Employee town hall meeting in Calgary, Alberta, Canada
Our People
global workforce review
In 2008, Talisman completed a strategic review of its approach to human resources and began development of a new global workforce strategy, which aims to develop a robust talent management system and strong leadership development program. Talisman expects these objectives to increase career development opportunities, build organizational capabilities and strengthen recruitment capabilities.
defining leadership for future growth
In support of the Company’s increased focus on people, Talisman created a leadership model that reflects the beliefs and behaviours important to Company leaders. In September 2008, Talisman’s senior management participated in a workshop where they defined the leadership attributes required to successfully deliver the new business strategy. These attributes marked the foundation of Talisman’s talent management system for recruiting, developing, assessing and rewarding its leaders to ensure they have the necessary skills and experiences needed to support the business.
In late 2008, Talisman developed a 360-degree feedback process for the executive team using the leadership model. This full-circle review process provided each leader with feedback from supervisors, peers and staff members in addition to a self-assessment. Anonymity was maintained to ensure open discussion. Talisman’s senior management team will begin the 360-degree feedback process in 2009.
developing future leaders
To develop and strengthen Talisman leaders for the future, the Company conducted a comprehensive global review of its people. Results of the review indicated that a stronger focus on development of future leaders was necessary. In 2008, Talisman launched several global discipline networks. These functional discipline networks will be an important tool for connecting people within a discipline that are not connected by the Company’s organizational structure. Each network has dedicated executive support to strengthen its visibility and effectiveness. The functional networks include geology and geophysics, drilling and completions, commercial, planning and finance, engineering and project management. Talisman will continue to focus on development of future leaders through experience, education and exposure to various aspects of the business in 2009.
long-term incentives
Talisman intends to update its Long-Term Incentive Program (LTIP) with the addition of a Performance Share Unit (PSU) plan in 2009. The PSU plan represents one-half of employees’ long-term incentives and vests according to performance measures that are aligned with the new business strategy. The PSU plan complements the existing Stock Option and Cash Unit plans to create a more diversified program, which maintains the competitiveness of Talisman’s total compensation in terms of total value and pay mix. Combined with the Variable Pay Program, the updated LTIP provides employees a balance of short-, medium- and long-term rewards based on individual and Company performance.
