Talent Management the Building Blocks for Success

Chartered Institute of Management Accountants

talent management The building blocks for success. 1

Contents NOTE on Terminology

02 i ntroduction In framing our research, we asked Active terminology seems to be participants to describe what the preferred because of its greater 03 About the Research concept of a ‘career framework’ meant resonance with managers and employees 05 symptoms of poor talent management to them and their organisation. All compared with the more passive participants strongly stated that a range ‘framework’ concept. Reflecting this, we 08 benefits of better talent management of factors were needed to maximise the have used a combination of these terms 09 building blocks for success contribution of people within in their to encompass our original discussion organisations. about ‘career frameworks’. 18 ActionS for leaders Not all organisations used the term Our definition of ‘talent’ follows that of 19 talent management and cima ‘career framework’ in managing this area the joint CIMA, CIPD, CMI and Investors 22 Conclusion or communicating with staff; the most in People ‘Valuing your Talent’ project, common term used being ‘talent which states: ‘We believe that the term management’. Where reference was ‘talent’ should not be reserved for ‘high made to the idea of a career, it was often flyers’ but instead that all people have a termed ‘career progression’ or ‘career role to play in contributing to the development’. success of their organisations, whatever their size or sector.’1

Interviews and roundtables conducted during the research were carried out under Chatham House rules, where information was contributed on the basis that it would not be attributed to individual organisations. Talent management: the building blocks for success For more information visit www.cimaglobal.com 2/3

Introduction ABOUT the research

The role of finance is changing in seeking to This report is based on a 2016 study undertaken by CIMA with add more value to the business, and more than Power of Numbers Ltd. The research was commissioned by the ever finance people in all sectors are seen as Great Place to Work action area of Future-Focused Finance2 in critical in solving major organisational order to enable NHS finance teams to learn from good practice challenges. This report investigates how large in talent management and career progression amongst large commercial and public sector organisations commercial and public sector organisations. As exemplars of best manage their talent, identifying four practice, the findings have wider relevance for any organisation fundamental building blocks for success. wishing to improve their talent management. We then consider the value of the CIMA professional qualification in talent A total of 18 large public sector and commercial We asked participating organisations to rate themselves in management, both to the individual and the organisations directly contributed to the study through terms of how they help people develop their careers (Figure roundtable workshops, one-to-one interviews and an online 1). Over half considered that they were very strong in this organisation they work for. survey, alongside wider desk research. Drawing on the area, while recognising that there was still some room for experience of these organisations, this report collates improvement. examples of good practice across all aspects of talent management and career progression and suggests actions Those organisations that rated themselves lower were all which organisations can take to implement these practices. part way through a programme of change in this area and could point to specific actions in progress which they believe will have significant impact in the future.

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Figure 1: How well does your organisation help people develop their careers? Symptoms of poor talent management

40% Inadequacies in talent management are impeding organisational competitiveness and financial performance 30% In increasingly volatile times, organisations need to Our previous research in this area4 has shown that, be constantly alert and ready to address new risks while most companies understand the importance of and opportunities. Uncertainty means that businesses human capital, they do not appear to have the right 20% need to build their adaptability and resilience, and in systems, processes and information in place to manage the public sector there is pressure to do more for less talent effectively. Furthermore, inadequacies in talent while simultaneously addressing growing demands for management are impeding organisational competitiveness greater transparency and accountability. Effective talent and financial performance. t ion of res p ond E n s 10% management will be a critical success factor, and with half of all CIMA members looking to change roles within the next two years3 employers must pay close attention to

p or Pro their talent management strategy or risk losing key staff.

1 2 3 4 5 6 7 8 9 10

rating excellent

All the organisations emphasised that people are a critical careers, there were other, more subtle factors enabling resource with a variety of skills, motivations, expectations successful investment in staff. and preferences, and that good talent management and career progression needs to take account of that diversity. In recent years, we have seen the role of finance evolving, They agreed that the concept of a ‘career framework’ seeking to add more value to the business. More than ever, extends well beyond describing the range of available finance people in all sectors are being seen as critical in roles and possible career paths that people can follow. All solving major organisational challenges. Consequently, participants strongly stated that a range of factors were all the organisations interviewed prioritised finding and needed to maximise the contribution of people within in developing the right finance staff who are able to: their organisations. While this includes providing managers • Lead the continual drive for savings and efficiency and employees with a picture of the finance and other • Generate new thinking that enables an organisation roles that might be relevant for them and the different to adapt to the growing complexity of its operating routes or paths that they could follow in developing their environment • Play a role in sustaining organisational memory ‘As the finance function becomes more efficient, the priority in finance transformation is shifting from how to take cost out of an overhead function to how to get more value from finance disciplines. And as management accounting becomes more influential, it is increasingly valued for its contribution towards ensuring business success.’

