Core Talent Management Concepts
A deliberate strategy and set of actions taken to attract, select, develop, and retain people to meet current and future organizational needs.
What is Talent Management
The concept that organizations can use their resources, like human capital, to create customer value by lowering costs or providing unique value.
What is the Resource-Based View of the Firm?
This describes an organization's "reason for existence" and focuses on the present tense (how things are to be right now).
What is a Mission Statement?
A company that consistently follows the "What Really Works" formula has better than a 90% chance of sustaining this.
What is superior business performance?
These define what is necessary for success in an organization and serve as a critical foundation for talent management systems.
What are Competencies?
According to the "Simple Truth" presented, this specific group of people, not all people, is an organization's most important asset.
Who are the "right" people?
For human capital to be a source of competitive advantage, it must possess value and rareness, and these two other qualities.
What are not easily imitated and not easily substituted or replaced?
A clear, vivid statement about a lofty and desirable end state(s) that should be ambitious and compelling, but not easily achievable.
What is a Vision Statement?
This is one of the four primary management practices that an organization must excel at, concerning flawless operational execution.
What is Execution?
A set made up of a primary competency and its companions, often correlated for successful leaders.
What is a Competency Cluster?
One of the major drivers for the increased focus on talent management is the shift from the "Industrial Age" to this era.
What is the Informational Age?
The final condition for human capital to be a source of competitive advantage, beyond its inherent qualities (Value, Rareness, etc.).
What is the organization being able to successfully utilize the resource?
These statements prescribe appropriate and inappropriate behaviors, help people prioritize work, and guide decision-making in uncertain situations.
What are Values Statements?
These are the four primary (and fundamental) management practices
What are Strategy, Execution, Culture, and Structure
The bar chart showed that combining Interpersonal Skills with this other general competency category results in the highest percentage of leaders at the 90th percentile of effectiveness.
What is Results Orientation?
This is the term for the increased recognition and need for retention of talent, often characterized by increased mobility of the workforce.
What is the "War for Talent"?
This is the title of the Harvard Business Review article cited as the source for the "Simple Model" on Leadership/Management Actions.
What is "Putting the Service-Profit Chain to Work"?
The importance of coherence suggests managers should develop a portfolio of aspirations because a mission is of little use if it is not consistent with these three other elements.
What are strategy, vision, and values?
These are the four secondary practices of management
What is Talent, Leadership, Innovation, and Mergers/Partnerships?
Analytical Skills, Innovation, and Takes Initiative are all "companions" to this Zenger and Folkman competency category.
What is Technical/Professional Expertise?
This is one of the "new" realities of work, contrasting with the "old" reality that "People need companies".
What is "Companies need people" (or "Talented people are scarce")?
In the Sears Employee-Customer-Profit Chain, a five-unit increase in Employee Attitude drives a 1.3-unit increase in this intermediate outcome.
What is Customer Impression?
The statement about the most enduring corporations that says they preserve this while simultaneously stimulating progress and change.
What is a cherished core ideology?
To sustain superior performance, an organization must excel at this many primary practices and this many secondary practices.
What are 4 primary practices and at least 2 secondary practices?
The competency of "Takes Initiative" has these three specific "companions" that relate to how an organization handles future situations and momentum.
What are Anticipates, Emphasizes Speed, and Follows Through?