Human Resources: Talent Management Handbook Essay
It is about acquiring, developing and retaining diverse talent as well as helping our people to fulfill their desired career aspirations and their potential. The talent management process has a long tradition in Deutsche Bank and represents a major step towards achieving an integrated people management model. How do we manage talent?
Since 2007 we follow a globally consistent process with the following core elements: – Use of a talent grid that looks at both performance as well as potential / readiness – A talent review meeting as the key platform to discuss our people’s performance and attention / readiness within leadership teams as well as identify career and development options – Open feedback discussion between manager and employee about the feedback from the talent review meeting resulting in an actionable personal career and/or development plan To make talent management effective, it must be linked with the business strategy and resulting talent demand for the division.
The Benefits Good talent management will enable us to manage revenues, cost and risk: Revenue -Identify and retain high-performing talent and develop a solid pipeline for business Maximize performance by matching career ambitions & business needs Cost – Identify inconsistent performers and agree appropriate actions –
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Talent management, together with performance management and career development processes, provides an integrated approach to creating a high performance culture at the Bank. The visual low reflects the formal milestones that ensure we manage performance and develop and promote talent in line with business needs. Business Strategy Start of Year Performance Management Performance plan for the year Career Development Aspiration, mobility, development goals Management of talent aligned with business needs Year End Set Performance Objectives… … Review delivery against objectives and Performance Standards… … Conduct year end performance review Understand career & development options… … Agree career development plan… … View progress against plan Understand talent needs or the business… … Conduct talent reviews and provide feedback… Implement agreed actions Talent Pools [Promotion/ Succession / Bonus / Compensation Letting our people know where they stand: the output of the talent review should be included in the mid year conversation between manager and employee with greater focus on career development. At the discretion of the division/manager, and in line with regional requirements, the manager can communicate the talent rating during this conversation. 3. The Talent Review Process at a Glance The talent review process involves three phases as shown below: Planning &
Preparation Planning by HRS and senior management Manager collates talent data on the employee Manager submits talent data to Talent Review Meeting 5 – Presentation of employee by manager (or manager representing employee in meeting) – Calibration discussion to differentiate talent ratings – Agreement on required follow Career Conversations Feedback & career conversation between manager and employee, optionally conducted as part of the mid-year review Manager and employee agree on next steps and monitor follow-up If not attending the talent review meeting, manager briefs manager who is attending and representing Planning & Preparation – Talent Review Meeting – All stakeholders (senior management, manager, and HRS) are involved in the first stage of the talent review process. HRS responsibility is to plan and organize the entire process and to provide supporting materials. Managers need to understand the career and performance history, aspirations, strengths and development areas of their directs. This may require a meeting between manager and direct. Managers should not assume career aspirations. It is important to ask, especially from less vocal employees.
The manager completes the talent data and vomits it to HRS prior to the talent review meeting. Process where the people implications of the business strategy are reviewed. Managers and a senior manager who chairs the meeting come together to present their employees, gather additional feedback and calibrate ratings. The discussion results in strategic talent decisions and agreements on further development, career, succession and/or promotion options for the employees who are under review. Feedback & Career Conversations – The manager takes responsibility for communicating the outcomes and feedback of the talent review meetings to the direct reports.
This concussion is critical in ensuring employees know where they stand and agreeing on next steps and actions for development and career planning. Note: Talent review ratings are only communicated to employees in divisions where this has been agreed. 4. Roles and Responsibilities in Managing Talent businesses are supplied with a pipeline of the right people, with the right skills at the right time to achieve our strategic goals. While it is the role of HRS to provide common tools and consistent methods to enable the process, divisional managers and the senior management are accountable for its application and success. The table below provides a high-level overview of the different stakeholders, their roles and responsibilities.