By Corporate Executive Board
A consultant to refocusing government at the 5 expertise actions that subject.
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Additional info for Becoming a Talent Champion: Refocusing Executives on the Five Talent Activities That Matter
By focusing their talent management strategies and their own personal activities, the best executive talent managers generate as much as a 7% boost in revenue and profit performance over their less talent-focused peers. In addition, they achieve higher talent outcomes across-the-board, including employee effort levels that are 25% higher than average and markedly better retention rates (with less than one in ten of their employees at risk of turnover). Despite the compelling financial returns, Corporate Leadership Council (CLC) research shows that only 19% of senior executives are committed to, and effective at the talent management disciplines necessary to achieve these outcomes.
To be active and committed participants in an organization-level talent strategy, executives should be responsible for not only the broader strategic outcomes such as retention rates, talent mobility, and performance improvement, but also for specific high-impact activities, such as identifying and developing HIPOs, building a succession plan, and completing a long-term talent plan with HR. Finally, ensure executives are enabled to implement their talent plans and pursue key talent activities. In addition to making sure executives help to set their own talent objectives, ensure they have the resources and control necessary to achieve their goals.
Their expertise and experience can ensure a more comprehensive plan and save valuable planning time. Moreover, actively collaborating with HR will guarantee alignment between your talent strategy and the firm’s talent strategy. Becoming a Talent Champion and getting the most of out of your scarce human capital is not an issue of skill but one of will. Fortunately, executives only need to focus on a small set of strategic talent management activities to dramatically improve their organization’s productivity.
Becoming a Talent Champion: Refocusing Executives on the Five Talent Activities That Matter by Corporate Executive Board