Remuneration and Talent Management

Mark Bussin

Description

Dr Mark Bussin together with world-class experts who are thought leaders and highly regarded by their peers and clients answered the question - "Who can say they find it easy to attract top talent, and once they are in the organisation, pay them fairly, and are able to retain them relatively easily?"The global pool of highly skilled employees is in great demand, and those with both critical skills and experience come at a hefty price. The million dollar question is whether money alone is enough to secure the best talent in the market.This is a practical and informative book for managing the tension between talent and remuneration in organisations.Contents include: The Context to Remuneration: Strategy, Organisation Design, Leadership and Talent Management Components of an Integrated Talent Management Strategy Talent Retention - Customising Retention Strategies: A Case Study How to Identify Talent Integrated Talent Management - Practical Ideas, Tools and Tips Engaging Talent The Employee Value Proposition (EVP) and Talent Rewarding Talent Talent Management and Variable Pay Long-term Incentives Attracting, Retaining and Leveraging Generation Y Talent Rewarding the Talent at the Top I am Talent - Empowering the Individual to Manage His/Her Own Career Securing Talent: The Role of the Contract of Employment and Restraints of Trade Remuneration as a Talent Investment Strategy - Increasing the Value of your Talent PortfolioReviews"Mark once again accomplishes what few authors do - writing in an accessible way. A must-read for HR practitioners, consultants, students and academics in understanding the mechanics of remuneration and talent management in the South African context." - Professor Anita Bosch, Lead researcher: Women in the Workplace Research Programme, Department of Industrial Psychology and People Management, Faculty of Management, University of Johannesburg"This book navigates the reader practically through the labyrinth of reward and talent. It unpacks the crucial elements of reward and talent and exposes alignment considerations that will enable the practitioner to establish an employee value proposition with strategic significance." - Michelle Pirie, Group CHRO, Econet Wireless"This book truly explores and explains the very critical and often-asked question about how to manage remuneration and talent within an organisation. It answers that question and more!" - Willem Verwey, Head: Remuneration and Benefits, Anglo American PlatinumDr Mark Bussin consistently contributes to the development of a host of human resource managers in the remuneration and talent management field in Africa via his corporate and consulting experience, wise counsel, writings, and hundreds of lectures, TV and radio interviews. He has developed a generation of remuneration and talent experts, helped define the field of practice, and made a significant contribution to the national level of excellence in these fields.

Sujets

• Gestion et management

Informations

• Publié par: Knowres Publishing
• Date de parution: 30 mars 2014
• Nombre de lectures: 2
• EAN13: 9781869225209
• Langue: English
• Poids de l'ouvrage: 2 Mo

Extrait

Endorsements
Mark once again accomplishes what few authors do – writing in an accessible way. A must-read for HR practitioners, consultants, students and academics in understanding the mechanics of remuneration and talent management in the South African context.
— Professor Anita Bosch, Lead researcher: Women in the Workplace Research Programme
Department of Industrial Psychology and People Management, Faculty of Management,
University of Johannesburg
In an ever-changing and highly competitive world driven by incentives, the remuneration and management of key skills and talent is an absolute imperative. This imperative is exacerbated by the dramatic shortage of quality human capital and key skills, as well as the social desirables and economic objectives that organisations have set out for themselves. Dr Bussin’s Remuneration and Talent Management provides a thorough and practical perspective on the subject. It outlines how best to manage the acute tension between attracting and retaining talent, and how best to pay for it, given the financial pressures faced by an organisation. This book will prove to be an essential and indispensable tool for any manager of human capital!
— Constantinos Economou, CEO, Colourfield Liability Solutions (Pty) Ltd
Remuneration and talent management is a crucial factor in the wellbeing and success of any business. Retention and satisfaction of key personnel and in fact the whole of a business team are the foundation of a sustainable enterprise.
— Dougy Kevan, General Manager Southern Africa, Norgine Pty Ltd
The war for talented employees is raging on fiercely. What is required of competitive employers is to understand the needs of the talent pool and to package a value proposition that not only attracts talent but also retains that talent. Understanding the interdependency between remuneration and talent management is crucial in this ongoing war. This book provides valuable insights into a significant battle facing all stakeholders.
— Krishnee Kissoonduth, Director – Remuneration and Administration Department, Human Resources, UNISA
This book navigates the reader practically through the labyrinth of reward and talent. It unpacks the crucial elements of reward and talent and exposes alignment considerations that will enable the practitioner to establish an employee value proposition with strategic significance.
– Michelle Pirie, Group CHRO, Econet Wireless
This book truly explores and explains the very critical and often-asked question about how to manage remuneration and talent within an organisation. It answers that question and more!
— Willem Verwey, Head: Remuneration and Benefits, Anglo American Platinum
Remuneration and Talent Management
Strategic Compensation Approaches for Attracting, Retaining and Engaging Talent

A practical and informative textbook for managing the tension between talent and remuneration in organisations

by

Dr Mark Bussin







2014
Copyright © Knowres Publishing and Dr Mark Bussin

All reasonable steps have been taken to ensure that the contents of this work do not, directly or indirectly, infringe any existing copyright of any third person and, further, that all quotations or extracts taken from any other publication or work have been appropriately acknowledged and referenced. The publisher, editors and printers take no responsibility for any copyright infringement committed by an author of this work.

Copyright subsists in this work. No part of this work may be reproduced in any form or by any means without the written consent of the publisher or the author.

While the publisher, editors and printers have taken all reasonable steps to ensure the accuracy of the contents of this work, they take no responsibility for any loss or damage suffered by any person as a result of that person relying on the information contained in this work.

