Key Management Ratios: Master The Management Me...
Talent management refers to the way in which a company puts together the best workforce for its business model and continues to develop and meet the individual motivations and needs of employees so that they stay with the company.
Key Management Ratios: Master the management me...
There are obvious reasons for measuring the effectiveness of talent management processes. People are the biggest expense for an organization, so it makes sense to look at better ways to manage personnel costs. KPIs drive out waste, make processes more efficient and guide organizations looking to recalibrate to hit goals. Tracking KPIs helps organizations get insights that enable them to provide a better employee experience.
While actual data itself will vary, many of the formulas and metrics that measure talent management are universal across industries. For that reason, robust HCM software can automate the process of tracking and analyzing KPIs.
One way to make sure data becomes actionable is to surface it on a human resources management system (HRMS) dashboard, where you can see real-time data on headcount, growth and turnover trends, with all calculations automated.
On a larger scale, great talent management KPIs allow the business to ask: Why is this happening and what can we do about it? For instance, in analyzing turnover, the business can further drill down to see if turnover differs by demographic characteristics, functions of the business, teams and managers. If there are trends, management can dig into and address the reasons.
Small changes can have big results. Having the right talent management KPIs in place empowers HR teams and business managers to identify challenges and make adjustments before they lose top employees.
While today such a background remains rare among CEOs, product-management rotational programs are the new leadership-development programs for many technology companies (for example, see the Facebook Rotational Product Manager Program, the Google Associate Product Manager Program, and the Dropbox Rotation Program). Any critic of the analogy between product managers and CEOs will point out that product managers lack direct profit-and-loss responsibilities and armies of direct reports, so it is critical for product managers with ambitions for the C-suite to move into general management to broaden their experience.
Over the next three to five years, we see the product-management role continuing to evolve toward a deeper focus on data (without losing empathy for users) and a greater influence on nonproduct decisions.
Similarly, the background of future product managers will evolve to match this new role. A foundation in computer science will remain essential and will be supplemented by experience and coursework in design. Product managers will know how to create mock-ups and leverage frameworks and APIs to quickly prototype a product or feature. Product managers will typically start their careers either as engineers or as part of a rotational program. After three to four years, they may get an executive or a full-time MBA with a specialization in product management, which is becoming an area of focus at several top-tier MBA programs, and which we expect will become more prevalent.
We recommend that organizations begin with a thorough assessment of their current product-management capabilities in six areas: a grounding in customer experience, market orientation, business acumen, technical skills, soft skills, and the presence of organizational enablers. Companies typically focus on being best in class in one to three areas and meeting the bar across the board (Exhibit 2).
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