TALENT MANAGEMENT ICICI LOMBARD

ICICI LOMBARD
VISION: To be the leading provider of financial services in India and a major

global bank. MISSION: We will leverage our people, technology, speed and financial capital to:
Be the banker of first choice for our customers by delivering high quality,

world-class products and services. Expand the frontiers of our business globally. Play a proactive role in the full realisation of Indias potential. Maintain a healthy financial profile and diversify our earnings across businesses and geographies. Maintain high standards of governance and ethics. Contribute positively to the various countries and markets in which we operate. Create value for our stakeholders.

Contd..
Code of Conduct and Business Ethics

ICICI Group expects all its employees, officers and directors to act in accordance with high professional and ethical standards.

WHAT S TALENT?
According to McKinsey; Talent is the sum of a persons abilities, his or her intrinsic gifts, skills, knowledge, experience , intelligence, judgment, attitude, character, drive, his or her ability to learn and grow.

TALENT MANAGEMENT:
A set of business practices that manage the planning,

acquisition, development, retention and advancement of talent in order to achieve business goals and optimize performance. Managing the ability, competency and power of employees within an organization The goal of talent management is to create a highperformance, sustainable organization that meets its strategic and operational goals and objective

NEED FOR TALENT MANAGEMENT:

To compete effectively in a complex and dynamic

environment to achieve sustainable growth To develop leaders for tomorrow from within an organization To maximize employee performance as a unique source of competitive advantage To empower employees
Cut down on high turnover rates Reduce the cost of constantly hiring new people to

train

When business needs are high, people with a range of talents are added. However, When business eases, talent needs drop and workforce reductions and hiring freezes are common responses

Increasing
Employee

Reducing
Employee Turnover Time to Ramp New

Satisfaction
Worker Productivity
Learning

Hires

Effectiveness
Service Levels

TRADITIONAL MODEL

ACQUIRE

DEVELOP

DEPLOY

RETAIN

NEW APPROACH

1. Develop

2. Deploy Retain

Acquire
3. Connect
Develop : Build capability through on-thejob learning

Deploy :Broaden and deepen capability through stretch assignments Connect: Create networks and high-quality relationships that maximize performance

Key steps in developing overall talent Management strategy

1. 2. 3. 4.

5. 6.

7.

Identify and confirm business priorities Identify and confirm critical workforce segments Identify and confirm critical workforce trends Assess existing human capital programs on how they address critical workforce segments issues (human capital programs include Workforce Planning, Recruitment, Organizational Learning, Performance Management, Rewards & Recognition, and Workforce Movement/Succession Planning) Formulate and document a Talent Management strategy (generally a twoto three-year span) Execute and sustain the strategy through technology enablers, change management, and training and by clarifying the Talent Management roles of insurance executives, line managers, employees, and the HR function. Measure, report, and track progress .

A new model focuses on develop, deploy, connect

1. Talent Demand Forecast

3. Talent Management Objectives

2. Talent Supply Forecast

Internal and external labor market factors

Driven by business plans and workforce attrition

4. Talent Management Programs

Serves to define: Future business demand for critical talent Opportunities presented by the external market Potential to maximize existing talent

TALENT MANAGEMENT MODEL:

Important aspects of Talent Management:
Talent Acquisition Talent Development Talent Retention

Talent Acquisition
Talent Acquisition is the process of attracting, finding, and selecting highly talented individuals (those who align with the business strategy, possess required competencies, and who will integrate smoothly and productively into the organization and its culture) to meet current and future employment needs.
Employment Brand

Definition of Need Sourcing

Selection

Pre-Boarding

Why is it important?
The Commonwealth must have the right people to fill

the right needs at the right time.

Success: Effective Acquisition sets the stage for the success

of the agency and the employee. Cost: Multiple sources identify the cost of a bad hire as 1.5 to 3 times/salary. Opportunity Loss: The amount of time a need is left unfilled results in opportunities unrealized and costs incurred.

 What is Sourcing?
Determining the most effective places to find the talent needed
Includes internal and external sources

The process includes announcing the jobs availability to the market

and identifying and attracting qualified candidates to apply.

Includes traditional techniques like advertisements, job fairs and postings Also includes techniques like social networking, finding passive candidates,

and targeted functional searches

Selection - The process used to choose the best talent to make

the best fit with the organization.

