Learning from the Best: Lessons in Talent Management Results
The Hay Group recently published their 2010 Best Companies for Leadership study - with some oldies but goodies, as well as some new names. GE, P&G and McDonald's maintain their reputation for building great leaders - while BASF, Siemens and Banco Santander are either new on the list, or have jumped up significantly.
What are these companies doing globally to drive effective talent management? Here are a few findings which stand out:
- 90% of the Best Companies expect employees to lead, regardless if they have a formal position of authority.
- All of the Best Companies manage a pool of successors for mission-critical roles.
- 95% of the Best Companies have a ‘family friendly’ corporate culture to support employees raising children.
- 100% of the Best pay male and female employees the same rate.
- 100% of the Best get local leaders to participate in decisions made at HQ to share ideas and best practices
If your company is not on the list, what can you do to start moving the needle in talent management and leadership development? Based on Hay's findings, I'd suggest:
- Identify mission critical roles within the organization. Start by simply having conversations with senior leaders about which jobs are the most valuable - and revenue-impacting - positions in their group. Create a list of the top 10 or 20.
- Use these specific jobs to evaluate the effectiveness of your key talent management processes. For example, how rigorous is the selection process? How effective is onboarding and assimilation? Does the performance management process assess the right results and behaviors? Does a 360 feedback survey exist to provide ongoing feedback to incumbents? Are slates of "ready now" candidates identified for these roles? Are your engagement scores the highest in these areas?
- Recommend some small, but impactful changes, to drive more effective talent management. Start with these roles and ensure these talent processes are simple, effective and measurable. Get business leaders involved to find out which processes currently support their business objectives - and which hamper them. Generate ideas for ways to innovate, simplify and build the bench.
- Don't just learn from the best. Actually implement new solutions. Identify best-in-class organizations with missions which resonate with your business objectives. Find out what they're doing from a process and results standpoint. But don't stop there. Share your findings with HR and business leaders and implement new solutions in your environment. Track results and share lessons learned in order to drive meaningful change.
Getting a handle on how you manage talent now is critical to succeeding in this ever-changing, and ever more complicated, global environment.