Good business leaders recognize the value in a good hire, but often times don’t appreciate that one key individual can add to or deter from a company’s overall business plan. Consider a new Chief Technology Officer versus a sales executive within the same company. Most people would immediately acknowledge the CTO’s position as being the most pivotal and in large respect, it is a critical position and one that should be occupied by someone who can elevate the company’s technical advancements. So let’s consider the sales executive’s role.
The sales executive’s role is probably one of many like it within the organization, but sales executives often times serve as the face of the company and represent the organization externally in different capacities, not all of which are sales. These individuals may be members of a local organization where they provide volunteer time and may even sit on the board of another organization. This is a very visible representation and one where the sales executive is speaking on behalf of the organization in a business capacity. Given this, would you consider this role less important than the CTO’s? Maybe or maybe not, but each position yields a different ROI, so there needs to be a different approach in regards to specific talent management practices and how they impact the company’s overall business.
Everyone is a Contributor
One thing is for certain, hiring new employees and training existing ones should be aligned closely to the business imperatives of the organization. As businesses grow, expand their services, establish a footprint in other areas around the Globe, or simply tweak their existing products and offerings because of upgrades or enhancements, due consideration of the employee population should be included in the mix of your business strategy. A hard look at your current business and what your projections for company growth and expansion of products and services will look like in five years and beyond will impact the people you hire and train today.
Understanding the impact of each division, department, team and individual should not be a siloed evaluation. All parts and pieces are links in a chain that make up your company’s foundation. When one is weak, the strength of the other links becomes compromised. It may not be apparent immediately, but over time you may experience problems in customer service, low production numbers, disconnects with prospects, high employee turnover, all of which can lead to downturns in revenue or profits. When this occurs, a prompt investigation into all aspects of your business, including who and how talent is sourced and brought into your company should be considered, as this may be where the root of the problems are based.
Being on the Same Page
There are times when leadership can be so focused on particular outcomes of their business that they fail to acknowledge other important factors, such as what recruiting tactics are used to source and qualify people to advance and align with the organization.
One overlooked item is assuming that the recruiting team is informed and up-to-date on company goals and any subsequent changes to the short-term and long-term business imperatives. Are the job descriptions indicative of what skills and experiences are needed to build the foundation for the future? Do the hiring managers understand what they need to evaluate when considering people to fit the current role and how the candidates’ skills will impact the future of the role? Is everyone aware of the company’s direction and where the company needs to be in five years? Ten years? Do they know what the success profiles are for each position? These are all questions that must be answered before they can fully execute in accordance with the company’s plans.
Employee training is another area that can be out of sync with a company’s business imperatives. Even talented contributors need training, if for no other reason, than to be kept up-to-speed with the implementation of new technologies, policies, products and services. By offering training, employers stand a much better chance to retain desirable employees, as well as determining who is open to learning and embracing the company’s evolution. Keep in mind, training is an investment into your most precious asset… your employees.
Ultimately, communication is going to drive much of what your employees know or don’t know about the company’s short- and long-term business objectives. Leadership needs to decide what kind of info will be shared, with whom and why, as well as present that info so it’s understood by all people receiving the message and resonates with each person’s level of understanding. The obvious conclusion is to assume the mission, vision and company’s values are well understood by all and are unwavering, so when making adjustments to the business plan, this understanding helps drive the point home and makes adoption of the plan easier.
Reducing Risks and Other Factors
Talent management is more than having a succession plan. It’s understanding the value each position offers and capitalizing on that value in the present with eyes towards the future. Also, external factors such as demand, the market cost to fill certain positions, the economy, geography, Visas, etc. will also impact the alignment of your talent and company-wide business strategy. Items to consider include, but are not limited to:
- Your current employee pool… what new skills do they need and how can you get them to the skills level your business needs with a shorter time-to-productivity
- Bringing new talent into your company… do the job descriptions fit the current need with skills to build towards the future
- Anticipating issues with hiring the right people for the jobs your organization will need to sustain your future business
- Ensuring everyone on the leadership team is onboard with understanding how the present and future of the business hinges on the alignment of talent to the business plan
There are many answers you need to uncover to truly understand the importance of how talent acquisition and your business strategy should be closely aligned; the list above is only a starting point. Keep in mind, the goal should always be to reduce risks and manage the factors within your control and it begins with a shared vision.
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