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Thursday, October 4, 2012

The Opportunity Most Companies Miss

By Keri Garman, Marketing Director, Consulting Practice

Gallup's Fall Summit in Washington, D.C., held last week, focused exclusively on how organizations can build and manage a talent-operating system that functions like a well-oiled machine.

Gallup’s experience partnering with many of the world’s leading organizations shows that leaders can engineer a system that keeps the organization stocked with the talented people needed for growth by focusing on five key areas. The five components companies must have in place, and working together systematically, are:

  • A succession plan that works;
  • A way to audit the talent at all levels of the organization;
  • The right recruiting and hiring strategy;
  • An intentional plan to provide the necessary breakthrough experiences for high-potential managers and leaders at the right times in their careers; and
  • The systems needed to provide ongoing development, engagement, and performance management to keep top talent.
On the surface, this may sound like a simple checklist or framework for success. However, most companies struggle to successfully manage even one or two of these key items, never mind aligning them all systematically. Throughout the three days of the summit, attendees listened to Gallup experts and leaders from Abdul Latif Jameel, Charles Schwab, Disney, HP, Harley-Davidson, Janssen Pharmaceuticals, Stryker, and U.S. Bank, who shed light on the tough reality of implementing these systems in large, global organizations.

Leaders must answer many questions specific to their own organization during the process of building a talent machine, but a few broad themes stood out among the companies who have seen significant changes in their organizational cultures and in their bottom lines:
  • Start at the top. Success doesn’t come without a clear strategy or without buy in from senior leadership. HR is a key partner in each of these five areas, but it takes a larger commitment from the organization to create a culture that cultivates talent.
  • Don’t trust your gut. Organizations have a better chance of selecting the right person for the job by flipping a coin rather than selecting based on a gut instinct about someone. Bringing objective data about individuals’ talents to the subjective decision-making process is essential to avoid costly wrong decisions and inherent biases.
  • Keep your customers in mind. Don’t lose sight of how the changes you make internally affect the customer. Remember to consider the broader context of the marketplace and how you can leverage your talented employees to create a more engaging experience for your customers. 
  • Focus on excellence. Organizations who see major ROI from these efforts do not accept average; they set the bar high, continue to raise it, and make no exceptions when it comes to having the right talent.
The one question that all leaders should ask themselves is whether each hiring, firing, and promotion strengthens their organization. If you hesitate while answering this question, your organization is missing a huge strategic opportunity.

Learn how to accelerate growth by finding and developing the right talent here.

1 comments:

Sean Rasmussen said...
March 21, 2013 at 8:13 PM  

Perfect for those entrepreneurs who wish to start a business and for those who just started blogging. This is very applicable!

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