MU0017 Talent Management Summer Spring February 2012

Spring / February 2012 Master of Business Administration- MBA Semester 4 MU0017 Talent Management - 4 Credits (Book ID: B1338)
Assignment Set- 1 (60 Marks) Note: Each Question carries 10 marks. Answer all the questions. Q1.State some of the practical steps that can be taken to improve the talent acquisition. Ans. As customers continue to request services that offer more value than simply HR administrative relief, more time is spent on evaluating and stepping up to deliver strategic human capital management (HCM). To help us understand more of what actually matters to operating managers, we undertook a study of HCM practices in small, high-performing companies in key growth sectors such as technology, financial services, and professional services. The goal was to build some actual data sets around both HCM practices and outcomes in small high performing companies nationwide, including what worked and didnt work to maximize their corporate performance. There were 700 companies in the study population with an average wage of $102,000, and an average workforce size of 18.1 employees. The results found that several relatively easy-to-implement human capital best
practices are often not being followedand theyre precisely the ones that can make a significant impact on a companys performance, even at an early stage of growth and development. These practices fall under the categories of Risk Management, Talent Acquisition, Performance Management, and Compensation and Benefits. It goes without saying that each of these areas merits its own discussion. But for now, lets look
closely at T
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alent Acquisition. It should come as no surprise that hiring practices can create or destroy value. A single bad hire can cost between $60-120,000, and 10-15% of the employee base (of the companies in our study) turned due to avoidable hiring errors. Thats two employees a year in a 20 employee company. Not exactly the kind of track record you want if youre a nimble firm intent on developing a product and getting to market in record time. On the flip side, a great hire is worth 3-7 times a mediocre one in terms of efficiency, productivity, and ROI brought back to the company. But when we looked at our research data, we realized that key executives often didnt change their tactics even when the bad numbers started rolling in. Rather than implement a consistent hiring process based on proven best practices, they appeared to be chalking up their problems to current market conditions.
Conversely, the companies with successful hiring practices did, in fact, have both a hiring strategy and a process in place. They spent more time defining the job description in advance, considered a broader range of recruitment options to source candidates, and gave their hiring managers more training than average. The bottom line? Process matters. It can make a substantial impact upon your hiring costs, and have an even bigger impact by increasing the overall quality of people coming into the organization. Here, then, are the three effective hiring strategies small and medium-sized businesses can implement right now: o Take the time to define a positions requirements carefully before recruiting o Use a broad based sourcing strategy to identify candidates across multiple sources o process Train hiring managers and monitor completion of defined steps in a company hiring
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Establishing a process in regards to Talent Acquisition is one of the aspects of Human Capital Management
Q2.The talent selection consists of five selection processes. List them.
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Q3.What are the retention strategies adopted by organisations? Q4.What are the four major keys involved in promotion of ethical behaviour in the workplace? Q5.What are the steps to be followed while doing an assessment of an organisation? Q6.Explain the methods adopted to control recruitment and hiring process.
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Spring / February 2012 Master of Business Administration- MBA Semester 4 MU0017 Talent Management - 4 Credits (Book ID: B1338) Assignment Set- 2 (60 Marks) Note: Each Question carries 10 marks. Answer all the questions. Q1.Describe the five stage approach for building a competency model. Ans. The development of competency models depends on the goals and objectives of the organisation, and the business that the organisation is in.
In a broader sense the competencies are categorised into two types: 1) Core competency. 2) Role specific competency.
The core competencies are those that are required by all employees. For example, initiative and drive might be a core competency for each employee in the organisation. The key stakeholders are particularly invited to take part in brainstorming sessions while performing a competency modelling for an organisation. Typically the human resources department take the step to define competencies. The strategic marketing team and the delivery team provide inputs on the competencies and on the gaps they experience during project execution respectively that would provide the organisation a competitive edge. The brainstorming and debate session helps in enlightening the competencies that the stakeholders perceive to be important.
The five stage approach for building a competency model is as follows:
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a) Assemble the focus team and create a list of processes: The first stage in building a Leadership Competency Model is to assemble a Focus Team composed of a cross-functional mix of first-line leaders, middle leaders, and senior leaders. Big organisations might want to build different competency models for the upper and lower line of leadership. These individuals are Expert Practitioners who are the best people in their fields. With the help of interviews, surveys, observations and other activities, a list is created of the major processes and the requirements needed by leaders to carry them out in an correct fashion. It needs to be ensured that any observations or interviews are performed on Expert Practitioners. Competencies depend on what an expert does to get his or her job done but not on what others think.
b) Build behavioural indicators for each process: This is the second stage where in the major behavioural indicators for each competency are identified by the members of the HR team that needs to be performed to produce the desired outputs. The behavioural indicators (Skills, Knowledge, Attitudes) needed for greater performance must be listed after going through each competency.
