TM - February 2008 - (Page 18)

[viewpoint] by Matthew J. Paese, Ph.D. I I T alent Strategies That Work are T alent Strategies That Stick t’s 7:45 a.m. in a Chicago tower, and the senior officers of a wellknown insurance company file into a conference room for an all-day meeting to start an important new initiative. Today, the senior leadership team will identify the company’s highest potential leaders and begin a process to accelerate their growth toward greater contributions to the business. But as the session progresses, its clear they don’t all believe they’re on the right path: There is no strategy in place to guide the group’s thinking. Avoid Unexpected Disruptions A key problem for many organizations is that executives will endorse talent initiatives while keeping a personal distance from the handson roles and responsibilities. Enable T alent Growth A strategy that focuses on talent transformation can insulate against these types of tactical implementation mistakes and help sustain a course toward true, meaningful talent growth. So what are the characteristics of a talent strategy that promote talent transformations 3. Build a focused talent growth plan. The key to a sound plan is to focus most heavily on the highest impact initiatives while continually building toward a comprehensive plan that ensures all four components are working in accord: stocking the pipeline, or identifying associates with the highest potential; assessing readiness of an individual or group; accelerating the development of leaders; and driving enhanced performance. Overcome Barriers Every day, organizations wrestle with how to aggressively grow talent. They introduce performance management, succession management, leadership development, internal promotion and external selection programs, but no overarching strategy to provide business context and a roadmap to success. Yet, many organizations have sound strategic business plans, so why do they struggle to execute on talent growth? The answer may have to do with their frame of reference. When intense business pressure illuminates a talent crisis, senior management teams become justifiably interested in aggressive responses. This makes sound business sense, but strategic breakdowns illustrate a common blind spot for many senior leadership teams: Despite the need to enhance enterprise capability, all talent management systems are about driving individuals to grow as quickly and productively as possible. To achieve this, it is crucial that senior management crafts and executes a strategy that cultivates an environment supporting this. When intense business pressure illuminates a talent crisis, senior management teams become justifiably interested in aggressive responses. while enhancing organizational capability? Three primary pillars comprise the main structure, with a series of elements within each. 1. Build a compelling business context. A sound talent strategy begins with an accurate characterization of the current business position, talent position and the effectiveness of talent practices. Clear and accurate answers to a series of questions must be articulated: What is our current business trajectory? What is the overall caliber of our current talent at all levels? What outcomes are we seeking from our talent initiatives? 2. Precisely define the talent needed. Following from the business context, an accurate account of the profile of success for leaders and associates at all levels is needed. In addition, a clear picture of leadership capacity needs must be generated. Organizations may face two major impediments that can get in the way of achieving results. First, talent initiatives are often implemented without an overarching strategic plan, resulting in frequent and unpredictable objections and disruptions. Second, senior leaders don’t have a personal connection to talent through personal involvement or accountability. The first problem can be addressed by collectively constructing and communicating a clear plan that encompasses the elements discussed above. This might be thought of as “what” the talent growth plan is and the objectives it is intended to accomplish. The solution to the second impediment is in “how” the talent growth plan is executed. Successful execution rests on four fundamental characteristics: unity in the talent growth plan; rhythm, or a routine for management reviews of progress and for adjusting tactics; future focus; and metrics, or clear lead and lag indicators of success. Matthew J. Paese, Ph.D. is vice president of executive solutions for Development Dimensions International, a global HR consulting firm. He can be reached at editor@TalentMgt.com. 18 February 2008 talent management magazine www.TalentMgt.com http://www.TalentMgt.com

Table of Contents Feed for the Digital Edition of TM - February 2008

Talent Management - February 2008 Editor's Letter - Talkin' 'Bout My Generation Contents Human Performance - Achievement Motivation: Top Talent At Any Age Leading Edge - Who's On First? Foundations - Managing the Next Generation Workforce Viewpoint - Talent Strategies That Work Are Talent Strategies That Stick Those Who Have Left: The Value of Building Employee Relationships Alternatives to 360s: The Manager's Role Compensation and Benefits For X&Y Build A Multigenerational Performance Management Strategy Development's Role in Creating A Culture Of Inclusion Tomorrow's Leader: Identifying the Next Generation Integrating Talent Management Systems Strategically Seagate Uses Yearlong Evaluations to Help Integrate Talent Efforts Western Union: Connecting Strategy and People Globally Advertisers' Index Editorial Resources Full Potential - The Best Time to Change? Right Now!

TM - February 2008

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