Reinventing Your Business By Reinventing Your Talent
- 1. Reinventing Your Business By Reinventing Your Talent Jim Bethmann, Senior Partner, Heidrick & Struggles
- 2. If you always do what you’ve always done, you’ll always get what you’ve always got
- 3. Where is your executive talent taking you? Past success assumes continued success Success reinforces neural pathways Success creates difficulties seeing alternatives
- 4. Organizations follow the same direction! If you don’t reinvent your business strategy – if your company continues doing what it’s been doing – where are you likely to be in five years? Or less?
- 5. Reinventing is essential for continued success Reinventing your business as your customers, markets, and industry evolve is more than a good idea – It’s essential!! And, it’s nearly impossible to reinvent your business without reinventing your talent! Why? ...
- 6. 1 2003 Survey of 730 Global CEOs by The Conference Board Top 5 factors most important to CEOs success: 1 Developing and retaining potential leaders 1 Top management succession 2 Talent identification and growth 3 Customer Retention 4 Managing M&A and alliances 5
- 7. The Current State McKinsey study “War for Talent” Conclusions: Talent management cannot be isolated from business strategy. Companies achieve the best outcomes by actively involving senior leaders in talent development during the early stages of strategy formation. Those that rely solely on HR to drive their strategy for talent are missing an opportunity to align the workforce with the business. Executives should find ways to make line managers responsible for developing the skills of employees.
- 8. What CEOs Can Do! Assess current leadership talent 1
- 9. Group Dynamics in Executive Teams © 2006 by Lore International Institute, Inc.
- 10. What CEOs Can Do! Assess current leadership talent 1 Align key target positions in talent management program 2 Systematically develop internal leadership talent 4 Determine whether to “make or buy” appropriate talent mix 3
- 11. Lore’s Strategic Succession Management Process © 2006 by Lore International Institute, Inc.
- 12. What CEOs Can Do! Assess current leadership talent 1 Align key target positions in talent management program 2 Systematically develop internal leadership talent 4 On-board external leaders effectively 5 Determine whether to “make or buy” appropriate talent mix 3
- 13. New Leader Assimilation © 2006 by Lore International Institute, Inc.
- 14. A HR Director should be able to tell their CEO What are best practices for succession management? What are projected trends in talent requirements for future business success? How will demographic trends affect talent availability? How can you best manage the organizational change required for a successful succession management process? How can you create ongoing metrics for monitoring the succession management process and outcomes?
- 15. Conclusions: You can reinvent your talent in four ways Develop your current leaders Challenge your potential leaders Hire outside talent Grow your potential leaders
Editor's Notes
- #3: A brief discussion about the point of the presentation Directed towards to the Board members in the Audience – Something about questioning do they have the required talent to take their business forward – rather than being stuck where they are now and risk being left behind For the students – raise awareness that as future HR managers this is an important consideration for talent sucession
- #4: Will the executive talent that got your company where it is now get your company to where it needs to go next? Successful people assume what made them successful in the past will ensure their success in the future. Success reinforces natural pathways. Success creates difficulties seeing alternatives.
- #5: “ If you always do what you’ve always done, you’ll always get what you’ve always got” (lunacy in today’s highly competitive, dynamic, changing marketplace). If you don’t reinvent your business strategy – if your company continues doing what it’s been doing – where are you likely to be in five years? Or less?
- #8: HR is critical to talent management progress! The SVP HR should be the architect and caretaker of the company’s talent management strategy. Line management is principally responsible for developing the organization’s leadership talent.
- #9: Do a candid assessment of your team. Gain alignment around the key positions to be targeted in your talent management program. Assess your current talent and determine whether to “make or buy” the right talent to achieve as appropriate talent mix. Ensure that you are systematically developing your internal leadership talent. When you bring in new leaders, or promote internal leaders to greater positions of responsibility, ensure their on board process is effective.
- #10: Group Dynamics in Executive Teams Fifteen years of research shows that the composition and dynamics of top management teams predicts 30 to 70 percent of a firm's financial performance, depending on industry and company size.
- #11: Do a candid assessment of your team. Gain alignment around the key positions to be targeted in your talent management program. Assess your current talent and determine whether to “make or buy” the right talent to achieve as appropriate talent mix. Ensure that you are systematically developing your internal leadership talent. When you bring in new leaders, or promote internal leaders to greater positions of responsibility, ensure their on board process is effective.
- #12: Lore's Strategic Succession Management Process Effective succession management requires a rational process which, done well, ensures that the company has the leadership talent bench strength it needs to execute its business strategy.
- #13: Do a candid assessment of your team. Gain alignment around the key positions to be targeted in your talent management program. Assess your current talent and determine whether to “make or buy” the right talent to achieve as appropriate talent mix. Ensure that you are systematically developing your internal leadership talent. When you bring in new leaders, or promote internal leaders to greater positions of responsibility, ensure their on board process is effective.
- #14: New Leader Assimilation Leaders in new roles typically need 6 months before the value they create is greater than the value they consumed during their onboarding and transition process. That process can be accelerated through effective transitional coaching.
- #15: What are best practices for succession management? What are projected trends in talent requirements for future business success? How will demographic trends affect talent availability? How can you best manage the organizational change required for a successful succession management process? How can you create ongoing metrics for monitoring the succession management process and outcomes?
- #16: You can reinvent your talent in four ways: By developing your current leaders through a combination of coaching, mentoring, peer interactions, and education; By moving your good leaders to new positions of greater challenge, which forces them to grow and adapt; By developing your high potential leaders throughout the organization and moving them into new positions of increasing responsibility; and By bringing in new leaders from outside your organization.