Talent Matters

March 2, 2011 — admin

In the latest issue of Forbes magazine, Bill Gates was quoted saying that a great programmer is worth ten thousand time times the price of a good programmer.

The article continued saying that such extreme talent may or may not be relevant to a company. What matters to every company is talent evolution versus talent deterioration. Multiply 1.01 times a large number and watch it grow. Conversely, multiply 0.99 times a large number and watch it shrink. Now think of your employee base: Is it getting better or worse?

This is the business we are in, talent evolution, helping organizations hire great employees, while developing their present employees, so that they can multiply by 1.01 or considerably higher, rather than 0.99 or substantially lower.

Top Talent Management Trends for 2011

The key word for 2011 should be people. With the economy still in a state of flux and companies either looking for new ways to get stronger, more vibrant, smart people into their organization (read: social recruiting, looking outside the typical recruitment networks) or looking to keep the best employees they have…in my book people are going to be the key driver for advancing business in 2011.

Companies who get talent management right…from recruiting to employee engagement…to leadership development are going to take the next step.  Companies that can’t compete in those

key areas will see less than ideal results and more difficulty in building the core elements of their business.

I’ve read talent management trends from everyone from ASTD to the Human Capital League and a few things that have taken the spotlight:

  1. Business and HR are becoming more and more intertwined – HR strategies are mixing with business competencies, and this is a good thing.
  2. Companies are looking to find new ways to find the best people – resumes, traditional recruitment, and Monster.com aren’t cutting it anymore.
  3. Performance reviews and performance management are becoming extremely valued – but are companies doing it right and ensuring that employees and managers are getting value from these exercises?

Bottom line: You need to know your employees and their strengths uniquely to best understand how to empower them to reach great heights.  The top companies get it…and my prediction for 2011 is that more companies with your help will make it happen.

Talent Management will be Tricky in 2011

All indications are that hiring will increase in 2011. With this increase, however, will come some challenges for hiring managers. According to Douglas Matthews, President and Chief Operating Officer for Right Management, here are critical trends that will affect talent management:

Existing staff maybe looking to leave. A recent poll of 1,400 workers by Right Management found that 84% plan to look for a new job in 2011. Of course, that can’t be translated directly to an organization’s own turnover rate, but, nevertheless, organizations that are not prepared for this could be at a disadvantage.

An organization’s employees will be more frequently contacted by their competitors. Another Right Management survey of more than 3,000 individuals found that many employees have already been approached by another company to discuss a job opportunity.

Get performance management right. We know some performance-management skeptics hate to hear it, but the research shows that PM is the cornerstone of integrated talent management. That is, it is more highly integrated with the other components of integrated talent management than any other components. Moreover, high-market performers are 20% more likely to integrate PM into their talent management systems than are low performers. So, build your business case and deal with any weaknesses in your PM system.

Don’t assume your managers know what they’re doing. When it comes to performance management, they often don’t. In fact, less than a fifth of organizations have leaders who, as a whole, are either highly or very highly skilled at conducting performance reviews. High-performing organizations know this and are much more likely to train their managers in this area.

Just measure it. Companies that excel at talent management are nearly twice as likely to use workforce metrics strategies to a high or very high extent. Yet, the vast majority of firms are still mediocre or worse at workforce measurement. In fact, a paltry one-fifth of all study participants said that their organizations have such a strategy to a high or very high extent. Can you picture the late, great Peter Drucker sadly shaking his head at the state of talent management circa 2010?

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7 Top HR Mistakes Companies Make

January 5, 2011 — admin

By: Jennifer Leahy | Sunday, September 12, 2010 – HRTools Newsletter October 2010

Employees are a critical component of nearly all businesses. Dealing with employee-related issues – human resources – can consume many hours of a manager’s time. Mistakes made while dealing with employees can come back to haunt companies and cause serious issues for any enterprise.

Recognizing the “seven deadly HR sins” commonly committed is critical for all owners and managers.

  1. Every business, no matter how small, should have an employee handbook. If you don’t put the “dos” and “don’ts” in writing, you’re just asking for trouble. Even a few pages outlining acceptable and expected behavior provides employees with tangible guidelines. The handbook should be updated each year and all employees should sign a document stating that they received and read the publication.
  2. Lackadaisical record keeping. Written policies and standard operating procedures are the boundaries that govern employee conduct. When a violation occurs it must be documented. Though it may seem like a waste of time to jot down in a file that someone was reprimanded for repeated tardiness, it is important evidence that can support a decision to terminate that individual for poor performance. Employee files should be accurate and thorough.
  3. Not knowing your competitors. Keeping salaries and benefits up to industry standards is crucial. Sub-par compensation packages can cause employees to seek employment elsewhere. Your competitors will try to lure your best employees; it’s your responsibility to be sure they aren’t tempted to stray.“If you are among the lower paying companies in the industry, especially if the competitors are in the same geography, employees will likely hop right on over to the competition if they’re offered a similar opportunity with better pay,” warns Jenny Foss, president of Troy, Mich.-based Ladder Recruiting Group and author of jobjenny.com.
  4. Withholding praise AND criticism. Failure to recognize employees and make poor performers aware of their deficiencies is a common management error. Though your high-performing employees may cause you little stress, it is essential that you convey your appreciation. It takes only a few minutes to say (or even e-mail) “I really appreciate the way you handled the situation with the difficult customer today.” Conversely, employees who are not achieving the necessary results must be told in a clear and concise manner that the standard of their work must increase. Lying during evaluations of poor-performing employees in an attempt to spare their feelings is asking for trouble. People cannot change when they are not aware there is a problem.
  5. Hasty hires and hazy job descriptions. Poor hiring processes and employee selection can lead to a host of problems for employers. Before you even consider hiring someone, take time to flesh out exactly why you are hiring. A few hours spent crafting a solid job description can prevent countless hours of future hassle. A candidate may be a wonderful human being and offer impressive skills but their skill set must address your needs. Remember, patience is a virtue when hiring. Keeping a cool head and not giving in to the urge to hire the first suitable candidate can prevent you from making the costly mistake of hiring the wrong person.
  6. Ignorance. Managers must be fluent in laws and regulations. Failure to keep a valid I-9 (verification of employee eligibility) on file can be a costly mistake. Non-compliance to OSHA (Occupational Safety & Health Administration) regulations for your industry may also yield stiff fines. Prevention is key. Take time to identify what regulatory agencies govern your industry and what laws must be followed.
  7. Failure to review policies and protect business. Don’t overlook the importance of a HR internal audit. Though a company may have once been compliant, laws and regulations change regularly. Set aside time annually to make sure your HR policies are current and complete. It’s also wise to protect your business. Employment Practices Liability Insurance provides protection from claims by former employees, current employees, and potential employees and covers a business against discrimination, wrongful termination, sexual harassment, and other employment-related allegations.

“The number one mistake is underestimating the importance and breadth of scope of human resource related needs at a company of any size,” says Michelle Moylan ,HR Director at New York-based CheckPoint HR.

It’s easy to ignore the HR side of your business when things are flowing smoothly, after all there are far more pressing concerns nagging each day. Relations with employees can be enjoyable and fulfilling or time-consuming and terrifying, depending on the situation. Being proactive in the area of HR, recognizing and rectifying issues before they become problems, can save countless headaches and protect your business against legal claims.

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