Week 18 (18.8.07)

Learnt

Succession Planning and Talent Management

Succession planning is more than just replacement planning. Successful success management integrates talent management with organizational strategic planning and anticipates changes in management.

With the growing organization, it is now considered acceptable to change jobs for short term or superficial reasons, such as, exposure to project or secondment in other department or take more responsibilities in job roles.

Some of the retention strategies include:

1. Innovative compensation and benefits packages
2. Effective rewards and recognition
3. Performance management, aligning employee goals with business goals
4. Strategies for increasing employee satisfaction
5. Measures of employee satisfaction
6. Career planning
7. Work/life strategy
8. Building new-hire commitment
9. Competency-based strategies
10. Employee needs
11. Mentoring programs
12. Defined role of corporate culture
13. Use of coaching for career development
14. An employee strategy to support growth and loyalty
15. Merger and acquisition retention strategy

Unlearnt

After this 5 weeks learning on HR management, I realize that Pfizer must focus on retention strategy. This is because it is one of the most critical business objectives in order to remain competitive. Earlier, I did not realize how important it was. As such, all of the above retention factors can actually be broken down further, for example, compensation and benefits packages could include stock options, work/life balance can encompass work-at-home options and other flexible work arrangements.

Relearn

I had coached 2 of my junior managers whom at currently has 3 SE vacancies (due to internal promotions) to carry out workforce planning for their sectors, such as, conduct pre-selection interview. This will assist better in strategic planning for recruitment.

Also, i had nominated 2 of my senior managers to attend Leaders training to support them for the career development (individual development plan) and at the same time, as a retention program for good employee with Pfizer.