reinventing your business by reinventing your talent

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presentation by: to: on: Reinventing Your Business By Reinventing Your Talent Jim Bethmann, Senior Partner, Heidrick & Struggles

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Page 1: Reinventing Your Business By Reinventing Your Talent

presentation by:to:on:

Reinventing Your Business By Reinventing Your Talent

Jim Bethmann, Senior Partner, Heidrick & Struggles

Page 2: Reinventing Your Business By Reinventing Your Talent

If you always dowhat you’ve always done,you’ll always get what you’ve always got

Page 3: Reinventing Your Business By Reinventing Your Talent

Where is your executive talent taking you?

Past success assumes continued success

Success reinforces

neural pathways

Success creates

difficulties seeing

alternatives

Page 4: Reinventing Your Business By Reinventing Your Talent

Organizations follow the same direction!

If you don’t reinvent your business strategy – if your company continues doing what it’s been doing – where are you likely to be in five years? Or less?

Page 5: Reinventing Your Business By Reinventing Your Talent

Reinventing is essential for continued success

Reinventing your business as your customers, markets, and industry evolve is more than a good idea – It’s essential!!

And, it’s nearly impossible to reinvent your business without reinventing your talent!

Why? ...

Page 6: Reinventing Your Business By Reinventing Your Talent

1 2003 Survey of 730 Global CEOs by The Conference Board

Top 5 factors most important to CEOs success:1

• Developing and retaining potential leaders1

• Top management succession2

• Talent identification and growth3

• Customer Retention4

• Managing M&A and alliances5

Page 7: Reinventing Your Business By Reinventing Your Talent

The Current State

McKinsey study “War for Talent” Conclusions:

• Talent management cannot be isolated from business strategy.

• Companies achieve the best outcomes by actively involving senior leaders in talent development during the early stages of strategy formation.

• Those that rely solely on HR to drive their strategy for talent are missing an opportunity to align the workforce with the business.

• Executives should find ways to make line managers responsible for developing the skills of employees.

Page 8: Reinventing Your Business By Reinventing Your Talent

What CEOs Can Do!

• Assess current leadership talent1

Page 9: Reinventing Your Business By Reinventing Your Talent

Group Dynamics in Executive Teams

© 2006 by Lore International Institute, Inc.

Page 10: Reinventing Your Business By Reinventing Your Talent

What CEOs Can Do!

• Assess current leadership talent1

• Align key target positions in talent management program2

• Systematically develop internal leadership talent4

• Determine whether to “make or buy” appropriate talent mix3

Page 11: Reinventing Your Business By Reinventing Your Talent

Lore’s Strategic Succession Management Process

© 2006 by Lore International Institute, Inc.

Page 12: Reinventing Your Business By Reinventing Your Talent

What CEOs Can Do!

• Assess current leadership talent1

• Align key target positions in talent management program2

• Systematically develop internal leadership talent4

• On-board external leaders effectively5

• Determine whether to “make or buy” appropriate talent mix3

Page 13: Reinventing Your Business By Reinventing Your Talent

New Leader Assimilation

© 2006 by Lore International Institute, Inc.

Page 14: Reinventing Your Business By Reinventing Your Talent

A HR Director should be able to tell their CEO • What are best practices for succession management?

• What are projected trends in talent requirements for future business success?

• How will demographic trends affect talent availability?

• How can you best manage the organizational change required for a successful succession management process?

• How can you create ongoing metrics for monitoring the succession management process and outcomes?

Page 15: Reinventing Your Business By Reinventing Your Talent

Conclusions: You can reinvent your talent in four ways

Develop your current leaders

Challenge your potenti

al leaders

Hire outside talent

Grow your

potential

leaders

Page 16: Reinventing Your Business By Reinventing Your Talent