Filling the leadership pipeline and planning for succession rank high on every company’s priority list and internal candidates continue to be the main source of talent. The grooming of leaders throughout an organisation is absolutely critical for competitiveness, core competency and corporate distinctiveness.
Driving the Strategy
Companies need talented people with the right mindset, competencies and commitment to execute strategy both today and in an increasingly unknown future. Clients and other key stakeholders rely on it. Leaders need to be able to navigate the complexities of the business environment. They must articulate the corporate vision and strategy from a multi-country, multi-environment and multi-function perspective, so that they connect and engage all people. The teams that they lead need a set of values and a global affinity that respect and build on the strengths that each of the regional or national businesses brings to the collective corporate capability.
To develop a leadership pipeline, companies need to identify the key people with the ability to take on greater responsibility in the future, and adopt strategies associated with gap analysis, reduced risks, recruiting, international assignments, on-boarding and development.
The process should be broader than pure “succession” so that it touches all aspects of talent management, from sourcing to retention, assessment to engagement, and development to deployment. It is equally important that the executive group is involved. They need to take an holistic approach to the process so that the sharing of talent against global business goals, and the identification of cross-function or offshore moves, can act as a development and risk prevention tool.
Talent Mapping
Organisations often assume that having a good group of talent will automatically provide them with a strong backup for newly created roles or roles that become vacant within and across regions.
The problem is, of course, that high potential doesn’t necessarily translate into high performance at the next level, and high performers don’t necessarily have the potential to take on broader responsibilities in the future. Moreover, they may not be a good match with the cultural values of the organization. It is useful to think about talent in terms of both performance and potential, and to take a hard look at what development and retention strategies are needed.
High-performance and high-potential individuals need accelerated development, appropriate rewards and opportunities to keep them learning and growing. It is easier to retain high performers when they are receiving a clear message that they are valued and being groomed to take on more responsibilities.
High-potential individuals who are new in a role may not yet have achieved their full-performance level. At times like this, the retention and development connection comes into play-with coaching, training and experience, their performance can rise to meet the organisation’s expectations. While these individuals value reward and career advancement, they also appreciate and personally value the investment in their learning and education.
Personal Development
The most valuable personal development is challenging and experiential; it broadens skills, builds expertise, tests judgment, gives autonomy and promotes visibility.
Leadership is intellectually simple, but behaviourally complex. As many executives “manage in the moment,” actionable feedback helps them interpret what they see. It can be difficult to get through to people, even those who are smart and intelligent, to assess their values, level of “emotional intelligence” and changes in skill sets, so that adjustments can be made on how they spend their time or if they are operating at the right level. They need to “look in the mirror and out the window.” Real change will only occur if there is both a cognitive and emotional need to do so.
Executives often need a “transitional space” to help them understand and evaluate the “inner theatre” that drives their behaviour. This helps them experiment with changes in their leadership in a safe environment. They also need help to think about what could derail them from the fast track. Executive coaching, if done right, helps the individual envision the future and its possibilities while shaping tangible goals and prioritizing concrete action. It provides reflection time-a rare commodity within fast-paced organizations.
The executive group can incorrectly assume that all key talented individuals have the same career growth ambitions. But burnout, boredom, lack of challenge, a desire to repatriate for family reasons, dissatisfaction with work-life balance or a sense of “Is this all there is?” can affect even the most talented people. Some work their own way through the slump, while others need help. It is important to watch for the signals and mentor the person through this phase. Sometimes critical positions cannot be filled internally, or an opportunity exists to “buy in” some top talent. The selection process is critical, but so is the support needed to help these people navigate the culture, decision-making structure, and relationship networks.
Winning The Talent War
The truce in the global war for talent is over. The combatants may change, but the battles will not stop. Continue to think through, talk about and decide on actions to build talent. The talent pipeline process needs to be continuous. Its strength will determine corporate success in the international arena.