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 WHAT IS LEADERSHIP
TALENT STRATEGY
An integrated set of initiatives that will
create a strong pool of leaders and a
talent mindset throughout the organization
DISCIPLINED TALENT MANAGEMENT
Assess the performance and potential of managers, develop action plans for each of them, and thoughtfully match people with jobs to optimize business performance and individual development.
- What can I, the CEO, do to ensure we are building the talent pool we need?
- How can we get our strongest people into the jobs that are critical to our new strategy’s success?
- How can we terminate low performers when they have been given “good” evaluation ratings for years?
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CREATIVE RECRUITING AND RETENTION
Shape a value proposition that will attract and retain great talent, and pursue a deliberate strategy for pumping talent into the management pool – at multiple levels, from new sources, through innovative communication channels.
- Where can we find people who are capable but who haven’t done a job like this before?
- How can we attract strong talent into our rather dull industry?
- Our attrition rate is 6% - is this too high or too low?
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THOUGHTFUL EXECUTIVE DEVELOPMENT
Develop the leadership capabilities of your people by giving them challenging job experiences, insightful coaching and feedback, and learning programs at key transition points.
- How can we move people around to advance their careers when managers won’t let their best people go?
- How will our leaders develop the business acumen and global perspective they will need?
- How can we create a coaching culture when most of our senior leaders have rarely been coached themselves?
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“I used to pick sweaters, now I pick people.”
Les Wexner, CEO of The Limited
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| What is leadership talent? |
A highly talented leader is a person with the full package of intrinsic abilities, skills, knowledge, experience, character, emotional maturity, and values that enables him or her to fulfill a particular leadership role superbly well.
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| Why strengthen your leadership talent strategy? |
The caliber of a company’s leadership talent determines its business success
- The demands of the capital markets, new technologies, shifting industry structures, and globalization are making better leadership talent essential for companies’ success
- 99% of top executives said their top 200 managerial pool needs to be much stronger in the next 3 years, and only 20% said they have enough leadership talent to pursue most of their business opportunities
Attracting and retaining great talent will continue to be difficult
- The group of 25-44 year olds beginning to populate the leadership pools will decline 6% over the next 10 years, and the talent shortage will persist for at least another two decades
- Individuals’ development and financial expectations from work are higher, and switching jobs is easier than ever before
Many companies have inadequate strategies in place to build a stronger talent pool
- Only 3% of executives strongly agree that their company develops senior managers effectively
- Only 16% strongly agree that their company even knows who are the high and low performers
- Only 3% strongly agree that their company removes low performers in a timely manner
Source: The War for Talent, Harvard Business School Press, 2001
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“Companies that excel in executing their leadership talent strategy have achieved returns to shareholders that are more than double the industry average”
The War For Talent, Harvard Business School Press 2001
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