Good companies integrate risk management as a driver of business performance. Hiring the right talent, and conversely the wrong talent, has huge implications on risk exposure relative to cost, brand/reputation and, in the worst scenario, to the business as a going-concern. As companies evaluate any investment decision, there is an in-depth diligence process to understand if the investment is feasible, sustainable and will provide a return on investment. During the assessment of a business acquisition target, talent tends to be an outlier amongst the core functional areas evaluated during diligence exercises. Talent, in and of itself, is arguably the most important investment for any business.
To get the talent equation right, business leaders have to first make talent a priority item on their agenda. It cannot be some task handed off to human resources in the hopes that somehow it is worked into the business model. It IS
the business model. The best companies starts by aligning talent with business strategy and objectives to define a high performance culture and then align rewards and accountabilities to the achievement of this culture. A culture of high performing talent not only achieves business results but also attracts, assesses and retains other high performers. A high performance company has world-class performance management, employee engagement, training, leadership development, and succession management giving them a competitive advantage to retain top talent. As importantly, it gives business leaders the metrics on the effectiveness of their talent program in meeting, and hopefully exceeding, business objectives.
Business leaders who champion talent as a business imperative
> take a well researched view to the market, keeping track of competitor data and continuously pipelining high performing talent so they are prepared to move quickly when they do have to go to the external market to fulfill immediate business needs
> create best-in-class recruitment processes and enable those processes with the right technology
> invest in creating a candidate experience that defines and enhances their brand
> customize talent assessment methods and tools to holistically measure and select the right talent to achieve specific measurable objectives
> formalize training and rewards to build and enhance a high performance talent culture
Know that top candidates are assessing your brand from the moment you first reach out to them throughout their first 6 months to 1 year post-hire. A broken recruitment process cannot only damage your brand (bad news travels faster than good news) but can further shallow the pool of available talent. Hiring the wrong talent can have significant monetary costs in addition to business disruption and missed opportunities. When you take broad view to the vision, mission, strategy, objectives, and values of your organization, the alignment of talent quickly surfaces as a critical success factor. Having the tools to set talent strategy; research the market; recruit and assess top talent; successfully on-board and integrate and; retain, develop and measure high performers sets the best business leaders apart from their peers. In today’s business environment, talent management is not a nice-to-have priority but an essential component of being a competitive and sustainable enterprise.
David Perel is a Talent Acquisition Leader based in Chicago, IL
1 Source:PwC 16th Annual Global CEO Survey (2013)