Finance Business Partnering the conversations that count, CGMA 2015 Talent management: the building blocks for success For more information visit www.cimaglobal.com 6/7

Insufficient roles available Over-promotion

Figure 2: The symptoms and impact of poor talent management Depending on the scale of the organisation and its business Sometimes people are given a promotion just to keep them unit structures, there may be an insufficient number of in the team or organisation. The roles offered are frequently roles opening up to allow people to progress. Individuals whatever is currently available and sufficiently attractive Inability to Few applicants, particularly for Not enough fresh blood often reach a stage in their career where promotion is not to the individual. However, this can lead to big problems to generate innovation appropriate, but a lateral move to gain experience in a where the role is not matched to that individual’s strengths recruit more senior roles and new thinking different role or business unit would be highly beneficial (an example being a technical specialist moving into a both to themselves and to the organisation. leadership role) or where the level of stretch is too great. This can be compounded by not providing them with This may be appropriate when, for example, an individual enough support, either in preparation for the move or has been unsuccessful in applying for a promotion. LIMITING People are not stretched and are Too many specialists to address any capability gaps. The same problems with POTENTIAL unable to deliver their full potential reinforces silos Absence of goals over promotion can occur when managers believe that ‘no-one else can be found’ either internally or externally We found that a high proportion of people have few or no to fill the role. goals in relation to their development or career progression. Stagnation means that Where goals exist, they may only be nominal. We identified Failing to address these causes can lead to a cycle of talent STAFF Too low people do not develop the following issues: mismanagement (Figure 3). The negative impacts include TURNOVER poor staff morale and motivation, succession risks and the ISSUEs The most productive and / • Goals are insufficiently specific, realistic or actionable inability to generate fresh ideas and insights to overcome Too high or high potential staff leave • Individuals have not set out (or do not understand) the challenges. Pressure on senior leaders increases as the actions required to reach those goals organisation under-performs. • Individuals are not putting those actions into practice systematically. EMPLOYMENT Increased risk exposure, Unfilled permanent roles GAPS higher costs

We asked participating organisations to identify the main • Hoard ‘stars’, those people who they see as ‘having an Figure 3: The cycle of talent mismanagement symptoms and impact of poor talent management. They indispensable badge’. identified four main areas (Figure 2): a lack of suitable applicants for more senior director and deputy director Individuals may: roles, limited scope roles leading to silo mentality, issues with high (and low) staff turnover, and poor succession • Become comfortable and stay in the same role too long planning resulting in employment gaps, higher pressure and • Move too quickly, not getting the benefit of the full increased staff costs. experience of the role they are in. Participants stated that this occurs less commonly. These symptoms can be traced to a number of common causes: Lack of career conversations Wrong mindset The negative impact Without the appropriate conversations between individuals STAFF on your business? Individuals are not transferring between roles, either by LEAVE and their managers, it is almost impossible to get • Poor morale and motivation taking on more senior positions or moving across to same- development and career progression right. Many senior level roles that broaden their experience. We found that finance managers are not having these discussions with • A lack of fresh insights to solve complex challenges this is invariably caused by mindset, either of the manager staff (or having them too infrequently), often because or the individual. they fear the individual leaving their team. Without regular • Big succession risks Managers may: dialogue, there is a risk of managers assuming that if • Pressure on senior leaders individuals who do not raise the prospect of progression are as the organisation • Have a stability bias, wanting to get a settled team and not thinking about it or interested in what opportunities under-performs keep it that way may be open to them. Failure to address this can lead to • Go into recruitment looking for people who will stay in demotivation among staff. the job for the long term Talent management: the building blocks for success For more information visit www.cimaglobal.com 8/9

