Enterprise Talent Management & HCM 3 Group  

  Does strategy, rather than chance, dictate your organisation’s success?  Do you have the tools necessary to enjoy a single, global view of key data right at your fingertips?  Further, do you have the right levers in place to make changes within your workforce that will produce positive business outcomes?

  

 

  Organisations that can say 'YES' to these questions undoubtedly have a talent management strategy and solution in place. With such a practice, valuable information on human resources—such as processes and trends, staff deployment decisions, and information about existing skills and competencies—are available across the enterprise. Without this kind of visibility, your company risks its competitive advantage.

   

 

  Since every new hire can cost between 100 to 250 percent of the departing employee’s annual salary, leading firms now use a holistic approach to dramatically impact the talent management lifecycle. Working together with HCM 3 Group and Oracle HCM, organisations can develop an enterprise wide competency framework and strategy  — the key to competitive differentiation!

 

 

  How?   First, download and read 'Building an Integrated Talent Management Strategy Whitepaper' from

The Economist Intelligence Unit, 'Creating an Agile Workforce: Leading Practices in Transforming Talent Management Whitepaper' from PriceWaterhouseCoopers and 'Integrated Talent Management: Extending the Value of a Strategic Framework Whitepaper' from Oracle below! *

* Download and Read: 

                                   'Building an Integrated Talent Management Stategy Whitepaper' 

                                   'Creating an Agile Workforce: Leading Practices in Transforming Talent Management Whitepaper'

                                   'Integrated Talent Management: Extending the Value of a Strategic Framework Whitepaper'

  What is Enterprise Talent Management?

Enterprise Talent Management is a complex collection of connected HR processes that delivers a simple fundamental benefit for any organisation:

 Enterprise Talent Management Drives Organisational Performance and People Productivity 

 

We all know that teams with the best people perform at a higher level. Leading organisations know that exceptional business performance is driven by superior talent. People are the difference. Enterprise Talent management is the strategy.

 

Analyst research has proven that organisations using enterprise talent management strategies and solutions exhibit higher performance than their direct competitors and the market in general. From Fortune 100 global enterprise recruiting and performance management to small and medium business iRecruiting, leading companies invest in talent management to select the best person for each job because they know success is powered by the total talent quality of their workforce.

 

 

  The Case for Enterprise Talent Management

With human capital emerging then as the organisation’s primary asset, human resources (HR) executives now taking a more strategic approach known as human capital management (HCM). A key pillar of HCM is the quest to identify, recruit, develop, and retain highly talented individuals who can drive the company forward and provide competitive differentiation.

 

At the same time, the global workforce is becoming both more mobile and more aware of its value. Talented employees are hot commodities in the global knowledge economy, so employers have to work increasingly hard to retain, reward, develop, and motivate good people. In addition, as baby boomers begin to retire, a significant gap in the workforce population is growing. This makes it more critical for HR to adopt strategies for recruitment, skills and competency management, performance management, learning and professional development, and compensation. These strategies make up the talent management framework.

 

However, focusing on every individual can be an expensive process, especially in large organisations with thousands of employees. As a result, enterprise talent management often has been limited to senior executives. Yet, with some analysts estimating that 75 percent of all project failures are due to the fact that the team involved did not have the right skills, it’s clear that attention to enterprise talent management at all levels is imperative to business success.

 

  New HR Mission for Enterprise Talent Management Processes

Many challenging workforce issues confront HR, including:

• Heightened competition for skilled workers 
• Impending retirement of the baby boomers
• Low levels of employee engagement
• Acknowledgement of the high cost of turnover
• Arduous demands of managing global workforces
• Importance of succession planning
• Offshoring and outsourcing trends

 

This requires new thinking and a new mission to achieve business success. These factors—coupled with the need to align people directly with corporate goals—are forcing HR to evolve from policy creation, cost reduction, process efficiency, and risk management to driving a new talent mindset in the organisation.

 

One important distinction is the evolution of the difference between tactical HR and strategic enterprise talent management. Transactional HR activities are administrative overhead. Enterprise Talent management is a continuous process that delivers the optimal workforce for your business.

 

In this new model—instead of being the owners of processes, forms, and compliance—HR becomes the strategic enabler of enterprise talent management processes that empower managers and employees while creating business value.

 

With this view, enterprise talent management may be defined as the implementation of integrated strategies or systems designed to improve processes for identifying, recruiting, developing and retaining people with the required skills and aptitude to meet current and future organisational needs.

 

  Managing Talent Across the Enterprise

Many organisations have developed HR systems and processes in a piecemeal fashion, resulting in limited information resources. These limitations often mean that talent recruitment and retention are longer and costlier processes than they need to be. Taking an enterprise approach to talent management means developing and implementing common“people” strategies and standards across every facet of an organization.This means that talent is defined in the same manner across the organsation, allowing you to apply consistent, enterprise wide policies for attracting, recruiting, developing, rewarding, and retaining talent.

 

  Key Components of Enterprise Talent Management

To date, many organisations have made uncoordinated attempts to improve one part of the talent management lifecycle—for example, deploying a new performance management process or implementing new recruiting software—and have achieved a measure of success. However, leading firms have begun to develop a holistic strategy that seeks to dramatically impact the entire lifecycle by focusing on the following key areas:    

                                                                                                                              A Hollistic Approach to Enterprise Talent Management    

                                                                                                                               

• Competency / Skills Management

Also known as workforce planning, this discipline is the foundation of any enterprise talent management strategy. It defines the critical skills and competencies needed across the organization for each position and is the basis for all other components.

