Assignment: Baker & McKenzie (A):
A New Framework for Talent Management
Executive Summary 3 Part I. External environment of global legal industry 4 1.1. Political4
1.5. Part II. Internal environment of Baker & McKenzie6 2.1 The Hard 3S’s (Structure, Strategy, System)7
2.2. The Soft 4S’s (Style/Culture, Staff, Skills, Shared Values)8 2.2.1 Style/Culture8
2.2.3 Shared Values10
Part III. Development Framework analysis11
3.2 Performance management11
3.3 Talent management12
Part IIII. Recommendations13
The report is based on the case study Baker & McKenzie (A): A New Framework for Talent Management. It examines different issues faced by Baker & McKenzie law firm during war for talent in the legal industry while creating a professional development program – the Development Framework for its employees.
The success of an organization depends on how it interacts with its external environment, therefore the external environment of Baker & McKenzie law firm has been analyzed by means of the PEST framework.
The internal environment of Baker & McKenzie law firm has been also critically evaluated with regards to McKenzie 7S framework analyzing the hard 3S’s (Structure, Strategy, System) and the Soft 4S’s (Style/Culture, Staff, Skills, Shared Values) of the company’s internal environment.
Bearing in mind Baker & McKenzie’s diversity of national cultures analysis of The Development Framework has been conducted and the following conclusions for successful future management of Baker & McKenzie and its employees have been drawn: * All the participants of the Baker & McKenzie network should have common understanding of the company’s values and stay loyal to the organization’s principles, feel involvement and belonging to the organization’s overall strategy. * More intrinsic motivation of the employees should be achieved. * Motivation should be taken into consideration for achieving an individual’s performance * The compensation system has to be changed
* Talent management requires strong executive support
* The firm should provide a more motivating workplace and manage in a way that changes the relationships employees have with their work, their line managers and the organization. * Baker & McKenzie firm should consider how their employees' career goals and objectives meet corporate planning and goal
Based on the analyses the following recommendations have been carried out: * To create a family-type atmosphere in the firm, developing relationships across the firm, organizing cross-national meetings several times per year in order to spend more time & networking with fellow partners and their family * Baker & McKenzie firm should use closed merit-based payment system of compensation * Baker & McKenzie firm should become a learning organization using intentional learning system combines the strengths of social networking and knowledge management systems with the planned learning focus of mentoring relationships * Implementation of the Development Framework throughout the whole firm is advised * Baker and McKenzie firm needs to develop a more structured recruiting strategy and select employees according to established criteria * Baker & McKenzie firm should use "bottom-up" approach to succession planning * Baker & McKenzie firm should put into...