There are stages of growing pains for big corporations as they learn to invest in design and innovation, and one of the first is figuring out how to invest in the right talent. Just last year, we...
If not, the time to create one is now.
While it makes sense that many business executives are focused on the daily operations of their companies, today’s business leaders are learning that there’s another facet to their business that is critical to their success. A talent management strategy is not a new concept but one that many business leaders have failed to involve themselves in leaving the task of building and retaining their teams to HR and management. Executives that realize the value of active involvement in their talent management have discovered a key way to drive success and gain an edge over the competition.
Believe in it, articulate it and participate in it
Executive managers that believe in the importance and value of a talent management strategy do more than talk the talk. They’re actively involved in the process and are committed to ensuring that their top managers are accountable for the process as well. By so doing, they are setting themselves apart and building teams that not only lead, but redefine their industries. An article in Harvard Business Review takes a look at BlackRock, the world’s largest asset management firm and two other companies. They were interested in discovering first, how BlackRock continued to prosper and perform when their competitors were struggling to get back on their feet after the 2008 recession. Second, the secrets to success of the other companies. What they found out may surprise you.
“Although these companies vary widely in scope, scale, and maturity, they demonstrate the essential attributes of a game-changing organization: They are purpose-driven, performance-oriented, and principles-led. And in the process of conducting interviews at these companies, we discovered a thread that weaves them even more tightly together: All three have superior talent strategies.”
Attracting and recruiting the right people for the right positions
Companies that have commitment from their top executives to create and cultivate a game-changing talent management strategy are the ones who will ultimately attract the right people for the right positions. These companies will have the kind of culture that top talent find desirable… a place where they can develop their skills, expand their knowledge, and grow in their career. Moreover, these companies foster a sense of responsibility and a high level of engagement among their staff because each member of the team knows the “why” and is deeply committed to success.
A talent management “overseeing” committee
In the Harvard Business Review article, the authors note that one thing that makes BlackRock different from other companies is their formation of a Human Capital Committee (HCC) which included 35 senior line leaders of the company, only one of which is from the Human Resources Department. The committee is one of the ways that BlackRock demonstrates their belief in the importance of talent management to their success. Their HCC guides every aspect of their talent management strategy including talent planning and recruitment, ensuring a high-performance culture and more.
Developing a committee in your organization that’s made up of top executives who will oversee all of the aspects of attracting, recruiting, training, developing, and retaining talent is one way to elevate your talent management strategy to a whole new level.
Providing purpose and encouraging collaboration
It’s not enough that your team members know the “what” when it comes to your company mission. Those companies that offer employees a sense of purpose have more highly engaged workers who are more productive, efficient, and happier. Those that encourage collaboration see higher levels of innovation, employee morale, and a greater sense of belonging. At BlackRock, company leaders not only encourage collaborative efforts, they actively participate in it with their teams. In the article, the President discusses how the firm uses a collaboration tool that allows them all to look at the same information at the same time, allowing them to talk as “we” not “they”. There’s a collective spirit that translates to every member of the team.
There’s no doubt about it. Recruiting, hiring, and retaining top talent is not achieved the same way it was years ago. What used to be the sole responsibility of HR management should now be a focus of top company leaders and adopting this thinking is the first step to building your own game-changing talent management strategy. Consider all of these points when you are ready and talk to us. We lead the industry in recruiting creative talent and assisting organizations is finding the most valuable human assets for their team.