Do you have a scorecard that is tracking the “score” of your talent management (TM) initiatives? Are you able to tell your stakeholders and senior leaders how your TM initiatives are doing compared to other initiatives in your company, or compared to external best practices? Can you demonstrate the value of your TM initiatives to justify expenses?
If you have answered “no” to any of these questions, you should consider implementing a TM initiative micro scorecard. Implementing a TM initiative micro scorecard can help you to
- ensure business alignment
- track performance
- demonstrate accountability
- justify expenses
- make program improvements
- communicate successes.
In our upcoming ASTD Press book, Integrated Talent Management Scorecards: Insights From World-Class Organizations on Demonstrating Value (DeTuncq & Schmidt, September 2013), we introduce an Integrated TM Scorecard model that includes a handy template for a TM initiative micro scorecard. These scorecards are excellent tools to help you use TM analytics to show results and impact.
The TM initiative micro scorecard is aligned with the TM functions. Below are examples for TM initiatives that would have their own micro scorecards.
- Workforce planning: identification of strategic, key, core, and transitional roles, and implementation of the action plans associated with each role
- Talent acquisition: executive recruiting, recruiting for strategic or key roles, internships, and college recruiting
- Performance management: annual performance review process, quarterly performance review process, individual development plans, and performance improvement plans
- Learning and development: onboarding program, sales training, mentoring programs, career development initiatives, and management development
- Succession management: succession plans, 360-degree feedback, executive coaching, high-potential development program, and job rotations
- Engagement and retention: employee engagement survey, employee resource groups, recognition program, and a diversity initiative.
A TM initiative scorecard is a one-to-two page table that shows the results of a TM initiative and includes
- activity metrics such as target audience, number of attendees, and duration
- business objectives for the initiative
- findings for Levels 1 to 5 evaluations
- a quick summary of isolation, conversion, cost components, and barriers
- recommendations for next steps
During our webcast on September 5 at 1 p.m. ET, we will present a case study example of a TM initiative micro scorecard.
Are you using a scorecard to demonstrate the value of your TM initiatives, and if so, what do you include in your scorecard?