The process involves: Interviewing to reveal certain desired characteristics; measuring applicants on those characteristics; and extending an employment offer

Talent Acquisition Operational Workflow

Requisition Process

Sourcing

Application Process Screening and Interviewing

Employment Offers

Notification of Non-selection

TALENT ACQUISITION STRATEGIES

Quality

of Hire: Percentage of new hires that were the

organizations top choice

Quality of Candidates: The ability of the organization to define the

knowledge, skills and abilities needed to succeed in the job and work

environment and to source candidates that meet the competencies

Program Satisfaction : Hiring manager satisfaction with the

recruitment and hiring process and quality of candidates

Time-to-Hire: The time it takes to hire a candidate to fill a position

from job open until the position is offered and accepted

Contd.
New Hire Retention Rate : The number of new hires who remain on

the job for the first 12 to 18 months

New Hire Failure Rate: The percentage of new hires in key jobs

that were terminated or asked to leave

New Hire Retention Rate : The number of new hires who remain on

the job for the first 12 to 18 months

Performance Ratings of Contributor or Extraordinary

Contributor: Whether top candidates meet or exceed expectations

on performance reviews

TALENT ACQUISITION STRATEGIES

Proactively build and expand the pool of candidates. Seek to fill positions internally, if applicable. Improve candidates pre-screening process. Enhance employer brand and reputation in the recruiting market place. Explore new marketing outlets using Internet-based technologies (i.e., social networking sites) to reach passive candidates and targeted groups. Create efficiencies in recruitment processes and workflows. Obtain input from hiring managers. Solicit new hire feedback. Emphasize strategic workforce planning beyond 18-months. Scale back or freeze talent acquisition efforts, when the need arises.

TALENT DEVELOPMENT
The Develop-Deploy-Connect model differentiates itself in three ways:
1. Focus on critical workforce segments those that generate a disproportionate share of current or future value; they are in high demand, low in supply, and cannot be replaced easily. 2. Dont just acquire talent, but Develop and grow talent. Deploy them into projects that engage them. Connect them to communities of practice within the company. 3. Integrate human capital programs to create a cohesive Talent Management strategy based on business priorities.

Develop: Ensuring that critical workforce segments are acquiring cutting edge skills to drive innovation
Formal training helpful for meeting specific requirements. Learning is social in nature - people learn through their interactions with others, especially when tasked with real-life issues People are more committed to the learning that occurs when they are tested in ways that matter, especially when they collaborate with or are accountable to others

Capability

Develop
Commitment

Deploy
Performance Alignment

Connect

DEPLOY: Strategic deployment of critical workforce segments will enable intensified growth

Develop

Deploy Capability
Performance

Commitment

Alignment

Connect

People learn the most in jobs that stretch them to grow, tap their unique skills, and fuel their imaginations The best organizations avoid pigeonholing people based on the confines of their resumes They also employ formal systems to manage performance - And they offer frequent dialogue and feedback

CONNECT: Connecting talent in critical workforce segments converts knowledge into productive action
People-to-People: Cultivate highperformance networks of high-quality relationships (i.e., CoPs, knowledge management programs) People-to-Purpose: Build and sustain a sense of personal and organizational mission People-to-Resources: Manage knowledge, technology, tools, capital, time, and physical space to achieve professional and business goals

Capability

Develop
Commitment

Deploy
Performance Alignment

Connect

Employee Management Appraisals Project reviews Performance reviews Progress monitoring

Career Progression Metrics Training completion & success rates Skills improvement rates On-the-Job Proficiencies Self-Management Progress monitoring Self assessment Competencies update

 Build a Winning Environment that people want to belong to Establish a Talent Management Mindset, which embeds

Ownership and Accountability for Optimising Talent and Potential

Create Tangible Means to Identify, select and deploy people

of Outstanding Talent
Fully Engage Talent, use it and manage it Intelligently

Recognize talent Change Organization Culture Attracting Talent

WAYS TO MANAGE TALENT

Managing Succession Retaining Talent Selecting Talent

Career Progression

Plan

Instruct

Measure & Monitor

Reward & Promote

Align Workforce to Strategic Objectives Retain Top Talent

Provide Training Enable Global Learning

Track Learning and Progression Quantify the Effect of Training

Give Suitable Compensation and Rewards

Learning Retention

Build a path that enables the employees to utilise their full potential. Invest in building the psychological contract Individual growth Compelling future Pay Positive workplace Provide quality feedback in a timely manner. provide a better work-life balance. Offer professional development opportunities. Create an environment in which employees are included more in the business than just their job description.

CRITICAL FACTORS TO ACHIEVE THE DESIRED RESULTS:

EXECUTIVES: Visible, vocal , aligned and committed to sustaining talent management as a priority. Model the right behavior-spend adequate time on talent management activities and decisions. Hold line managers accountable for developing organizational talent. LINE MANAGERS: Own and accept their role as people managers. Actively provide feedback, coach, and develop their people. Capable of having constructive performance and coaching conversations

EMPLOYEES: Employees must take responsibility for their own career development, using available resources for self awareness, career planning, skill development, and involving people who have the power to influence their opportunities. Actively articulate career aspirations to managers. Seek feedback, coaching and developmental opportunities.

KEY LEVERS TO CREATE THESE FACTORS INCLUDE:

1. An HR function that can skillfully facilitate the process and underline how Talent Management helps the realization of business goals 2. Technology tools that are easy to use and enable the Talent Management processes; timely, accurate, and open communications across the company 3. Executives, line managers, HR, and employees trained in the objectives, process, tools, metrics, and roles in the Talent Management process 4. Change Management programs that create alignment within and across functions.

 Life is not divided into semesters. You dont get summers holidays or off and very few employers are interested in helping you find yourself.