Unleash and Leverage High Potential Talent to Drive Business Growth
Business today tends to have resources specializing in the major functions of the business. Where are the skills needed to combine all the capabilities of the organization to leverage the potentials of the organization? Operations management may be the next vital role in your organization.
Easier said than done? Well, let’s explore a few constraints and find appropriate solutions to deal with this.
Technological Constraints: In the technology area we may seek newer, more advanced technical solutions with capabilities far exceeding the company’s needs; only to find that the effort is a technical one and not driven from the business perspective. In the history of the service industry you will find many “technical marvels” that purport to revolutionize the business only to find that the project objectives were never fulfilled. Examples include: customer relationship management (CRM) solutions, enterprise resource planning (ERP) solutions, data warehousing and business intelligence (BI) solutions, sales force automation (SFA) solutions, and others.
Financial Constraints: In the finance area we tend to find bookkeeping and accounting functions with financial analysts performing “valuable” analysis in reality turns out to be Microsoft Excel spreadsheets and presentations that bear no resemblance to the actual performance or projects for the business. How many of you have found the “financial plan” for the upcoming year presented in a fancy spreadsheet view with unrealistic assumptions and have the hockey stick projections of great things to come? Have you ever achieved the projected level of performance?
Try evaluating by asking these basic questions:
1. Potential: What are the individual leadership strengths and areas of development?
Create Highly-Skilled Internal Talent Pools
At one time or another, most companies will find themselves faced with a situation with limited time to assess viable candidates due to a planned (or unplanned) change in leadership or industry conditions. For many of these businesses, a prolonged leadership void is too risky. It raises questions about a company’s internal talent pool. Is it robust enough? How much attention has been given to developing internal talent, starting at the senior executive level? Are there ready candidates at every key position?
2. Performance: What is the individual’s achievement on the defined KRAs/KPIs?
Break Down Information Silos and Develop Collaboration
To drive success, business leaders must do whatever they can to overcome the organizational silos that prevent the flow of information throughout the organization. For companies to perform faster and with more flexibility, knowledge and experience must be readily available—or, even better, proactively delivered – to the right people at the right time. In many cases, the innovation required to meet a new marketplace challenge exists somewhere in the organization; the challenge is tapping into it.
3. Perception: How do multiple stakeholders experience/ view the leadership capability of the individual?
Create a Pay-for-Performance Culture
Many companies use employee assessments to help them motivate their employees to reach their full potential. This provides better results as each employee’s reason for working is unique. Addressing each individual’s needs in the organization will create a highly motivated workforce that strives for the best as a whole.
4. Personality: What are the leadership traits, personality attributes which guides the individual behaviors
Align Individual Goals with Corporate Strategy
By measuring the essential factors that mark the difference between success and failure in specific jobs, your organization will be able to put the right person into every position, allowing them to utilize their talents without limitations. This leads to greater job satisfaction, improved morale and employee retention because your organization is staffed with a workforce of people who are highly productive, skilled and committed to doing their very best.
Businesses that outperform their competition know that strategic talent management is essential in building the right workforce necessary for precise business execution.
The ability to rapidly train and retrain employees according to business need, create opportunities for real-time collaboration, and support the workforce with better analytics are all benefits of a strategic talent management process that will drive true business success.