Talent Management - October 2008 - (Page 42)

recruitment & retention assessment & evaluation compensation & beneﬁts performance management learning & development succession planning culture that values and rewards such behavior, what should talent leaders look for? The strongest, most successful high potentials likely will exhibit four fundamental characteristics: • They are curious and eager to learn. They dive into problems, ask probing questions and make an extra effort to learn. • They understand others. They accurately interpret and understand client or customer needs and collaboratively work with them to address those needs. • They demonstrate a wide breadth of perspectives. They see beyond the silo of their current roles and quickly grasp the increased complexity and interrelated aspects of broader roles. duce investment risk by building a mixed portfolio that is based on short- and long-term goals. The best talent management efforts take a similar diversiﬁed approach. No matter how experienced one is in identifying high potential, whether in picking stock or talent, it’s ultimately a game of chance. There always will be risk. There always will be occasional failures. Talent, like ﬁnancial investments, will sometimes show great promise and then level off. A talented employee may start slowly and then suddenly skyrocket or start out hot and then slowly fade away. Organizations that most effectively manage talent acknowledge these risks and failures, but proactively and positively address them to improve their long-term odds and ROI. As with smart mutual-fund investors, they invest regularly in talent to build strength where the organization needs it and avoid potentially reactionary — and usually costly — external hires. They also regularly evaluate and rebalance their talent portfolios. Recognizing and investing in talent is not about granting tenure. Talent must be able to evolve with the changes in business strategy. Whether it’s responding to increased competition, global expansion or the need for increased innovation, organizations must continually reassess leadership needs in the context of their business strategy and take advantage of opportunities to foster talent development to drive performance. The challenge is to 1) identify which roles are emerging; which are disappearing and which are changing, 2) determine which skills and attributes will be needed to be effective in those roles; and 3) create development plans and pathways — such as a combination of roles — to prepare individuals for these future positions. This blend of experiences, coupled with solid coaching, drives retention and builds organizational talent awareness critical for the future. 4. Track performance and ROI over time. For mutual funds, the payoff is pretty clear: Watch investments increase in value over time. For talent, the ROI may be a bit more subjective. Yet, in both cases, the real measure of success is growth and performance. A study for Chief Executive magazine showed the top 20 of the world’s best organizations for managing talent had one thing in common: Over a ﬁve-year period, they all outperformed their peers in delivering shareholder returns. These organizations likely took a long-term approach to identify and grow talented individuals to provide the leadership needed in the future. This means managing in challenging economic times, not making rash decisions such as cutting HR or leadership Too often performance is measured in terms of revenue generation, customer satisfaction and efﬁciency targets, which undervalue coaching and development efforts. • They are resilient. They learn and — equally important — bounce back from their failures. Losing a seven-ﬁgure deal, managing a product recall or missing a project deadline is bound to happen. How well the adversity and any follow-up criticism are handled is critical. Beyond these general competencies, every organization should develop a list of attributes critical for success given its culture, industry and market. For example, Helzberg Diamond’s identiﬁed competencies most critical in key management positions and has incorporated them into the selection and development of high potentials. A team of store divisional vice presidents and HR ﬁeld managers identify the best candidates to go through a three-day assessment process, as well as ongoing development. According to Kevin Fitzpatrick, Helzberg Diamond’s executive vice president and chief administrative ofﬁcer, the program provides a learning experience for not only the participants, but also the evaluators. He said the divisional vice presidents “gain critical perspective about assessing talent and accelerating development for the regional manager role.” 3. Continually grow, develop and shift the mix of talent investments. Mutual-fund managers reOctober 2008 42 talent management magazine www.talentmgt.com http://www.talentmgt.com

Table of Contents Feed for the Digital Edition of Talent Management - October 2008

Talent Management - October 2008 Editor’s Letter Contents Human Performance Leading Edge Foundations The Three Pillars of Executive On-Boarding Role-Based Assessment: Thinking Inside the Box Who's Going to Speak Up for Health Care? Obey the Push to Automate Managing the Star Performer No One Wants to Work With Adopting a Mutual-Funds Model for Talent Management Hewlett-Packard: Simple Talent Management in a Technical World Team Effort Pays in Talent at London Business School The Employee Survey: What’s in It for Me? Why Most Managers Are Stuck Advertisers’ Index Editorial Resources Full Potential

Talent Management - October 2008

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