Talent Strategy

Business results depend on talent strategy as much as on business strategy. Products and technology can be commoditized, and it is easy to lose the competitive edge sooner or later. However, talent can truly set a company apart from its competition on a longer term basis. While business strategy may change or evolve, having a well thought out talent strategy will help adapt to these changing business needs and priorities effectively.

While I share a few of my current talent strategies below, this is an area that will continue to evolve through continual experimentation and improvements over time.

Acquiring Talent:

When it comes to acquiring and finding the right talent for the organization, it makes sense to start with the leadership team. Once you have the right leaders in place, it is easier to drive the right talent strategy throughout the organization, and develop the right technical talent. Focus on quality over quantity, with emphasis on having strong leaders that can drive the right culture and behaviors.

• Start with assessing the needs and gaps of talent in the organization. Do we have the right leaders in critical roles? Is some good talent being under utilized and/or in the wrong role?
• Have a plan to fill the gaps - Do you want new, existing, or a combination of talent? Do you want to hire internally or go external?
• Find the right talent. Think about what "right" means to you and your organization. For example, most leaders I talked to and I myself look for some form of the "Three A's" in leaders:
• Ability - Competence, skills, and experience
• Attitude - Positive, open and flexible, team player
• Aspiration - Hunger, aggressiveness, drive to succeed
• Build the organization around the right talent

Understanding talent:

Spend the time and energy to get to know your team deeply, either through direct interaction or indirectly through your leaders

• Gather as many viewpoints as possible, reserve your judgment, and be open to changing your opinion and first impressions about people.
• Hold talent calibration discussions on a regular basis. Create an open and safe environment to bring out both the good and the bad in every employee.
• Establish objective ways of measuring employee performance through very specific and granular success criterion order to minimize subjective biases.
• Use consistent methods that can be trickled down throughout the organization to set the right culture and behaviors.

Developing talent:

Developing and nurturing your talent can work wonders and pay dividends in many ways.  Besides the obvious positive impact on business results, seeing someone grow and do great things gives a lot of personal fulfillment and satisfaction. I find that I also grow as a leader along the way.

• Have frequent discussions with your top talent and provide constructive and actionable feedback in real time.
• Map the right talent to the right roles. There is nothing worse than wasting good talent.
• Understand the goals of your people. Find creative ways to keep them challenged, engaged and excited.
• Open doors for new opportunities and experiences. 

A good talent strategy will help acquire, recognize, and develop talent for sustainable competitive advantage and long term results. Given that, it makes sense for leaders to spend quality time thinking through and developing a talent strategy that works for them and their organizations.