Benefits of better talent Building blocks for success management The whole organisation needs the mindset, flexibility and central resources to create and maintain successful ‘pools of talent’ All participants believed that their investment in talent management was having positive effect in some or all of the Analysis of our research findings identified 4 fundamental ‘building blocks’ for successful talent management: following ways: • Foster the right mindset • Create flexible talent pools • Enable the movement of people • Higher volume and greater quality of top leadership • Provide the necessary central tools and resources. applications • Ability to promote from within • Resiliency to cover roles with multiple people Within each building block we identified good practice themes and actions for leaders. • High motivation with improving feedback from staff • Increased productivity

Twelve years ago, we were struggling Building Block 1 Building Block 2 to find good FDs across the group, “ so we set out to grow our own FDs. Foster the right mindset Create flexible talent pools We have just succeeded in promoting Lead from the top Define the relevant talent pools the first person into role and more are on their way. Promote from within Decide on the sufficient scale

Empower each part of the business to take ownership Accelerate learning

We use a ‘value add” tracker’ for those on Motivate people to take personal responsibility Get the right people together to manage each pool our leadership development programme “ to enable them to measure how much Give individuals a route-map to inspire and navigate Support and adapt the pools as needed time they spend on activities that generate value for the organisation. It Drive active line management Facilitate movement between pools is very basic but it does give something Building Block 3 Building Block 4 tangible to show how their development is making a difference. Provide the necessary central tools Enable the movement of people and resources Create an expectation to move Prioritise and keep things simple

” Provide options for movement within the business Raise awareness

Increase fluidity of movement with other organisations Provide an easy-to-use portal

Face up to moving people on

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Building block 1 – Foster the right mindset Motivate people to take People only reach their full potential if motivated to do so. They need to take personal responsibility personal responsibility for their development and careers. Processes, systems and resources by themselves do not give individuals the curiosity and energy Lead from the top Opportunities to develop and progress should be for all employees and not to learn and stretch themselves. Organisations have to make clear what is just a few ‘high fliers’. The finance leadership has to set the right tone at expected of employees, help them set and communicate their development the top around people development to gain trust and build confidence. To goals and provide them with support (such as mentors) outside of line reinforce this, communication from all managers on talent management management hierarchies. and career progression should be consistent. Where managers are not contributing on this effectively, they should be challenged. ‘Make the link to objectives of the role and the opportunities for the person fulfilling those objectives – so they can see ‘Senior leaders should be regularly engaging and the causal connections between investing in their career speaking with the workforce about retention and and outcomes for the individual and organisation.’ motivation. It has to be a regular on-going dialogue. You can’t just rely on an annual survey.’

Give people a route map Employees need to understand that careers are now much less prescribed, to inspire and navigate often involving a wide variety of roles that require a broader set of skills and There is strong support for the ‘home grown’ approach to talent development. Promote from within capabilities. Career progression is not just about moving up narrow hierarchical Organisations do recruit externally and encourage people to gain experience in structures but can involve moves laterally or to different teams or parts of other places but, especially for more senior posts, the advantages of filling roles the business. An overview of the ‘role landscape’ and mapping out examples with internal people who have a deep knowledge of the business, its environment of the different potential routes can broaden and inspire people’s thinking. and ways of working, is consistently seen as preferable. This requires a Crucially, this should simplify the readacross between potential roles by long-term commitment. rationalising the number of finance job titles and providing a set of consistent ‘core role’ descriptions. ‘Our systems are quite complex so we need corporate memory – why things are the way they are. So all of ‘We have reviewed around 50 different jobs across our senior managers are promoted from within as new our finance teams and rationalised these down into 8 people would not have the awareness of the product set.’ common roles. Each of these now has a common core set of responsibilities and skills with a little bit of scope to make minor tweaks to fit the exact position.’ Empower each part of Within the overall ambition and culture for talent management set out by the the business to take senior leadership, individual parts (business units, support functions) must be ownership empowered to take ownership of implementing the actions that work for them within the overall framework of people development. Drive active line Building a consistent approach to talent management and career progression management needs investment in managers to help them develop the necessary attitudes ‘It’s essential to address the hygiene factors quickly. For and skills. Above all, they need to be encouraged to have regular conversations example, get a standardised approach to the Personal with staff and be open to seeing people move around the organisation. Development Review (PDR) process – underpinned with ‘Create an environment where the individual and training on how to do a PDR review.’ their manager are able to have a career conversation which is mutually beneficial for both the individual as well as the organisation and not necessarily for the benefit of the manager.’ Talent management: the building blocks for success For more information visit www.cimaglobal.com 12/13

