TALENT 4.0 M0DEL # REJIG THE MINDSET

 

REJIG THE MINDSET

TALENT 4.0  is not rewording of  concepts and principles  which may be called new jargon. “Talent4.0 has to take on a much broader perspective and holistic approach.We need a much more holistic view of how we manage people, one focused on each individual as a voluntary consumer, and a strategy which builds a culture of focus, inclusion, support, and results.

Ø  §     In “talent management” we think about lifetime career management and “pre-hire to retirement. In Talent 4.0  we focus on mobility, job to job transitions, and constant and regular movement of people to new projects and assignments.

 

Ø  §     In “talent management” we focus on the integration of HR practices across the lifecycle of an employee. In Talent 4.0  we focus on making employees happy, giving them a highly engaging and enjoyable work experience, and giving them software tools that make their work easier, not just tools for HR.

 

Ø  §     In “talent management” we focus on identifying the “top talent” and segmenting, ranking, and rating people based on performance and potential. In Talent 4.0  we focus on everyone’s strengths and find roles that help people leverage their skills, empowering them to add value wherever we can.

 

Ø  §     In “talent management” we put together career ladders and progressive training programs that take you from place to place. In Talent 4.0  we assume that people want to learn all the time and in their own way, so we create an entire “learning environment” to help people continuously develop and learn at work.

 

Ø  §     In “talent management” we segment people and reward them based on performance, with narrow bands of compensation. In Talent 4.0  we reward hyper performers with tremendous rewards and try to make sure everyone is rewarded based on their potential market value, not just their performance rating.

 

Ø  §     In “talent management” we think about people in terms of the way they add value to the company, training and focusing them on what the business needs. In Talent 4.0  we focus on each individual as an “owner” and try to create an environment where they feel part of the mission and give them flexibility to add value in unique and special ways.

 

Ø  §     In “talent management” we create talent pools and try to group people into segments and clusters to manage them better. In Talent 4.0  we embrace and honor diversity and realize that every person is unique and try to remove unconscious bias and empower people to thrive in their own way.

 

Ø  §     In “talent management” we buy software that integrates all of HR together into an “integrated data platform.” In Talent 4.0  we buy software that empowers people to do their jobs better, is very easy to use, and is a “system of engagement.”

 

Ø  The shifts are profound and subtle at the same time. Ultimately what has happened is that employees are now “in charge” and we as HR or business leaders have to think about building a company or organization that honors and empowers everyone. Sure some people won’t fit, so we need to assess and focus on fit more than ever – but once we hire someone into the company, we want to build an organization that engages and empowers them to succeed.

FRAMEWORK  TO GET STARTED

To recruit, grow, and retain top talent, you first need to set goals for talent management that align with larger organizational goals and evaluate internal processes related to hiring and retention. 

Setting goals for talent management is critical if you want to see real results. Here are  two ways you can ensure you’re setting the right goals for your organization: 

Ø Align your goals with your organization’s overall strategy. Talent management is meant to contribute to the overall health of your organization. If talent management is causing you to fall behind on critical fundraising or business goals, it may be time to course correct. 

Ø Involve leaders, HR reps, and managers in goal-setting. While your HR team will be in charge of coordinating talent management, you’ll need to make sure everyone is on board. Effective talent management requires a concerted effort on the part of the HR reps, leaders, and managers to make your organization a place where people want to get hired and work for the long term. 

As you set achievable goals for enhancing your talent management process, you’ll ensure your entire team is on the same page and moving in a positive direction. These goals will also give you something to measure your progress against, providing you the chance to course correct as needed.

EVALUATE INTERNAL PROCESSES 

As you look for gaps in your current talent management process, you’ll need to evaluate individual processes related to recruiting and retention. There may be one (or more) problem areas that you can hone in on as you strive to improve your organization’s:

RECRUITING PROCESS: 

Recruiting is everything you do to find and hire new employees at your organization. This involves writing thorough job descriptions, screening and shortlisting candidates, conducting interviews, and extending offers. Step into your employees’ and previous job candidates’ shoes to evaluate your recruiting process. Do you consistently set clear expectations for individual roles in job descriptions? Are you upfront in job interviews about hiring top talent? How do you communicate job offers to your top candidates? 

