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

IN GOOD AND BAD TIMES

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

TALENT MANAGEMENT
HELPS IN:
Increasing
Employee

Satisfaction
Worker Productivity
Learning

Effectiveness
Service Levels

Reducing
Employee Turnover
Time to Ramp New

Hires

TRADITIONAL MODEL

ACQUIRE

DEVELOP

DEPLOY

RETAIN

NEW APPROACH

1. Develop

2. Deploy

Acquire

Retain
3. Connect

Develop : Build
capability through onthe-job 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
TalentDemand
Demand
1.
Forecast
Forecast
Driven by business plans
and workforce attrition

3. Talent Management
Objectives

4. Talent
Talent Management
Management
4.
Programs
Programs

2.Talent
TalentSupply
Supply
2.
Forecast
Forecast
Internal and external
labor market factors

Servesto
todefine:
define:
Serves
Futurebusiness
businessdemand
demandfor
forcritical
criticaltalent
talent
Future
Opportunitiespresented
presentedby
bythe
theexternal
external
Opportunities
market
market
Potentialto
tomaximize
maximizeexisting
existingtalent
talent
Potential

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

Capability

Develop

Deploy
Performance

Commitment

Alignment

Connect

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

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

Capability

Develop

Deploy
Performance

Commitment

Alignment

Connect

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

MEASURE AND MONITOR TALENT

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

EFFECTIVE MANAGEMENT OF
TALENT:
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

Selecting
Talent
Retaining
Talent

TALENT RETENTION MAP

Career Progression

Plan

Align
Workforce
to Strategic
Objectives
Retain Top
Talent

Instruct

Provide
Training
Enable
Global
Learning

Measure &
Monitor

Track
Learning
and
Progression
Quantify the
Effect of
Training

Learning Retention

Reward &
Promote

Give Suitable
Compensation
and Rewards

WAYS TO KEEP HOLD OF

TALENT

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.

APPRECIATE THE CONTRIBUTION OF

ALL THE EMPLOYEES

Life is not divided into semesters.

You dont get summers holidays or
off and very few employers are
interested in helping you find
yourself.