Building block 2 – Create flexible talent pools All the participants pointed to the importance of creating and managing ‘talent pools’ of people. Not every Get the right A range of different models to oversee the talent pools were described. organisation adopts that specific term, but each makes use of groups or cohorts of employees for a mix of management These typically comprise some form of committee or management group development, performance appraisal and advancement/promotion purposes. meeting once a quarter or every six months to:

Where talent pools are widespread and inclusive (where most or all employees are in a pool that is being • Compare employee performance assessments actively managed), they give a robust structure to the oversight of people’s development needs and • Identify high potential people progression potential. They can also play a crucial role in balancing supply and demand of suitable people to • Agree actions for progressing individuals who are ready for promotion, fill different types of role across the business. facilitating the moves of others to broaden experience and actions to address people who are struggling with performance issues. Define the relevant Examples of talent pools from the research included: Particularly within larger multi-business unit organisations, a range talent pools • Every consulting professional being in a group with15-25 colleagues of approaches were used to identify the managers who needed to be organised by involved in talent pool assessment moderation and decision-making. One grade and customer market organisation reported the following approach: • All team leaders across a department • All managers (between 20-25) within a customer service function • Graduate pool moderated by the scheme’s senior manager • All fast streamers across a company • Analysts and financial controllers moderated firstly with groups of local • Cross-departmental pools by grade (not filtered by performance) managers and then an higher-level aggregated review • Senior talent pool (150 people) • Senior finance staff are moderated by business unit finance directors with • National talent pool for graduate entry facilitation support from HR. • Bonus pools within a business unit (15-30 people) • Individual teams. Beyond this formal moderation for performance and promotion purposes, there is also an important informal role for HR and L&D leads within Where talent pools are used to create opportunities for movement (such as finance to keep contact with those managers who oversee talent pools: through the use of rotation schemes), it is critical that the pool has Decide scale sufficient scale, with enough people in it to be able to back-fill when • To keep their responsibility for the pool at the front of their mind! colleagues move to a different position. This helps build resilience and aids • To prompt for feedback on ‘high fliers’ succession planning. • To sit in on important discussions (for example around potential ‘People Leaders’) Some of the participating organisations actively try to create headcount • To take away actions to support those individuals. space for people to move roles to ensure that strong performers don’t have to wait long before having the opportunity of promotion or to develop Most of the participants used some form of talent grid to map and assess breadth of experience. Pools of reasonable scale encourage diversity, individual performance. Good practice in carrying out these assessments was with employees drawn from different teams, or even different business suggested as: units. Those individuals can then act as conduits for carrying knowledge and contacts between the various parts of the organisation. Participants • Providing written evidence for ratings to try and remove subjective nature reported better cross-boundary collaboration as a result. of the assessment • Gather feedback from peers, managers and especially juniors, who One of the main functions of a successful talent pool is to connect can comment on leadership skills, etc) Accelerate learning employees with the development to acquire the skills and competencies for • Separate backward looking performance reviews completely from forward future roles. The first step in this is to describe the competencies required looking talent reviews. at different levels. This can be done both in general terms and also laid out specifically role-by-role. Once talent pools are established, training and development pathways can be tailored for the individuals in these groups. A number of the participating organisations mentioned the value of As an example of general development centres, which bring cohorts together for face-to-face contact. competency descriptions, CIMA provides an overview For one company, this involves running development centres several of typical requirements for times a year for 20 participants in a diverse group drawn from across the management accountants. business. Individuals are nominated from their ‘talent pool’ (one example This covers technical, business, leadership and of this being high performers showing potential to move up). The group are people skills, underpinned given a range of observed tasks, assessments and personality reports. Reported by ethics, integrity and benefits include the experience for the employees; the learning that gets professionalism. taken back to theirbusiness units and the establishment of new contacts across the organisation. 