TM - December 2007 - (Page 26)

There is an interesting correlation between talent management and analytics, and the fantasy sports craze. Think about all of the fantasy leagues that have popped up in the last few years. How do fantasy league managers pick their players? It’s not on their personalities, good looks or referrals from friends. It’s all a numbers game. Fantasy sports leagues use key performance statistics as their measures of success. The basis behind winning in a fantasy league is drafting and keeping the players that individually perform best throughout the year. Points get applied against the measurement gains based on the value and importance of the measures monitored. The point rating against these key statistics is similar to a weighting system. Fantasy team managers use elaborate online and offline systems to manage and track their team’s success. At the end of the season, the scorecards are calculated to determine the league champions. Today, your player draft is likely limited to internal employees and new-hire candidates. You don’t usually get to see the individual performance statistics of your competitors. This is where industry and role-based associations can play a part, by collecting individual performance statistics. If these associations were to make those statistics available to the public, industry sector hiring managers from competitive organizations could analyze and evaluate anyone as a potential candidate across their industry based on rankings. This concept is both intriguing and scary, but it’s certainly a model that promotes top performance. Envision a new-hire corporate draft from top college graduates, trade agreements with competitors, free agency, signing bonuses and million-dollar multiyear contracts. Part of this is a reality. Companies use signing bonuses for new hires in some roles such as nursing. Organizations rate and rank new graduates based on their grade point averages and college rankings. Like the baseball team, corporate organizations also have players. Our players, or employees, perform specialized roles, but they need to work together as a team for us to be successful. force. They would valuate individuals based on past and future contribution, then architect a compensation package according to their value. Talent managers today have an opportunity to develop their talent management strategy and monitor progress using simple analytical dashboards. The dashboard is a management tool that aligns talent management strategy with underlying measures of success. It collects, plots and identifies when decisions or changes need to be made to keep the strategy on track. At regular intervals, managers can share results with stakeholders through a progress snapshot or scorecard, gather feedback and prepare for the rest of the season, so to speak. At the end of the season (annually), managers and stakeholders meet to review the scorecards, talk about key leaders and changes in strategy, and plan for next year, or even the next 10 years. Behind the scenes, analytics assess the value contributions of talent, the measures that drive success and what new talent is required to succeed. If your team has one losing season, you have an opportunity to correct it. But if you continue to lose season after season, the fans will stay home next year. Our customers are our fans, and our fans want winning teams. They will pay more to be part of your success. Chris Moore is president of Zeroed-In Technologies, creator of CLO Dashboard™ and a measurement strategy partner to the world’s leading organizations. He can be reached at editor@TalentMgt.com. The next step is to gather the statistics for those already in the workforce and provide visibility across the industry on their competencies and performance abilities. Talent managers would have a salary budget they could use to create a high-performance work- talent management magazine www.TalentMgt.com 25 December 2007 http://www.TalentMgt.com

Table of Contents Feed for the Digital Edition of TM - December 2007

Talent Management - December 2007 Editor's Letter Contents Letters to the Editor Human Performance Leading Edge Capabilities The Engaged Difference: What People Want Analytics in Talent Management: The Sports View The Use of Merchandise for Employee Recognition Taking Aim at Performance Appraisals Talent Management Drives Organizational Change Generational Diversity: Mastering the Boomer-X-Y Divide Dashboard: Security-Savvy Workforce: Designing a Security Awareness Program That Works Application: Hilton Hotels Corporation:Checking Out the Merits of Paperless Efficiency Insight: Unlimited Engagement: Innovative Corporate Communication at Deloitte & Touche USA Advertisers' Index Editorial Resources Foundations

TM - December 2007

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