Hidden Value in Leadership
The War for Talent (Harvard Business School Press, 2001), "notes organizations are better at identifying deficiencies than executing on what they know."
Based on two-dozen studies and a recent survey of 13,000 executives, in 120 companies across industries it was learned:
- 9% of respondents were confident that their actions to develop leaders would lead to a robust talent pool.
- 26% however reported that increasing the talent pool was one of the company's top three priorities.
Conclusion: "Few companies have consciously made the linkage between better talent management and business performance" (walk-the-talk?).
The research makes the case that high-performing companies display a "talent mindset".
- 22% higher than their industry peers returns to shareholders are earned by companies that displayed an ability to manage their talent.
- Conclusion: better talent management is better business performance
Companies are redoing the way they identify and nurture leaders so as to
- Align leaders to business outcomes
- Create a culture supporting competitiveness and deliverables
Pfizer (a pharmaceutical firm), for example, has a highly relational culture.
- Priority to human asset systems (e.g. performance management, 360* feedback, succession, mentoring etc.)
- Development (e.g. Leadership for Results, Facilitation, High-Performance Teams)
- Are budgeted
- To cultivate leaders that network at all levels.
- Network to seek out relationships and keep connections alive
- Continuous networking and new connections create breakthroughs and valuable competitive outcomes.
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