No one understands the importance of talent to an organization more than the CEO. Or at least that’s what everyone would like to think. The truth is that CEO’s, stretched thin by the gruelling day-to-day demands of running a business, too often overlook or fail to appreciate the time, commitment, and personal involvement required for talent management. In a recent report about the CEO’s Role in Talent Management, Deloitte outlined the eight things that CEO’s do not understand about talent management.
- When it comes to talent management, what you say and do matters more than you may realize.
- Your talent strategy doesn’t automatically support your business goals.
- Talent management isn’t (just) succession planning.
- Your eye for talent isn’t that good.
- Potential isn’t everything.
- You believe you have a talent strategy. But maybe you don’t.
- A team is more than the sum of its parts.
- All leaders should be responsible for developing their people—and they need the skills to do so.
The following talent road map represents the key steps that define an effectively executed talent strategy:
- Create your vision. Clearly define the talent capital you need—now and for the future—to support your organization’s strategic and cultural priorities.
- Based on your organization’s business drivers, articulate crucial leadership requirements. Determine what it will take for your organization to succeed over the next 3-5 years. What are the key challenges that leaders must face to successfully execute on your priorities?
- Identify high-potential leaders. Find the leaders in your organization who demonstrate the highest promise to be great leaders.
- Assess readiness and select talent. How do you know who’s ready for a key role and who isn’t? Gauge readiness of leaders to assume leadership roles in your organization. Leverage the assessment and selection data you collect to make successful hiring and promotion decisions.
- Accelerate development. Determine and deliver the right mix of experiences aimed at developing your senior executives and high-potential leaders.
- Deploy talent. Decide how you will use your talent. At the end of the day, the ultimate objective is to determine who will have the highest probability of achieving your vision and executing successfully against your business and cultural priorities.
- Ensure alignment and accountability for performance. An important axiom suggests “you can’t manage what you don’t measure.” So actively manage and track performance investments. Metrics—across balanced scorecards, performance management practices, and day-to-day coaching. Maintain a balanced focus on both classical revenue growth and profit indicators as well as talent growth and ROI on development.
Keith Robinson is LaunchPad Recruits' Non Executive Director. He is closely involved with the product and services strategy, ensuring we are relevant to our broad customer base. And his aspiration is equally as compelling – to build successful recruitment technology businesses, find and mentor talent to take these businesses forward, and continue to have the opportunity to speak at and attend great industry events.