In this post, we will examine how to manage human capital. Managing talent is typically top of mind for most CEOs (along with operational excellence, innovation etc.) Managing talent involves:
- Attracting talent
- Strategy => What positions are required? => What kind of talent is required?
- How do we go about finding this talent?
- Have a plan! Here are a few dimensions to think about:
- Short-term or long-term (consultant vs employee)
- Current outstanding projects: what are the gaps?
- Attrition (depends on industry)
- Demand forecasting: understand what will be needed, given the strategy and potential changes to strategy.
- Supply forecasting: understand what is available internally and externally. It might turn our your existing folks have all the needed skills! Human capital management systems help with this.
- What are we looking for in talent?
- Skills
- Experience
- Abilities
- Behaviors
- Expertise
- Special requirements (mobility, hours, environmental concerns)
- Build a recruitment brand (that can attract top talent)
- What's your value add (vision/mission etc.)?
- What differentiates you from competition?
- What are you/want to be known for (values, processes, innovation etc.)?
- What's your value add to your employees?
- Any other special considerations?
- Examples of company brands
- GE: Creation brand (makes CEOs)
- Google: Environment brand (good place to work with great people)
- Walmart: Price brand
- Apple: Innovation brand
- Tiffany: Prestige brand
- Unicef: Legacy brand (leaving the world a better place)
- Everyone/Everything should be aligned to support this brand
- Hiring managers
- Recruiters
- Employees
- Elements of a recruiting plan
- Who is needed? What positions?
- What does the position entail? What needs to be done?
- How to go about this process?
- Recruiters/hiring managers should be able to
- Attract talent
- Explain things clearly once talent is in
- Clarity on who the decision maker is
- Where are we going to find such candidates?
- Internal
- External
- Recruiters/headhunters/gamification (uberdrive)
- Create robust pool of diverse candidates
- Avoid groupthink; happens if we select with our biases
- Jobs website, other websites (linkedin, university), referrals, campus recruiting, your suppliers
- When should we find them? What's the timeline?
- Selecting talent
- Testing is good
- IQ is a good first-order predictor of high performance (research here)
- But considered to have cultural bias
- And reluctance in western cultures for these tests
- Interviews and work samples viewed better (research here)
- Ensure positive experience throughout
- Offsets anxiety caused by testing
- When candidates believe selection process is good, they perform good (research here)
- Candidates say good things whether or not they are hired
- Behavioral interviewing is next best predictor of high performance after tests
- Talk for 10min, hear for 50min
- Ask candidates to describe past experiences
- Teamwork
- Creativity
- Conflicts
- Failures
- Learning
- Such questions should allow us to gauge:
- Ability
- Learning agility
- Aspirations
- Engagement in work
- Emotional intelligence
- Best done by pairs of people (provides two perspectives on each discussion)
- Debrief after interview, and have a rating scale
- On-boarding talent
- Important avenue to assimilate, impart culture, set a positive tone
- 4% leave on first day, 22% turnover happens in first 45 days (Josh Bersin @ Deloitte)
- Assigning a buddy helps
- Full body on-boarding
- Welcome gifts, material, people to meet etc.
- Periodic checkins: day 30, day 90, day 180
- Retaining talent
- Letting people go
No comments:
Post a Comment