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Support and adapt Flexibility is crucial: as the business changes, the needs for particular type of Building block 3: enable the movement of people skills and capability change with it. Talent pools should also change, to reflect these shifts. ‘We need more and brighter people given the challenges we face. The best way to ‘up the quality’ is to expose people to a wide variety of experience as they progress Several participants mentioned the constant need to scrutinise roles within through their careers.’ the organisation and ask ‘do we need this?’ One company in particular has a semiformal policy of examining a role whenever anyone leaves to determine whether it is still needed or whether it should be redesigned or scrapped completely. This idea of constantly ‘moderating the workforce’ is considered Create an expectation Enabling the movement of people around the organisation is fundamental to be a powerful way to drive efficiencies by ensuring that all roles add as to move to maximising opportunities for promotion and giving employees the much value as possible. breadth of skills and experience they need for evolving roles. It also rewards and motivates employees with new roles and builds resilience, enabling One company calculates an operating efficiency metric of finance employee the ability to quickly cover or fill roles. Achieving the necessary levels of by role. This process, which exposes just how many people are effectively movement demands an expectation in the workforce that this is the norm playing the same sort of role, is aided by rationalising the variety of finance (if not for all, then for most or many). This can be built through a mix of job titles and descriptions. That, in turn, enables the organisation to consider formal rotation policies and informal support, and requires information on how some of the activity in those roles might, for example, be centralised or the options for movement to be visible and easy-to-access. moved to shared services. Organisations take positive steps to enable different types of move, Promote from within Facilitate movement As organisations seek efficiencies and hierarchies become flatter, it can including secondments, maternity covers, role swaps, ‘step in’ contracts, between pools be difficult to match career progression aspirations against the reality of participation in projects and transfers into other parts of the business (eg the shrinking number of roles. With limited opportunity to move up the from finance into marketing, analytics or operations). Creating movement hierarchy, managers must identify alternative incentives. can be built into contracts or encouraged through monetary incentives, help with relocation costs, offering flexible working terms and enabling One solution to this problem is to offer lateral changes in role. The the use of people to be upskilled. talent pools provides the ability for ambitious people to shift into another pool where their chance of subsequent progression might be increased. Again, HR and ‘Half the time is spent working across other areas in L&D colleagues have a role to play in facilitating cross-functional conversations the business. This is very beneficial as it gives great around managed moves. Individuals should be encouraged to be proactive in insights into different aspects of finance without going asking for consideration for ‘managed moves’ and to play an active role in their on secondment or applying for a new job.’ own career planning. ‘We have developed a ‘Career Pathways Tool’ to help Increase fluidity of Moves to other organisations can be used to broaden experience. people navigate their own careers more effectively; the movement with other Businesses with a wide network of close suppliers and partners can challenge is to create the volume of opportunities for organisations facilitate moves into these for their employees. Increasingly, we see movement across roles to gain experience.’ organisations maintain contact with people who have left, resulting in a steady stream of returners who have gained wider experience elsewhere.

