11 - Effective Talen Management Flashcards
Accenture Report (2005) assessing the top 10 current business issues for senior executives
“attracting and retaining skilled staff” topped the list -35% respondents selecting this issue.
2011 CIPD study on talent
41% of roganisations saw economic situation led to an increased focus on talent management
52% felt tha tcompetition for talent was even greater now, with the pool of available staff talent having shrunk sharply
CIPD (2018) definition of talent
“those individuals who can make a difference to organisational performance, either through their immediate contribution or in the longer term by demonstrating the highest levels of potential”C
CIPD (2018) definition of talent management
“the systematic attraction, identification, development, engagement/retention and redeployment of those individuals with high potential who are of particular value to an organisation”
2014 ICSA study reported (re NEDs)
“Our collective view ten years ago 50% of NEDs were poor. This has improved […] that’s improved by 25%. So 75% of boards are performing and that means 25% still need developing”W
What has NED performance improved?
- governance codes
- increasing public scrutiny
- greater stakeholder expectations
- better appreciation of CSR
- increased stakeholder engagement
- increasing awareness of talent management processes themselves
Various elements of talent management (5)
- board director recruitment
- board director induction
- board director L&D
- board director performance management
- board director succession
CEO Genome Project
10 year study of 17,000 C-suite executives and 2,000 CEOs.
Introverts slightly more successful.
CEO educational background not correlated to performance.
Boards twice as likely to select a candidate that seems highly confident but this has little connection to their future success
Found that out of 30 competencies, if a person excels in >2, distinguished high performing CEOs from weaker: 1. decisiveness, 2. ability to engage stakeholders, 3. adaptability, 4. reliability.
Simon Wong (2011) on greater directors (6)
- think like an owner
- know their companies
- prepared to roll up sleeves
- take charge of priorities
- hire a collaborative CEO
- protect their authority and independence
2012 Korn Ferry report on most important characteristic
92.9% of directors questioned believed the “quality of the chairman” was the most important characteristic of boards that have effective conversationsK
Kakabadse (2019) differing views of chair
There is a significant difference between how chairs and NEDs view chair performance compared to how EDs view chair performance.
On a scale of one to nine, exectuive scores averaged around two points lower on all views measured for the chair.
Dulewicz et al. on Chair qualities
Outstand chairs have a high level of integrity and show high ethical standards
L&G and Zygos Partnership Report 2017 on SIDs
“If a SID does their job well, you should never notice. When things are going well, it can feel like there’s nothing to do, but you need to keep your lines of communication open.”
ICSA 2017 on director recruitment
“When recruiting any director, the nomination committee should take the stakeholder perspective into account when deciding on the recruitment process and the selection criteria.”
Jennings approach to L&D
70% - on-the-job experiential learning
20% - mentoring and coaching conversations
10% - “just-in-case” formal training-type learning
“Rank and yank”
Yearly assessment forcing normal distribution of team members.
10% were exited; 10% were bonused/promoted
Popularised in General Electric (GE) - until relatively recently common practice.
No evidence base for practice - found to reduce overall performance and engagement through significant anxiety, ill feeling and team conflict. Now largely abandoned.
What are the components of performance management?
- performance measurement or assessment
- performance development
What might a Director be assessed on? (4)
- fulfilment of their role description
- contribution of specific skills
- diverse outlook
- personal attributes
Effective and actionable feedback on development goals (12)
- All feedback potentially useful - “motivational” or “developmental”
- High performing teams require >3 pieces of motivational feedback for everyone piece of developmental
- Don’t do the “feedback sandwich” - message gets confused
- Give motivational feedback immediately after event and developmental once emotion has reduced.
- Motivational = “I appreciate”; Developmental = “I encourage”
- Provide feedback on specific behaviours, rather than identity
- Provide examples.
- > et people know about common reactions to feedback (i.e. pattern of shock, anger, denial, rationalisation, acceptance and then renewed action), so they can notice their own reaction.
- Emphasise that feedback is “true” from another person’s perspective, but that this also does not mean it is the truth. We can choose how we respond in a way that benefits both ourselves and others.
- With written feedback process, confidentiality can be maintained online or via third-party.
- Role model feedback good practice by asking for and giving feedback regularly if you are a team leader.
- Giving feedback often reinfores status differences - first ask people what they think and use feedback as last resort.
Leblanc on CEO remuneration
“I normally restructure the CEO’s pay package to include non-financial metrics, such as leadership, employee engagement, customer satisfaction, company culture, CEO succession planning, and/or board relations”
Three time horizons for recruitment in FRC’s Guidance for Board Effectiveness
- contingency planning
- medium-term planning
- long-term planning
