Many CEOs pay lip service to the statement that "their people are their greatest asset." Do you, do you really believe your team, your people, are your greatest asset? And if yes, do you have recruiting and talent management processes that allow you to attract, hire, develop and retain your "leaders of tomorrow"? Do you run a "learning organization" and do you realize the value of "development opportunities" for attracting and retaining the best and brightest? If not, better make some quick changes. Because, according to Dr. Brad Smart in his e-book, Avoid Costly Mis-Hires, after conducting 65,000 case studies, the single most important factor in a leader’s (company's) success is the talent of the team assembled.
4 keys to winning the talent management battle:
- Conduct a gap analysis: This is a common exercise in software development. It should be a common practice in your strategic talent planning/succession efforts too! Realistically appraise your current talent, decide your future talent/skill needs based on your vision and long term goals and devise a plan to acquire or develop the talent/skills.
- Always be hiring or at least looking: Don't wait until you need someone to find someone. Pay attention at trade shows, regularly run hiring ads, monitor your competition, etc. and always be looking for that next great employee. Maintain a file loaded with the resumes of "A Player" top performers that you could hire.
- Align your talent: Jim Collins, author of Good to Great, says first you hire the right people and then you get them in the right seats. To me that means, hire "A Player" top performers and then align them with the jobs that are closest to their strengths.
- Provide development opportunities: Many like Gallup believe opportunities to improve, learn, grow, and innovate are more important to attracting and retaining talent than compensation. A career path and opportunities for growth cause employees to stretch (and be more engaged).
Are you making the most of your "human capital" and ensuring they are increasing assets or are you wasting your talent?
