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CME Group’s Talent Exchange Win

CME Group’s Talent Exchange Win
If only there was a way to make career development simple, effective and more of a win-win for all. CME Group may have an answer.
A global financial services company based in Chicago with 2,600 employees, CME customers trade futures and options in interest rates, equities, foreign exchange, energy, agriculture and metals. The folks at CME have also developed a “Talent Exchange.”
In a nutshell, the Talent Exchange supplies CME project owners with CME volunteers to help get work done. The mechanics are pretty simple. Project owners post their projects using a simple template on an internal portal. Employees seeking learning, job enrichment or an opportunity to meet program leaders or new colleagues pursue the opportunities that fit their needs.
Talent management veterans know the significant challenges involved in designing and implementing effective career development programs. The programs are often low on the priority list, they can be resource intensive, and supervisors are not motivated to develop and, ultimately, lose their top talent.
I spoke with Hilda Harris Piell, CME Group’s chief human resources officer, to better understand how CME established the Talent Exchange.
Piell told me that CME traditionally offered a lot of formal training, but several years ago, it decided to move toward more of a 70-20-10 approach to learning.
This approach, based on the notion that most employee learning occurs through experience, has gained considerable popularity. CME’s specific blend translates to 70 percent hands-on experience, 20 percent exposure to new ideas/people and 10 percent education.
Previously, CME had experiential development programs for succession candidates, but not for employees early in their careers.
Thus, the Talent Exchange was created in 2012 and designed as a “Help Wanted.” But would volunteers do one to 10 hours of additional work per week without additional pay?
The company designed a strong communications plan and rollout to create buzz and establish guidelines. For instance, projects must be “real work,” with clear objectives and expectations, a clear beginning and end, with regular progress reports, guidance and feedback.
HR facilitates relationships so project leaders and volunteers understand what is involved and expected. Volunteers remain fully responsible for their regular duties, and their managers must approve their participation.
Talent Exchange projects have run the gamut. Here are two examples.
Process Improvement (PI) Champions: A team was selected to train others in process improvement. PI Champions are ambassadors who elevate the importance and fundamentals of process streamlining and optimization.
Select Companies for Investment: In 2014, CME launched an internal CME Ventures fund to invest in companies that will shape the future. A Talent Exchange team of 10 researched a pipeline of possible companies, and identified one, Nervana Systems, as most promising. The next quarter another Talent Exchange project team reached the same conclusion. CME Ventures invested.
So far, Talent Exchange has been a hit. Here are the statistics:

63 projects have been approved (on average 4 to 5 per quarter).
400 employees have been placed on project teams; 750 have applied.
In excess of 30,000 page views of projects.

Piell said managers have been uniformly supportive. Currently, demand is outstripping the number of projects, so CME is strongly encouraging managers to post more opportunities. In addition, CME has experienced a spike of roughly 25 percent in internal recruits that can fill job openings. Down the road, Piell anticipates that participation in the Talent Exchange will be mandatory for high potentials.
So what are the keys to Talent Exchange success? Piell points to HR’s role as a central facilitator, and a consistent, repeatable process with a strong framework for project owners and employees.
Other essentials are high-quality projects, selection of applicants who are a good fit and project facilitation to ensure all stakeholders understand commitments. Sounds like a lot of work for HR, but Piell said her staff spends less than five hours per week on work related to Talent Exchange.
Tags: CME Group, development, employee, L&D, learning and development, talent exchangeThe post CME Group’s Talent Exchange Win appeared first on TALENT MANAGEMENT.
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Source: Succession Planning

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