Talent management is a phrase one might normally associate with agents for rock stars and celebrities, but it's actually part of the Accountability Model that Verizon has adopted to make sure all employees are on the same page when it comes to how the business operates.
Verizon hasn't been slack at giving its employees opportunities for personal development. In 2007, the company spent $371 million on employee development and training, with employees logging 11.5 million training hours during the year--up from 8 million hours in 2006. Training covers everything from compliance issues to management techniques, with the increase in hours mostly driven by employees improving broadband, mobile and IP-related skills.
Talent management begins at "acquisition" (i.e. when an employee is hired) and the company focuses on building leaders at every level. Succession and replacement planning is done throughout the year.
At the beginning of the year, Verizon employees get a performance agreement so that every employee knows the business imperative for the company. Managers meet with employees on a monthly basis to discuss how they are doing on performance and conduct written assessments or give feedback on a quarterly basis.
Verizon has six strategic objectives: increasing revenue, taking share from the competition, increasing productivity, improving profitability, providing the best customer service and creating a performance culture. Every employee has to understand the company's strategic objectives and how that fits in with their own personal objectives
For more:
- Talent Management talks to Verizon about managing employees. Article.
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