ONBOARDING PROCESS: 

Onboarding involves training a new employee in their new role and bringing them up to speed on larger organizational initiatives and goals. As you evaluate your onboarding process, you might consider asking your employees for feedback on their onboarding experience. Did onboarding truly prepare them to perform their jobs effectively? Do they wish they had received more training upfront? 

PERFORMANCE MANAGEMENT PROCESS: 

Performance management involves everything from consistent communication and coaching to annual performance reviews. Work with your managers to determine how effective your performance management strategy is at identifying retention risks and mitigating them, helping employees find fulfillment in their roles, and setting them up to grow at your organization. 

EXIT INTERVIEW PROCESS: 

When an employee leaves your organization, what kind of information do you gather from them in an exit interview? With sufficient preparation and well-worded questions, you can learn a lot about an employee’s experience with your organization. Additionally, you can use the information collected in exit interviews to better anticipate employees’ needs before they submit an unexpected letter of resignation.

With clear goals and information about individual processes, your leaders, HR reps, and managers can create a solid plan for how you’ll improve the employee experience at your organization. Remember to use your data and strive to be objective during this planning step. While you can’t do much to change your employees’ past experiences, you can learn from them and move forward in a positive direction.

 

With best compliments

Dr Wilfred Monteiro

Curator TALENT 4.0 MODEL

 

JUST CROSSED A MILESTONE # 25th MASTERCLASS EVENTS ON HCM 4.0 MODEL on 10 FEBRUARY 2024

 

MY SECOND BOOK to be published later in the year 2024

GOOD NEWS

 for my avid readers and alumni. 

My second book 

to be published later this year

FIRESIDE CHAT WITH MR VIKESH WALIA INSTITUTE OF DIRECTORS -

 HCM 4.0 # 

DRIVEN BY MANAGMEMENT BY MEASUREMENT  

WHY HAS MANAGEMENT-BY- MEASUREMENT APPROACH POSITIONED AS  A PILLAR OF THE HCM 4.0 MODEL?

The celebrated CEO of Hewlett Packard Carly Fiorina said: “Information is the currency of the digital age. The goal of digital technology is to turn data into information and information into insight”.. Every company has its own collection of raw data converting this into insightful  information is the business need. Information needs organization and  analysis for deeper understanding.  Information which is focused on understanding the past; what happened and why it happened has limited value.

Information is really valuable when it facilities comparisons and trends  and provides clues to the future .To plan ahead HCM 4.0 needs reliable, high-quality data for predicting future trends; addressing  recurrent business problems and making  long term decision making

 

WHAT IS THE URGENCY FOR HCM4.0 TO RADICALLY SHIFT TO THE MANAGEMENT-BY- MEASUREMENT APPROACH?

Business functions  like marketing, supply chain and manufacturing report   their  results in sharp monetary terms. These  business functions   not long ago used to rely on intuition and hazy reports to define  their  outcomes; they  have made this shift toward the use of metrics/KPI in everything they do.

As a result of all these changes, CEO’s, CFO's and  stakeholders are now looking  to HCM to adopt  HCM Metrics/KPI/KPIs  as a means of reporting and measuring and to provide  insight for board level decision making.

Today top management treats measurement as a key C-Suite issue. The HCM function has to go  beyond anecdotal evidence  to justify it cost/benefit calculations.  It is only keeping with the norms of  business  that HCM too  must work like   other business functions

HOW SHOULD CHROs THINK  STRATEGICALLY ABOUT MANAGEMENT- BY-MEASUREMENT IN INDUSTRY 4.0?

 

Thinking strategically about measurement means understanding whether the measurement system you are considering will provide you with the kinds of information that will help you manage the HCM function strategically. This is a quantum leap  HCM wants to be a business partner, it must show business impact. It’s time to realize the traditional metrics add little value to strategic business decision-making .  HCM 4.0  today must integrate traditional metrics to KPI;  and this must be  aligned to corporate objectives.  This will be the pathway when even the critics of HCM will say ‘’they are  solving real problems’ . Hence they  want to make sure they are making the right decisions based on data; to be particularly aware of the way they prioritize and measure this data, especially when it comes to the measurement of the strategic plan.

