Buying a Talent Management System: The 11 Key Steps to Success

Buying a Talent Management System: The 11 Key Steps to Success July 2007 ® Table of Contents: Introduction........................................................... 1 I..Establish.Objectives............................................ 2 II..Win.Executive.Support........................................ 4 III..Assemble.a.Project.Team. .................................. 5 . IV..Define.Requirements.–.. Getting.There.From.Here........................................ 6 V..Establish.a.Preliminary.Timeline.. and.Resource.Requirements.................................. 7 VI..Prepare.a.Business.Case.................................... 8 VII..Establish.a.Budget............................................ 9 VIII..Evaluate.Solutions.......................................... 10 IX..Select.a.Vendor.................................................. 11 X..Negotiate.the.Contract...................................... 12 XI..Begin.Implementation........................................ 12 Conclusion.............................................................. 13 Introduction Whether you are a large, global organization or a mid-sized Organizations don’t have to live in fear that making the wrong and growing business, most organizations today now realize purchase decision will disrupt their business processes and the importance of their human capital and the value of linking their talent strategy to business objectives. Implementing an management solution described in this paper, mid-market integrated talent management system can provide numerous companies in any industry can launch winning talent management technology campaigns. Below, we’ll initiatives and processes, to linking previously disparate silos so explore the 11 key steps of the process: 1. Establish Objectives However, for many organizations, especially mid-size 2. Win Executive Support companies, the process of buying a talent management 3. Assemble a Project Team system may seem daunting. You shouldn’t assume these 4. Getting There from Here systems have high sticker prices and complex functionality. Many solutions on the marketplace are very cost accessible, 5. Establish a Preliminary Timeline and Resource Requirements 6. Prepare a Business Case management system, but the perceived complex buying 7. Establish a Budget process remains a barrier to entry for many organizations. 8. Evaluate Solutions 9. Select a Vendor 10. Negotiate the Contract 11. Begin Implementation The information contained herein is subject to change without notice. ® Copyright © 2006 Knowledge Infusion, All rights reserved. 1 I. Establish Objectives Establishing objectives for a new talent management solution sounds so easy, so obvious, and so intuitive that Industry Examples: many companies don’t bother to do it. However, organizations If you’re in a retail company, your executives may aim to that don’t clearly identify and articulate their goals often end increase revenue by opening ten new stores next year. up watching in dismay as their talent management programs You’ll need to identify the people in your organization get off track. who have the skills, competencies, and track record of performance to be moved into store management or field There are three key steps to defining crisp, actionable management positions. business outcomes: If you’re in a high-tech company, you’re always facing 1. Decide what you are trying to accomplish as a skills crunch. But there is also an increasing focus on an organization. innovation among the workforce. To increase the level of innovation across your executive team, you must be able to The point here is not to list the goals of the HR assess specific traits and competencies, as well as invest organization. Rather, take time to determine what in the right methods of workforce development. Otherwise, your overall business is trying to accomplish. Once you will be unable to identify the people who can develop you define that set of specific objectives, every goal the “next big thing” on your company’s product roadmap. should be anchored to them. Plan to work closely with your executives. Pick the brain of your vice Figure 1 president of HR. Request a meeting with your CEO and ask him or her to define your organization’s goals and objectives. This information encompasses You also need a reliable approach to retention. Be clear your organization’s plans for the future. about what types of long-term employees you are looking 2. Define how you can use talent to help meet those for and what you are willing to offer them. Then, develop the business goals. performance plans, development programs, and advancement opportunities you need to present each star employee Once you know what direction your executives are with a worthwhile value proposition. Beyond retention, it’s steering the organization, focus on human capital. imperative to keep employees motivated and passionate That means mobilizing key talent and identifying about coming to work. Employee engagement is often best the people who can lead your organization into new addressed through goal alignment and career development markets. Your exact focus will vary depending on planning activities. your industry and market (See Figure 1 above). As you develop your talent management program, you will probably focus first on the departments or functional areas that most critically need help—such as sales and marketing, operations, engineering, or IT. Eventually, you may focus on particular levels of the organization. For example, if your mid- level management structure has recently become depleted due to the promotion of several key managers to the senior manager level, you will need a plan for restoring the balance. The information contained herein is subject to change without notice. ® Copyright © 2006 Knowledge Infusion, All rights reserved. 2 3. Define the processes and systems that will support talent objectives. With your human capital plan in hand, you can now make better decisions about the processes and technologies that will support it. Certain areas—such as goal alignment and career development—marry nicely with specific technology solutions.