Let’s bust some Jargon!

We love our industry, we really do.  But sometimes it can get a touch difficult keeping up with all the acronyms and buzz words.  This is especially true for new comers to our industry.  We thought it’d be useful to highlight some of the more common phrases and share our understanding of them.

What follows is by no means a definitive list, and has caused plenty of heated debate in our own office about what these definitions should be.  So much debate that this post should really be listed under research.

But we have come to some consensus on 9 of our industry’s most beloved phrases.  Below we give Totem’s definition of each one, starting with our favourite…

Talent

The definition of talent depends on the organisation.  Some companies talk about their “top talent,” and they tend to identify high-flyers based on previous performance and potential to become future leaders.  This definition is usually what is being referred to in “talent development.”  Other companies use a broader definition that the workforce is the talent – the focus of business, the most critical resource.  This broader definition is usually what is being referred to in the term “talent management.”

Talent Development

Keeping hold of our best people is a focus for every organisation.  Talent Development describes the process of identifying top talent or high-flyers, and the development of those individuals.  This usually forms a part of succession planning, which involves planning who will take on critical roles in the business when the current post-holder leaves.  If your CFO were to leave tomorrow, who is ready now to step into that position?  What are you doing to develop your top talent, so that they are ready to move into critical roles?  These are the risks that talent development is designed to avoid.

Talent Pool

Usually a group of individuals in an organisation who have been identified as high-flyers or top talent.  The company will normally invest in this group’s development – see talent development.  Talent pools are also referred to in a recruitment context, when we talk about the talent pool in the market we can select from – i.e. the talent or skilled individuals appropriate for our role, that we would like to recruit from.  Forward-thinking, pro-active organisations will often have a constant view of the external talent pool, using tools like Linked In to keep in touch with individuals they may one day like to recruit or head-hunt.

Talent Management

This is quite simply good people management, but the new name recognises that people are our talent; our most critical resource.  Talent Management describes a broad area of work that encompasses recruitment, learning and development, engagement, talent development, leadership development, succession planning, critical role analysis and outplacement.

Succession Planning

Planning for the succession of the business and its people.  This is the name for a critical business practice of thinking through who will take on important jobs if someone should leave.  “Where is our next CEO coming from?”  And, “what would we do if the FD left tomorrow?”  Questions like these need to be answered, so we plan by identifying individuals that may have the potential to do those roles, then ‘groom’ them for the position.

Leadership Development

Leadership development tends to be delivered to develop certain skills or behaviours in the senior team.  It can often come about following a change in the business that requires a different kind of leadership style, or a general realisation that things are not as the could be.  It is difficult to develop anything until you know what you’re aiming for and where you are now.  We begin by working with clients to understand what they need from their leadership team.  This can come in the shape of organisational values and competency frameworks or a more specific review of leadership competencies required to meet business objectives.  We then design some way of measuring where each leader is performing now against that benchmark, usually through a development centre, personality profiling and 360 feedback.

Critical Role Analysis

A way of finding out what the most important roles in a business are, and how to plan for people leaving.  Traditionally, succession planning has targeted development for top Director-level roles, but are these the most critical roles in the business?  We identify the truly critical roles and therefore concerning risks in the business, so that high-potential individuals can be targeted and developed for the most important jobs.

Generation X, Y, Z

These terms are used to describe a certain demographic, where trends have been observed regarding communications experience, employee working preferences and career tendencies.  Generation X is the baby-boomer generation, born post World War 2 and generally expecting more of a job for life.  Y is the generation born between roughly 1970 and 1990, growing up with more exposure to the internet and tending to change jobs every 3 years.  Generation Z, born post 1991, has only known a world of the internet, mobile phones and fast-moving information.  Employees from this generation have very high demands of employers, including a focus on work-life balance, and tend to like to move jobs every 1-2 years.

360 Feedback

Essentially means all-round feedback.  We ask for feedback on job performance and behaviour from the individual, their manager, peers, direct reports and sometimes even their clients or customers.  This provides a much broader indication of strengths and development areas than we could get from just self-scoring or manager feedback.  This can be useful for 1:1 coaching, leadership development, skills gap analysis and many more conversations.