HOW DOES   MANAGEMENT-BY- MEASUREMENT APPROACH REALLY PROVIDE THE CUTTING EDGE TO THE HCM 4.0 MODEL?

The first step is to discard the accounting mentality that says that HCM is primarily a cost center in which cost minimization is the principal objective and measure of success. The main cause of this misconception is the lack  of hard evidence demonstrating their contribution to firm performance.

We have too often generic statements like “ HCM must add value to the business..” hence HCM  Management- By-Results approach must answer these  questions

1.     how can the value HCM brings to the business be ascertained in monetary/business terms?. 

2.    How does HCM  justify with facts and figures its  impact on business functions?? Especially when its time speak up to defend HCM budgets against cutbacks or outsourcing.

3.    How does HCM justify its  positive impact on  employee productivity and satisfaction ??

 The CHRO  also needs comprehensive case management data / summary accounting statement to  track year-to year-trends and improvements in HR critical business processes. The best way to leapfrog is to  focus on the few items that have the biggest cost and the most impact.  The biggest stumbling block to  become a true strategic partner is presenting hard facts supported by data.

 

HOW CAN THE CHRO PRESENT THE BENEFITS CASE TO HIS OWN TEAM THAT   MANAGEMENT-BY- MEASUREMENT APPROACH IS AN IMPERATIVE?

 

The language of business is results which in turn are measured in rupees !!!  The ‘Management By  Measurement’ approach  should aim   to establish a clear “line of sight “ between HCM interventions and business results

the Management-by- Measurement approach ADDRESSES the challenge before business centric HCM leaders to covert good intent  into visible and recognizable results. It urges HCM leaders to REGOGNIZE the  benefits of the Management-by- Measurement approach:  Which makes sure that HCM activities inside the firm deliver value; Makes them visible and recognized by  line managers first and then the top management

  Management-by- Measurement approach has a strong is emphasis on how to FACILITATE REPORTING AND MIS The language of business is results which in turn are measured in rupees !!! CEO’s and the top deck of management  are typically short on time so they  focus on key business issues; hence the need for concise reports which provide the insight for decision making It explains why  HCM has to lift the horizon levels from the lag  factor of measurement to proactive people analytics

 Finally Management-by- Measurement approach  shows how to BUILD A CASE FOR HCM TRANSFORMATION This approach would strengthen HCM  operational efficiency as well as build a strong case at the year-end budget meet for fund allocation.

Metrics/KPIs  facilitates management reporting/MIS HCM 4.0 processes need a barometer to  help guard against inflated claims  both for and against HCM 4.0 operations and results. Management-By-Results approach   are useful in day-to-day top management processes  like  reporting and improving  performance; managing accountabilities and aligning organizations activities to streamline work.

WILL MANAGEMENT-BY- MEASUREMENT APPROACH GIVE HCM4.0 RECOGNITION AND RESPECT IN THE C-SUITE?

HCM 4.0 for over two decades is struggling hard  to gain recognition for its  contributions in driving organizational success. The Quality movement of the 1980s  gave rise to the dictum that what gets measured get done! HCM 4.0 does likewise

 The finishing line of  HCM 4.0 Model  is Management-by-Measurement. HCM 4.0  puts it faith in  Metrics/KPIs & Analytics. HCM 4.0   can  explode the myths that  everything in HCM cannot  be measured. We can banish for ever doubts about HCM  contribution and company improved  performance. HCM 4.0  we need to forever ban the all too common phrases “I think”, “I believe” and “I feel” and replace these phrases each time with… “the data shows”.

 

 

My graeful thanks to Nadir Godrej for writing the foreword to my book HCM 4.0 - business centric human capital strategy for Industry 4.0

 

FOREWORD

By Nadir Godrej

 

Now people enable companies to grow

And as the economy advances, we know

Especially for industry 4.0,

For benefits to steadily flow

The role of people is even more.