Face up to moving Effective talent management has to consider the possibility of people people on moving roles or leaving the organisation as part of open and honest conversations around performance and potential. It is good practice to help people find alternative roles and to keep the relationship positive. ‘When we restructured the department, we had lots of attrition. This was expected to happen and indeed was an important part of changing the culture.’ Talent management: the building blocks for success For more information visit www.cimaglobal.com 16/17

Manage the perceived Managing the perceived risks of movement can help encourage managers Enable quick access to Tools and resources to support talent management and career progression risks of movement to allow people to move on and absorb new talent into their teams. This resources should be provided in a central intranet portal. This could be developed involves investing getting people ready to make a move (so preparing specifically for the finance function or integrated into a more general HR them in advance for their new role) and ensuring that there is a no- and learning platform within the business. The portal can raise awareness of blame culture if a move does not work as well as anticipated. the ambitions for talent management, set out the role landscape and routes for development, describe competencies and skills, supply templates for Not being afraid to fail is important. Put people in development conversations and career planning and help deliver places where they are stretched but make sure they have and track training. support. Never hang someone out to dry!’ ‘There is a finance portal to access all the materials. It’s very clear and easy. I access it all the time to get things Building block 4: Provide the necessary central tools and resources like the competency framework, learning materials, courses, how to access a mentor, objectives of the finance organisation, links to external websites.’ While it is critical for each part of the business to take ownership for its Prioritise and keep own talent management, it is both efficient and effective to create some Raise awareness Maintaining a high profile for this area is essential if it is not to be sidelined things simple central tools and resources for people to access. In deciding what to provide, by day-to-day pressures. Regular prompts can help maintain interest and organisations should focus on what is essential, avoiding overwhelming energy, particularly for those employees who are less driven in thinking managers and employees with too much detail. It is also good practice not about their careers. Senior leaders play a vital role in getting the message to put everything ‘on a plate’ and instead to design the resources to get across, and this can be supported by investing in promotional materials. people doing some of the thinking for themselves. These should quickly and persuasively summarise what the organisation is ‘When you click on a job title you see the role detail, trying to achieve around talent management, as well as signposting available and also what technical skills as well as behavioural opportunities and resources. Providing links on internal websites and employee newsletters, and referencing these during talks and presentations competencies are required for that role. You can then will help to underline the message. choose to take a competency assessment for that role and measure your current skillset against that of your aspirational role. Where there are any gaps you are given suggestions as to what development you can undertake to fill those gaps – the skills and behaviours at each grade together with mandatory training. This is all supported by discussions with your performance manager’. Talent management: the building blocks for success For more information visit www.cimaglobal.com 18/19

actionS for leaders talent management and cima The role of leaders is crucial in making a success of any increased or redesigned investment in talent management and career progression. From our research findings we identified the value to employees learning; their continuing professional development. Their following actions for leaders to support each building block. membership confirms that they are in good standing with CIMA is the world’s largest professional body of the institute and that they meet these obligations. management accountants, offering the most relevant BUILDING BLOCK 1: FOSTER THE RIGHT MINDSET BUILDING BLOCK 2: CREATE FLEXIBLE TALENT POOLS accounting qualification for a career in business. Thousands To satisfy employers’ expectations, we determined of employers around the world, in all sectors, train their that qualified management accountants at entry level 1. Agree and communicate a vision for talent management 1. Identify a range of models for creating and actively people with us. CIMA members are qualified to work across should have a firm foundation in a broad range of the managing talent pools, ensuring they have the necessary and career progression the business, in a wide range of finance and competencies they might need as their careers develop. scale and resources. These could be a mix of geographic and/ management roles. The CIMA professional syllabus has three levels, addressing 2. Help people easily understand the landscape of potential or cohort-based, examples being new graduates, business roles by developing a rationalised set of finance roles, partners and future leaders requirements up to the level of a senior manager. The titles and job descriptions by grade 2. Pilot one or more talent pool models to test and The CIMA syllabus and assessment is developed with operational level corresponds to entry level; management 3. Provide career route examples that extend across the demonstrate their effectiveness employers and designed to ensure that CIMA qualified level to manager level; (Figure 4) and strategic level to the different parts of the organisation and its wider system. 3. Empower teams or business units to develop ‘bottom up’ finance professionals are business-ready: competent in the early stages of senior manager level. 4. Provide a cohesive and simple link between the range of talent pools. range of skills which employers expect of a professionally qualified management accountant. Once qualified, further skills development is supported by possible roles and the required competencies, BUILDING BLOCK 3: ENABLE THE MOVEMENT OF PEOPLE qualifications and behaviours, identifying the training and continuing professional development (CPD) and a development 1. Set out the expectations for the movement of people around Employers have the further assurance that as members of a commitment to lifelong learning. This helps ensure that the opportunities available to reach these the organisation and its wider system professional institute management accountants are skills of our members remain relevant. 5. Motivate and challenge finance directors and other senior 2. Support creative ways to maximise movement, such as bound by a code of ethics and a commitment to lifelong leaders to drive talent management and career lateral moves or project secondments 3. Develop KPIs to track and assess the volume of movement. progression within and across their organisations or figure 4: levels of competence business units. BUILDING BLOCK 4: PROVIDE THE NECESSARY CENTRAL TOOL

AND RESOURCES levels of competence Description - expertise Description - seniority 1. Develop and source a set of central tools and resources to support talent management and career progression. Expertise in subject matter is acknowledged Expertise in subject matter is acknowledged CIMA have a wide range of CPD resources available on the Senior executive by peers in industry or area of specialism; can by peers in industry or area of specialism; can competency and learning website (C suite or expert) handle very complex matters and supervise handle very complex matters and supervise 2. Design and champion a portal which promotes talent other’s work on complex matters other’s work on complex matters management and career progression and provides easy access to the available tools and resources. Management decision making wth formal Has the experience and expertise to handle senior manager responsibility for colleagues and/or actions and complex matters with confidence and can or advanced decisions have a wider impact. Scope is wide supervise other’s work on difficult matters and focus is medium to long term.