 

• Recruitment and iRecruitment 

Evaluating and selecting the right workers for the job requires the ability to assess the skill and competency needs required by the position and compare them with the available qualifications of the labor pool.

 

Download Oracle iRecruitement Datasheet 

 

• Learning Management

Even the best candidate is rarely 100-percent qualified. A comprehensive learning management system (LMS) enables managers to identify learning needs and quickly build development plans to plug skill gaps and bring the worker to full competency.

 

Download Oracle Learning Management Datasheet

 

• Performance Management

Every organisation needs a way to track worker performance against objectives and assess growth of worker skills and competencies. Traditional paperbased methods have proven to be time consuming and cumbersome. Replacing these manual systems with fully automated performance management enables managers to more easily link corporate goals to individual goals, giving them a complete picture of staff effectiveness. HR can then view the entire workforce to spot issues across organisational silos.

 

Download Oracle Performance Management Datasheet

 

• Compensation and Compensation Workbench 

Once worker performance is determined, HR can work with managers to deliver rewards commensurate with levels of achievement. To drive maximum worker effectiveness and productivity, modern compensation plans need to include a mix of base pay, variable pay, and equities.  

 

Download Oracle Compensation Workbench Datasheet  

 

• Career Development / Succession Planning

Compensation alone does not ensure maximum performance. Another key issue is for workers to be able to view jobs of interest to their career path, so that they can work to fill any competency or experience gaps. In addition, the organisation must ensure that by developing a top-down succession plan, key positions can be staffed by qualified individuals.

 

Download Oracle EBS Succession Planning Datasheet

  

  Barriers to Effective Talent Management

Most organisations today realise the need for greater alignment between corporate and individual goals. Previously, companies were more focused on transactional improvements, with relatively little focus on tailoring HR services for the individual or encouraging selfservice in areas such as training, development, or performance reviews.

 

As organisations move toward a more people-centric approach, the systems and processes to support that change have been developed in a patchwork fashion. For example, in multinational corporations, each country operation typically has its own HR function. The result is that many international companies have a complex matrix of custom-built or locally supplied HR management systems that have been developed in isolation from one another. Not only is this approach costly and inefficient, it also creates an enormous challenge when trying to identify key talent across the enterprise.

 

One of the biggest HR challenges facing organisations is the difficulty of achieving a “single global view” of key data such as recruitment processes and trends, staff deployment decisions, remuneration and benefits information, and information about existing skills and competencies. Without this kind of visibility, chance rather than strategy begins to dictate an organisation’s talent management.

 

HCM 3 Group and Oracle HCM can rectify this by introducing a consistent and integrated IT architecture and consultancy to support and enable every strand of HCM strategy in a high-value, low-cost manner. This solution integrates the talent management components across business processes to provide enhanced intelligence throughout the lifecycle. For example, as recruiters plan their sourcing strategies, they can view past hires’ performance and career success within the organization. This will help them identify which strategies worked best so they can ultimately hire the right person for a given job.

  Creating a Central Competency Framework

HCM 3 Group consultancy and the Oracle HCM system addresses every aspect of HR management, from recruitment and deployment to performance management, compensation, and benefits. Oracle HCM applications—Oracle Human Resources Management System, Oracle’s PeopleSoft Human Capital Management, and Oracle's Fusion HCM solution — are all fully integrated with other key enterprise applications such as financials, projects, and manufacturing and HCM 3 Group consultants are all trained in these modules as well.

 

At the core of these applications is self-service and analytics, which extend talent management beyond the human resources department into the rest of the enterprise.The centralized nature of Oracle Applications allows for the creation and deployment of a single, enterprisewide competency framework.

 

This lets organisations develop a standard description for all the core competencies and qualifications necessary for the ideal fulfillment of every role within the company. The central competency framework can become fundamental to the future success of an organization because it helps bring together disparate systems, removes international barriers to workforce comparisons, and creates a single view of the skills available within the workforce.

  Managing Performance and Objectives

Identifying and developing employees’ inherent talents requires a coherent management structure and effective performance-review processes. Performance review is one of the most important elements of talent management. It provides a framework for managers to define individual goals that are linked to organisational objectives. Effective performance reviews also assess and encourage the talent of individuals, while allowing employees to understand precisely what is expected of them as they work toward concrete, career-enhancing goals.

• Download and Read  Managing Employee Performance Whitepaper May 2008  for more benchmark information.

 

HCM 3 Group consultancy and Oracle HCM  provides an automated environment for the execution of proper, continuous performance review and appraisal management. Managers receive reminders when a scheduled appraisal is due. Reviews may conform to the same structure throughout the enterprise or can be unique to an internal organization, ensuring that each employee is evaluated using consistent measures. The results of each appraisal are recorded for future reference by both manager and employee, enabling both parties to agree on a structured career path designed to emphasize the employee’s strengths, address weaknesses, and ensure that the employee feels empowered and valued.

 

In addition, Oracle HRMS and Oracle’s PeopleSoft HCM combined with HCM 3 Group's consultancy provides a tightly integrated learning management systems that enable employees to take control of their personal development. Employees can find out whether training to meet a particular development need is available, whether it is online or instructor-led, and when they can enroll. Online courses have a built-in assessment tool to measure learning, and the competency gained can be updated (automatically or via approval) for that individual.

  Linking Compensation and Retention