Talent management provides competitive edge
London (UK), October 2010 - (by Bob Little) When Irish Life and Permanent, a banking, fund management and life assurance company, wanted to hone its competitive edge it looked for a way of integrating retention, employee satisfaction, training initiatives and regulatory needs into a single system.
According to Stuart Curtis, Project Manager at Irish Life & Permanent, "Retention was the major management reason for developing performance and talent management. We were investing in training and development and yet we weren't retaining staff as we should. Training served our regulatory needs, but people couldn't see their learning history or development plan for the future."
Irish Life chose a talent management system from Plateau Systems. So far, Plateau's system has:
- Replaced 18 disparate performance management systems that were operating in the company.
- Unified and improved access to learning for consultants and staff in the company's 104 branches.
- Helped to produce a 58% increase in eLearning.
- Reduced instructor-led training by twice the target amount, thus freeing staff instructors to handle other projects.
- Streamlined administration.
Moreover, the project has more than paid for itself in less than two years - some 12 months earlier than forecast.
Curtis explained: "Our aim was to replace 2.5 per cent of instructor-led training in the first year. In the end, we more than doubled that - which frees up instructors to do other things in the organisation. We've also cut costs like printing because attendees access, view and read documents online. We expected to see ROI in about 36 months but we're on track to see it in 24 months."
In Curtis' view, the integrated Plateau system is 'the ultimate staff retention tool' because it gives staff a clear way to see the gaps in their competencies as well as to discover the learning activities that will take them to the next level. He added: "By linking learning, performance and succession planning, we'll help people so that they can get to where they want to be within our organisation."
HR professionals have dreamed for years about having a system which brought together all the aspects of talent management - from recruitment and selection, through induction and learning and development to skills gaps analysis, succession planning and even exit interview. Finally, technology seems able to deliver such a system - and Irish Life & Permanent, for one, seems to be embracing it.
For over 20 years, Bob Little has specialised in writing about, and commentating on, corporate learning - especially elearning - and technology-related subjects. His work has been published in the UK, Continental Europe, the USA and Australia.
You can contact Bob.