Has acquired specialist knowledge through CPD Limited or informal resposibility for colleagues Manager or (e.g. further study or practical experience); can and/or where broader approaches or intermediate handle difficult matters with confidence and consequences need to be considered. Scope is supervise other’s work on routine matters. mid-range and focus is medium term.

Entry level or Performs a generalist role with confidence and Responsible for achieving results through own has sufficient knowledge of subject matter to foundational actions rather than through others. Scope is work independantly on routine matters but will narrow and focus is on short term objectives. engage an expert when necessary. Talent management: the building blocks for success For more information visit www.cimaglobal.com 20/21

figure 5: the cima qualification Even in smaller organisations where there may be fewer job Studying CIMA demonstrates a commitment to opportunities, supporting staff to progress through the professional and career development. Employers worldwide CIMA qualification will motivate staff, enabling them to recognise that CIMA students are commercially aware, develop skills and competences that will be of value both to hardworking and serious about their future. themselves and to the business. Even in the smallest organisation, studying CIMA offers the Value to the individual individual a valuable opportunity to develop new skills, knowledge and expertise as they progress through the The CIMA qualification (Figure 5) has been designed to qualification. As part of the world’s largest and leading blend management accounting, financial accounting professional body of management accountants they will and business focused subjects, delivering the skills that join a community of like-minded peers and benefit from a employers demand. As a result, our members work in a wide range of resources, benefits and services. wide variety of business roles in all sectors. Many go on to become project managers, consultants, finance directors or chief executives, and others run their own businesses.

Our on-demand exams and flexible structure fit around other work, study and family commitments, allowing students to progress at their own pace. Our flexible entry routes give anyone with a passion for business the chance to study, regardless of educational background. Talent management: the building blocks for success For more information visit www.cimaglobal.com 22/23

footnotes

Conclusion 1 http://www.valuingyourtalent.com/about-valuing- of the provision of high-quality patient services. http:// talent/index www.futurefocusedfinance.nhs.uk/ The research provides a collated picture of good practice across 2 future-Focused Finance is a NHS initiative which 3 ciMA salary survey 2016 every aspect of talent management and career progression in aims to ensure that everyone connected with NHS finance has access to the relevant skills, methods and 4. CGMA Talent Pipeline Draining Growth, 2012 large organisations. It became clear that successful talent opportunities to influence decision making in support management programmes require flexibility, evolving alongside the needs of the organisation and those who constitute its workforce. Reflecting this, the majority of organisations taking part considered that they themselves still had scope for improvement. References and further reading

CIMA qualifications http://www.cimaglobal.com/ https://competency.aicpa.org/ Qualifications/ CIMA people are recognised globally for their Ready for Business: Bridging the Employability Gap http:// competence and confidence. Our professional CIMA Employers http://www.cimaglobal.com/Employers/ www.cimaglobal.com/Research--Insight/Ready-for- business-bridging-the-employability-gap/ accounting qualification can play a Studying with CIMA http://www.cimaglobal.com/Studying/ vital role in sustaining a robust talent CGMA Talent Pipeline Draining Growth http://www.cgma. management programme at all levels, CPD resources for CIMA members: org/resources/reports/pages/talent-pipeline-draining- growth.aspx both within the finance function and http://www.cimaglobal.com/Members/CPD/Resources/ across the business.

disclaimer

Authors

Rebecca McCaffry FCMA, CGMA, CIMA

Ross Pow, Power of Numbers Talent management: the building blocks for success For more information visit www.cimaglobal.com 24/25

Notes Chartered Institute of Management Accountants The Helicon One South Place London EC2M 2RB United Kingdom [email protected]