Talent Management: Post #5--Thriving Teams

Teams that Thrive. Six critical team functions: Balance (diversity of skills and strengths), Alignment (purpose and actions), Resilience (holding together in stress), Energy (ambition and initiative), Openness (building connections), Efficiency (optimizing resources). Rate teams on these 6 team functions [Team Effectiveness Review (TER)].  Different teams need different things: Turnaround—Efficiency and Resilience; New Venture—Openness, Energy, Resilience; Post-merger Integration—Balance and Alignment. Women make up only 15% of Fortune 500 companies and only 4% of CEOs but are 46.6% of the labor force. Of the two systems of pay—lockstep (equal pay) and eat-what-you-kill—lockstep produces better reputation, profitability and nicest culture! However, in lockstep you need a rigorous people process and a strong culture. Lockstep produces more collaboration (such as sharing leads) and strong values. Otherwise, you have lone wolves starving.

Talent Mangement: Post #4--The Future

The Bright Future. Incoming execs need good integration, development, coaching. However, a study at Princeton shows that fewer than 4% of companies devote enough resources to onboarding despite all the research that shows the importance of such transitions. Have new execs meet everyone (up, down, across, outside) who can impact on their success or failure. Do a 360 in 90 days to take the organization’s temperature on the transition. All high potentials (HIPOs) are high performers, but most high performers are not high potentials—most people don’t grow to the next level. High potential traits: motivation, curiosity, insight, engagement and determination. Most companies don’t have a tested methodology for selecting high potentials. Companies that tell their best people that they are the HIPOs are likely to have better retention. “We are our choices,” said Jeff Bezos at a Princeton graduation. A good development approach: Get assessment of strengths and weaknesses and focus on strengths and working toward the “ideal self.”

Talent Management--Post #3--The Right People

The Right People. Corporation execs make decisions 70% of the time based on only one alternative to choose from, and they make errors 52% of the time. Can have choice overload—we’re better selecting from 6 offerings than from 24. Too many alternatives are as bad as too few. Checklists work! Surgeons have found checklists, just like the ones pilots use, work very well in preventing errors. Simple stats based on performance measures can better predict success than intuition. In fact, emotional intelligence (managing self and others) is the most important factor in predicting success of execs. Performance is less portable than we believe. Performance = processes, products, people and politics—most of which you can’t take with you. Assess “fit” with your culture, people, and strategy when hiring an outsider. In an uncertain world, adaptability—especially in non-linear environments—should count bigtime, just like performance. Don’t compromise on values, cultural fit and potential. Egon Zehnder has developed several general high-potential traits (motivation, curiosity, insight, engagement and determination) as well as 8 leadership  competencies: Strategic, Market insight, Results oriented, Customer focused, Collaborative, Develops talent, Team leadership, Change leadership—based on a massive study with McKinsey that was validated.