 

Our strategies must change and that’s for sure!

Human Capital must be provided

It has to be built and properly guided.

 

Good strategies can be undermined

If all the people aren’t aligned.

Piecemeal ideas have been suggested

And although they are tried and tested

HR professionals can surely try

But often they are hard to apply.

But this approach is very new.

 

As Wilfred takes a holistic view.

It’s important that you take a look

At this very timely book.

Step by step he shows the way

To systematically play.

 

The environment should be thoroughly scanned

The strategy then, can be well planned

And after an assessment of the organisation

We can have a synchronisation

Of both business and human strategy

To ensure there’s perfect synergy.

 

When both strategies work hand in hand

It’s very easy to understand

That employees know what they need

To do, in order to succeed.

This book ranges far and wide

It serves as a complete guide.

 

 

Everything can be quantified,

Many examples are supplied.

In any business it can be applied

The performance criteria are very clear

Finally HCM 4.0  can cheer.

 

 

There is a clear ultimate goal

And HCM 4.0  knows it’s precise role.

This book can perfectly show

What any business needs to know

In order to succeed and grow;

Our thanks to Wilfred Monteiro.

 

 

Nadir Godrej

Is the human resource function geared to meet the disruptive challenges of Industry 4.0???

 LIMITED COPIES IN PRINT – BUY ONLINE

Website Link - https://www.himpub.com/BookDetail.aspx?BookId=8926

Amazon Link - https://www.amazon.in/dp/9356936099?ref=myi_title_dp

 

With Best Wishes

Dr Wilfred Monteiro

A QUICK REVIEW OF MY BOOK # HCM4.0 BUSINESS CENTRIC HUMAN CAPITAL STRATEGY FOR INDUSTRY 4.0

  

 

We often hear generic statement like "HR MUST ADD VALUE TO THE BUSINESS..." The aim of this book is to highlight the value of 'human capital' as a strategic tool for business competitiveness. In the era of the fourth Industrial Revolution (also known as Industry 4.0), the Human Capital Function needs to secure an acclaimed role as an agile function; overstepping operational hurdles to become a strategic partner… thus a recognized contributor to the business bottom-line.

 

Some companies attempt the HCM function's turnaround in a piecemeal or sporadic manner; by adopting myriad ideas or fads. This trial and error approach needs to be replaced with (what this book elucidates) – the HCM 4.0 BUSINESS CENTRIC MODEL; which structures disconnected ideas into a cogent model; to dovetail seamlessly with the business strategy.

 

This book gives a practical framework which enmeshes the discordant HCM processes and practices into an holistic HCM Master Plan. The Model guides the way to the HCM function becoming business centric – first by being outward-looking to be in touch of the market conditions; and then inward-centred to gauge the organization readiness level to address hardcore business issues. All this can become real only if functional/business managers are co-opted as stakeholders. HCM needs to revamp the function and embrace the norm of "management-by- measurement" and acquire the new competencies and mindset HCM professionals need to be abreast with changing times

 

THE AIM OF THIS BOOK

 

In the last decade some companies have attempted partially and piecemeal  to  adapt myriad   ideas  about  strategic  HR.  Some companies through trial and error have found some byways to  implement them. The breakthrough needed is found in the HCM 4.0 BUSINESS CENTRIC MODEL espoused in this book.

 

It aims to   take  the human  dimension  of organizations to a holistic strategic  level. This book has a practical roadmap to transform clichés like ‘people matters’  and  ‘people are our  #1 asset’ into  a tangible business plan,  make talent a competitive  advantage, and significantly make contribution to the strategic growth  of their organization. Many authors and practitioners have espoused  individual   elements but the key is to these disconnected  ideas into a cogent model.

 

KEY FEATURES OF THE BOOK

I have drawn many lessons from my consulting experience.  I got the opportunity to work with   company directors and owners of diverse business sectors. They are all street-smart businessmen from whom I learnt several  business ideas  from them. I in turn had to debate and discuss my big idea that the LAST  competitive  advantage in a rapidly changing business world IS THE HUMAN RESOURCE EDGE.  I owe them a ton of gratitude for getting the chance to implement my ideas in their enterprise; and refine my own learning. 