First published in 2014

ISBN: 978-1-86922-4745-5 PDF ebook

Published by Knowres Publishing (Pty) Ltd
P O Box 3954
Randburg
2125
Republic of South Africa

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Website: www.kr.co.za

Printed and bound: Shumani Printers (Pty) Ltd, Parow Industria, Cape Town
Typesetting, layout and design: Cia Joubert, [e-mail]
Cover design: Nadia du Plessis, Design Figment, [e-mail]
Editing and proofreading: Adrienne Pretorius, [e-mail]
Project management: Cia Joubert, [e-mail]
Index created with: TExtract, www.Texyz.com
Acknowledgements
This book would not have been published without the extensive contributions from many very dedicated people. It is a huge team effort, and thank you so much.
A number of people were instrumental mentors in setting the base right. Thank you to all my colleagues for teaching and sharing your knowledge so willingly.
Thank you to the authors of and contributors to the relevant chapters who peer reviewed the entire book. A special thank you to the deep technical specialists in this area for their peer review and guidance – Frans Moloa and Dr Louis Carstens. A special thank you to Dr Ronél Nienaber for your insight and extensive comments – I really appreciate it.
Knowledge Resources, thank you for co-ordinating the production and marketing of this book.
A special thank you to Chris Blair for your insight.
A giant thank you to my wife Marina and children Daniel, Kate, Genna, and James, for your inspiration and patience.
To you, the reader, I look forward to receiving your inputs; to building on the experiences that you have had with talent management and remuneration; and to hearing how we can improve our knowledge and practice in this relatively poorly practised field of management.

Professor Mark Bussin
Johannesburg
February 2014
Please feel free to contact me with suggestions that can build on this version.

[e-mail]
www.drbussin.com
Mobile: [phone]
Foreword
In today’s aggressive business environment, organisations that seek competitive advantage will need to attract, leverage and retain the best talent. With the advent of globalisation and the diffusion of technology, differentiation is becoming more and more difficult. What makes the difference between organisations that thrive and those that dive is undoubtedly the people. The global pool of highly skilled employees is in great demand, and those with both critical skills and experience come at a hefty price. The million dollar question is whether money alone is enough to secure the best talent in the market.
Research indicates that although money is a highly significant variable, it is, in fact, not enough. Talent management involves a lot more than just remuneration. The decision to work for an organisation and then remain with the same organisation over time is dependent on the entire employee value proposition. This involves remuneration, learning and development, work environment, company ethics and values, inspirational leadership, and many other factors.
Much has been written on integrated talent management and the necessity to focus on more than just remuneration. However, there is a gap in the literature on specific remuneration strategies for talent. There are many crucial questions that must be answered in this area. For example, should employees with high potential be remunerated differently from employees with high performance? Are variable remuneration strategies more successful in retaining talent? And so on.
This informative and practical handbook looks at the areas of talent management and remuneration, and their points of intersection. It is essential reading for human resource practitioners as well as line managers in all business sectors. As the war for talent becomes even fiercer, organisations will need to harness all weapons in their arsenal to be successful. Remuneration is one of most critical weapons, but it relies on both art and science to have maximum effect and impact. Handbooks such as this one will enable organisations to use remuneration successfully as part of an integrated management strategy.

Andrew Mthembu
Executive Chairman
Imphandze Investment Holdings
Contents
Sourcing of figures and diagrams
About the author
List of contributors
Prologue and preamble
1 The Context to Remuneration: Strategy, Organisation Design, Leadership and Talent Management
1.1 BACKGROUND
1.2 STRATEGY AND INNOVATION
1.3 ORGANISATION AND WORK DESIGN
1.4 STRUCTURE AND WORKING RELATIONSHIPS
1.5 LEADERSHIP CAPACITY
1.6 TALENT MANAGEMENT
1.7 CONCLUSION
1.8 REFERENCES
2 Talent Retention – Customising Retention Strategies: A Case Study
2.1 INTRODUCTION
2.2 THE CASE FOR PROACTIVE RETENTION STRATEGIES
2.3 CREATING THE NEED: THE REALITY, THE VISION, THE PLAN
2.4 DIAGNOSTICS: UNDERSTANDING THE REAL ISSUES
2.5 REFINING THE TALENT SEGMENTS
2.6 PRIORITISING INITIATIVES
2.7 KEY RETENTION INTERVENTIONS – GUIDING PRINCIPLES
2.8 LESSONS LEARNT
2.9 CONCLUSION
2.10 REFERENCES
3 Introduction to Talent Management
3.1 INTRODUCTION
3.2 DEFINING TALENT
3.3 DEFINING TALENT MANAGEMENT
3.4 THE EVOLUTION OF TALENT MANAGEMENT
3.5 THE CONTEXT OF GLOBAL TALENT MANAGEMENT – THE IBM CASE STUDY
3.6 THE BUSINESS CASE FOR TALENT MANAGEMENT
3.7 CONCLUSION
3.8 REFERENCES
4 How to Identify Talent
4.1 INTRODUCTION
4.2 THE TALENT IDENTIFICATION PROCESS
4.3 DETERMINING TALENT CRITERIA
4.4 TYPICAL CHARACTERISTICS OF STAR TALENT
4.5 MEASURING POTENTIAL
4.6 COMMUNICATING TALENT IDENTIFICATION CRITERIA TO EMPLOYEES
4.7 TALENT IDENTIFICATION TOOLS
4.8 INTEGRATION WITH OTHER TALENT MANAGEMENT ACTIVITIES
4.9 CONCLUSION
4.10 REFERENCES
5 Components of an Integrated Talent Management Strategy
5.1 INTRODUCTION
5.2 INTEGRATED TALENT MANAGEMENT
5.3 CONCLUSION
5.4 REFERENCES
6 Integrated Talent Management – Practical Ideas, Tools and Tips
6.1 INTRODUCTION
6.2 A ST