirements of the organization. Epperson Fit Factory is a wellness center consisting of 200 employees in which 20 of those employees are in leadership positions. The talent management strategy of the wellness center is that employee engagement is the organization’s first priority because without the motivation of employees productivity goals will not be met and the customers we serve will not be loyal. In order to motivate employees Epperson Fit Factory not only formally and informally recognizes employees; we also offer a competitive benefits package, competitive salary and an effortless sense of family. In order to offer a competitive salary and benefits package, Epperson Fit Factory will research other wellness centers in the region. We will offer at least a 5% increase in pay and ability to increase pay through higher productivity and exceeding goals. The organization will offer vacation pay, sick pay, discounted child care and monthly after hour gatherings where employees may bring family members and mingle amongst one another. Epperson Fit Factory will also work with employees to find out what their goals are and how we can help them meet them through tuition reimbursement, on the job training, networking and shadowing. Determine the key components of talent management, including identifying, assessing, and developing talent. Talent management is defined as the implementation of integrated...
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...Talent Management What is talent managment? Talent management is kind of initiative planning that designed to source, attract, recruit, develop, advance, and retain a talented employees. Talent management also has another target which is to develop talented employees leadership and management functions critical to the organization’s success. The core idea of talent management is developing the human resources to attain organization’s strategic objectives. Why an organization does need talent management? The main reason of leaving an organization is “the feeling of detachment” in an employees from the organization’s objective and goal. They beleive that they are not being noticed by the people who actually hold the key of their career development. In many organization, people try to become visible by networking, personal contacts, recommendations. They do not need become extraordinary and talented but are often visible and getting caught by the eyes of top management. This situation makes many talented people inside the organization hide their presence, like a big fishes that love to stay in a deep water. Many talented people join the organization with a dream for achievement, success, and career development. Unfortunately, they realize and experience true culture of the organization, they become frustated and feel neglected. They gradually lose their interest, and become not innovative, and less participative. Through talent management, attention can be given to all employees...
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...Good talent and streamlined business processes are key for the survival and success of any organization, particularly in an upside economy and bad business climate. Although most organizations can lay claim to the establishment of well defined business processes, good talent that is could be difficult to find and keep. Even when an organization has such talent, any measures taken in difficult business cycles could result in such talents being overworked, negated and potentially underappreciated as organizations attempt to do more with far less. Ironically it is the same talents or lack thereof that could ultimately lead either to the demise or survival of the organization. This recognition and awareness has now forced organizations not only to pay close attention to their bottom line, but in acquiring the best and brightest workforce with developed processes measures to support and empower them. The old approach of dropping your talents in tough business cycles has now through the concept of talent management given way to not only holding on to such talents but given them a stake in the direction the organization pursues to remain and retain competitive edge. Talent management is about the sustainability and growth of the organization through empowerment of an organizational workforce. Talent management approach hinges on four Principals: Identification of right mix of talents; Communication; Support and recognition and finally Appreciation.(site) The concept of talent management...
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...Talent Management at the Project Management Institute of Minnesota (PMI) primarily focuses on the senior leadership pipeline. People whom are considered to have “talent” reside within two teams, the Operations Committee and Board of Directors with a “Fit to Focus” (Garrow, Hirsh, 2008, p. 395) approach that directly aligns people with organizational goals. When a position becomes available on the Operations Committee, members of the Board of Directors usually find a replacement without consulting the volunteer coordinator. Their selection process is perceived as being secretive because there is little transparency or analysis of evidence-based data to support their decisions. Their leadership selection appears biased with an elitist mentality based on the perceptions of Board members, often times, with oversights on core-competencies needed in the selection process. Although the methods used in determining talent utilizes a lighter-touch approach, the focus is on, “pivotal talent-that are more strategically important to the organization” (Silzer, Dowell, 2010, p. 15). The ideal objective is to prepare Committee Chairs to serve on the Board of Directors when it is strategically imperative. Members who serve on the Board of Directors have the most talent potential in succession planning, with a longer-term focus. Board members have the opportunity to advance from their role into a President-Elect position, and eventually President. The President-Elect position is the...
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...Talent Management Globalization, competition and technological trends, and changes in the workforce make finding and retaining talented employees a major priority for any organization. In this highly demanding business environment, Human Resources departments are starting to move away from the traditional HR role to a more strategic position that unites the management of human capital with organizational goals. How could organizations overcome such a bottleneck? Through Talent Management. Talent Management is the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs. Talent Management has moved away from being an administrative process to a continuous organizational practice with a strategic focus that drives organization outcomes. Human capital and Talent management are aligned in regards to the below management processes: * Succession planning * Development of leaders * Retention and career planning In this project, we have explored the talent management programs in several insurance organizations in Jordan. We've approached the organizations, did interviews with them, as well as surveys. Afterwards, we analyzed the data, and benchmarked the organizations' talent programs with the UNDP's talent program. We benchmarked against the United Nations Development...
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...A Talent Management Strategy Formulate a talent management strategy to encompass the entire talent requirements of the organization. When discussing and planning your organization’s future, it’s important to consider not just the goals, objectives, and initiatives, but clearly how to accomplish them. The most important contributor is undoubtedly your employees. Aligning the organization’s business strategy with its employees is called talent management, and it encompasses aligning the right employee with the right position in the organization. Talent management is a business strategy and must be fully incorporated within all of the employee connected practices of the organization. Retaining and attracting talented employees, in a talent management system, is the responsibility of every tier of management in the organization, but especially the Human Resource managers who are in charge of hiring, training, and development. A successful talent management strategy also engages in the practice of sharing data about high profiled employees and their employment history and accomplishments to all divisions of the organization. This process of sharing openness makes it possible for a range of departments to recognize available talent when opportunities open and become available. The charting of people’s skills and strengths enable the organization to appraise the manpower that is not being utilized properly and to its highest potential. This is critical from the standpoint...
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