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How to win the War for Talent

How to win the War for Talent

“You can’t build an A level company with C level talent – the weaknesses in hiring means organisations spend more time managing their poor hires than nailing their hiring process”  – Robin Sharma

“The ability to identify, attract and retain top talent is the number one concern for Global CEOs”  (Conference Board 2016)

In the context of rising demands and significant challenges identifying the right people, establishing diverse teams, mobilising and deploying talent can be a game changer.

Despite this, according to McKinsey research only 23% of CEOs believe that their company has the right mechanisms to identify, acquire and retain talent.

For any CEO and senior leader the risks and costs for not having the right mechanisms for identifying or harnessing talent is significant. Loss of time, money, negative impact on culture and lack of progress on critical business goals just to name a few. It is widely understood that having top talent in an organisation is a strategic priority and key differentiator for any business. The simple fact is that those with high potential characteristics are best placed to add exponential value through their efforts.

To win the War for Talent you need to address the following challenges:

Talent Acquisition
A critical step here is to higher external and internal talent based predominantly on the potential for contribution, adaptability, and the ability to accelerate forwards in their careers. Managers often base their judgements on potential on external features such as performance data however potential judgements are more nuanced and reliable.

Talent Intelligence
Having frames of reference and a language which is widely understood to describe potential features allows people to gather depth of understanding around people which then provide the data and insights needed to make critical decisions and deploy resources to maximise business performance.

Talent Development
Mobilising talent is a critical to establish to bring out the best in each individual through more focused development planning and actions.

The assessment process-benchmarking against gold standards

The vital first step is to find the means to assess and benchmark individuals against the gold standards, providing valuable insights to inform critical people decisions to deliver ‘competitive edge’.

The assessment approach is a tried and tested, well researched psychological profiling process used with thousands of executives in FTSE 100 companies in a premier consultancy. The benchmark standards associated with top performers and leaders is the basis for this holistic approach to understanding individuals.

The profiling process provides for organisations the vital insights needed to determine critical people decisions for: role recruitment or promotion, development in- role, understanding potential, on-boarding, managing transitions.

Most recently it has been updated and developed into the 5IQ model which is derived from new insights gained through positive psychology, design thinking and neuroscience findings on the optimisation of human potential and transformational leadership. It is a highly accessible model which helps to deliver predictive judgements of success and progression in a given population.

Benefits for the individuals:
The process is both insightful and developmental. It serves as a powerful tool for helping people understand their inherent strengths, blind-spots and potential going forward. This serves the basis for targeted development interventions and skilful self-management.

Benefits for the organisation:

  • It helps the organisation have clear line of sight into the talent pipeline in different parts of the business.
  • The benchmarking process helps to calibrate judgements and decisions with regard to how best to deploy talent.
  • It helps develop common language and understanding about potential across key stakeholders i.e. HR and line managers, enabling them to be confident in how they identify develop and manage talent across the business.
  • The conceptual frameworks and pragmatic tools are the architecture made available to support all levels of the business in relation to the assessment and development requirements across the business.

Rani Bains

Rani is a highly experienced business psychologist, leadership consultant and executive coach who has worked for two decades serving senior leaders and executives in FTSE 100 organisations across all sectors and all levels of public and private sector organisations.

If you have any questions regarding this research or would like to get in touch please email Matthew Davis medavis@ramseyhall.com

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