These behavioural indicators must be: o Future-oriented rather than problem-oriented as they are creating a powerful tool to guide the organisation. o A component of a strategic planning or organisational planning process model. The best results are often achieved when built in along with other processes. c) Categorise the data: In this stage, categorisation of data takes place. The competency of leadership is divided into three classes which are Core, Leadership, and Professional. The core competencies are essential of all the people within the organisation. The leadership competencies are meant for managers and supervisors. And the professional competencies are position specific. Be careful when building professional competencies for leaders. Leaders from different field often bring new perspective and originality to the organisations. It has to be ensured that the selected behavioural indicators are really the required skills, knowledge, or attitudes. [1]For example, the late Seattle School Superintendent, John Stanford, was one of the best things that happened to the district; yet he was a former Army General and City Manager without experience or education in educational institutions. It would have been a great loss for the district if the professional competency list for his job had been so stringent, that he
would never have got the job.
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d) Order each category: This stage is used to order each category. The team gives numbers to each competency in its order of magnitude for each category. One process for doing this is to categorise each competency on a Post-it note and then observing each category at a time. After which the competencies are arranged from the most significant competency to the least significant. Finally, it is required to find out if any of the competencies at the bottom of each category can be discarded. The cause behind all this is that the team might have listed too many competencies to be easily measured. Later, this will help them determine a convenient number for a cut-off point. At this point, it is fine for having too many competencies listed. The correct number will be determined during the field testing of the performance appraisal.
e) Validate the competency model:
This stage validates the competency model by order of importance. There are a number of ways of performing this:
Duplication: reproduce the original research results. This is done by getting another sample of higher performers, conducting interviews, and deriving a competency model. This new model is then compared to the original one.
Jury: Independent jury members, having expert knowledge, deliver their best professional judgment on the model. They must include both internal and external experts. This group presents their opinion of the model as part of a professional report.
Survey: A survey is conducted for a selected number of individuals throughout the company and they are asked to number each competency by its order of importance. They are also required to add their own competencies. The competencies should not be listed by the order ranked by the Competency Team as too many respondents might go with the team instead of thinking for themselves.
Departmental focus group: A collective ranking is done as by each department or a representative of departments. The advantage is that more people are involved simultaneously and giving less information to collect. This means that each member of the department contributes and each department submits in one survey of their collected results. The disadvantages are the assistance given to each department and the time involved in bringing each department together as a group.
Structured interviews/observation: Interviews and observations are performed randomly with a number of leaders throughout the organisation. This is used to determine their competencies and to get their opinions of which ones to select for the execution of their job.
Benchmarking: Comparing the results of the organisation with another best-of-class organisation.
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Balanced scorecard: The competencies required to accomplish the desired organisational goals throughout the organisation are identified by the Expert Practitioners. For example, the scorecard might measure organisational performance across a number of perspectives, such as financial, customers, internal business processes, and learning and growth. This process works best for the higher ranks of leaders. Its objective is to rank performance on several indicators that measure the ability for long term growth, rather than short term financial success.
Customer service standards: The only competencies measured here are those that help meet required customer service standards. It is used in organisations where performance- oriented budgets are adjusted for service standards, not
line items.
Interviews: Investigates the attributes of the superior and average performers through the use of critical behaviour interactions. In these interviews, individuals describe their work experiences in which they were effective and ineffective.
The investigation produces two types of competencies:
The minimum competencies applied to both average and superior. The major competencies applied only to superior performers.
The employees rate the competencies in terms of their importance for superior job performance. Their responses are then used to develop a record that contains the "best estimate" characteristics of superior performers.
Q2.What is the importance of talent management? Q3.What are the top 10 talent management challenges faced by an HR? Q4.List the key elements of talent management system. Q5.India as nation stands out for it entrepreneurial and well educated talent base. Justify. Q6.What is the role of an HR in talent management?
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Spring / February 2012 Master of Business Administration- MBA Semester 4 MU0017 Talent Management - 4 Credits (Book ID: B1338)

Q2.The talent selection consists of five selection processes. List them.

The five stage approach for building a competency model is as follows:

would never have got the job.

e) Validate the competency model:

The investigation produces two types of competencies:

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