 

HCM 4.0 is a robust framework, which takes us to  the strategy journey from concept- development of the master plan; alignment to business strategy. It interlinks environmental analysis with analysis of the firm - the two hemispheres of strategic management. It guides  moving away from the traditional inward looking approach - at operations and best practices and crossing the chasm to be  outbound looking at the markets and external challenges in the changing business environment.

 

CEOs in todays scenario of cost crunching; are compelled to ask for more measurement and accountability. Consequently  the HCM function is  under pressure, internally, to show REAL VALUE. In response HCM  leaders are on a sticky wicket.  A  probable reason could the HCM function has never highlighted its  contribution to creating business value;  added except in trendy, unquantifiable, and wannabe terms. the model  directs to Management-By-Measurement - to give it a real-time base sing principles of evaluation.

 

 Finally HCM 4.0 MODEL  hits upon the tricks and tactics of execution.. Each part of this book gives steps to design, manage, and implement the model. The aim of this  model is to approach the subject from a practical  angle. . Each segment of the model involves a roadmap for ‘’getting things done’’  this book is  most application based every concept is linked to practical application. I  have  tried to share  experiences  and  insights into  how every HCM manager needs to  wrestle  with complex  issues  and  helped  turn  ideas  into action Numerous examples of human resource practices are provided throughout the book, which can be practiced across the spectrum of industry; by companies both small and large. 

 

BENEFITS TO THE READER

 

The New and improved HCM 4.0 MODEL needs HCM professions who are commercially adept and are able to move ahead of the blind curve and anticipate business challenges. The book addresses the issue the new competencies HCM professionals; who  need to acquire the ‘business centric’’ mindset which can enable all senior HCM professionals to discuss eyeball to eyeball with the counterparts in the functions.

 

Here is a chance for Human Resource managers (who aspire to be  serious practitioners)  to learn strategic ways of managing human resources They  need to  understand why a strategic approach is necessary. It will also help them define a coherent framework; new and enriched  roles in the process to , execute the HCM master-plan and deliver results .   This book will be a help to senior managers , who must support HC strategy and take the lead in developing it, The functional managers need to be in harmony with the HCM strategy to support it, provide resources for it, and constantly reinforce and adjust it .

CONTENTS –

 

Part I - HCM 4.0 MODEL BLUEPRINT ON THE DRAWING BOARD
1: HCM 4.0 Writing a New Mandate —Becoming Strategic and Proactive
2: Aligning HCM 4.0 Plan to Business Strategy— An Holistic Approach
3: HCM Master Plan Summit —A Comprehensive Exercise to Turnaround Your Function
4: HCM 4.0 Model Inward/Outward Approach
5: Company-wide Cross-functional Approach —Line Manager's Role in HCM 4.0

 

Part II - HCM 4.0 EXECUTION AND THE ART OF MAKING THINGS HAPPEN
6: HCM 4.0— Strategy Execution: Changing Gears—From Planning to Execution
7: HCM 4.0 Implementation —Pitfalls and Precautions
8: Key Deliverables of HCM 4.0 Value Proposition
9: How to 'Sell' the HCM 4.0 Value Proposition?
10: HCM 4.0 Sharpens the Strategic Edge —Carving Out Its New Role Space

Part III - HOW TO WIN CREDIBILITY FOR THE HCM 4.0 MODEL?
11: HCM 4.0 Management-by-Measurement
12: The Evolution of Management-by-Measurement
13: Management-by-Measurement — Charting the Course Step-by-step
14: Sample List of Strategic Metrics —Helping HCM 4.0 to Prove its Worth
Concluding Agile HCM 4.0—Embrace Disruption

 

LIMITED COPIES IN PRINT – BUY ONLINE

Website Link - https://www.himpub.com/BookDetail.aspx?BookId=8926

Amazon Link - https://www.amazon.in/dp/9356936099?ref=myi_title_dp

 

With Best Wishes

Dr Wilfred Monteiro