Friday, January 29, 2010

Talent as a top strategic issue

by Mary Beth Matteo, Founding Director of the S. Dale High Center for Family Business

The “War for Talent” will be a top strategic issue during the next decade. According to an article by Charles Fishman, “in fifteen years, there will be fewer Americans in the 35-45 year-old-range than there are now. At the same time, the United States economy is likely to grow at a rate of 3-4% per year. Over that period, the demand for bright, talented 35-45 year-olds will increase by say 25% and the supply will be down by 15%. That sets the stage for a talent war.”

Even in difficult economic times, it’s important to think about talent in a strategic manner, instead of as a short term tactic. Several tips include:

• Focus on recruiting/nurturing talent across the entire organization instead of just top performers

• Develop value-propositions for each different category of worker, e.g., Y-generation, older workers, information workers, middle-aged women, and cultural groups where appropriate

• Revitalize the HR function (some of the historical failures of HR have had to do with not having talented enough people in the function, and also not having the CEO’s attention)

Sum & Substance: If you've got talented folks in your company, they are as asset worth preserving. Hold onto them. At the same, make all employees the best they can be by managing their performance. A talented workforce can contribute to your strategic advantage.

Tuesday, January 19, 2010

Quote of the week

“For many companies . . . people are the prime source of competitive advantage. Talented people, in the right kind of culture, have better ideas, execute those ideas better – and even develop other people better. As Larry Bossidy, the CEO of Allied Signal told us, 'At the end of the day, we bet on people, not strategies.'”

-- Charles Fishman, the War for Talent

Monday, January 18, 2010

Book Pic: The Entrepreneurial Mindset

In this kind of economy, when many businesses are struggling, who has the luxury to think beyond survival tactics? In their book The Entrepreneurial Mindset (Harvard Business School Press) Rita Hunter McGrath and Ian MacMillan assert that uncertain times are the best times to revise and develop long-term strategy.

One of the book's reviewers, Peter Hupalo claims, “Successful … entrepreneurs experiment intelligently. They don’t view every business move as a do-or-die endeavor for their company. Habitual entrepreneurs focus ruthlessly upon priorities and ruthlessly weed out unprofitable endeavors. They balance current, profitable, business operations with an eye to future opportunities.”

Click here for more from Hupalo on The Entrepreneurial Mindset.

Monday, January 4, 2010

Receiving Feedback Well Builds Better Business Relationships

by Mike McGrann, Executive Director of the S. Dale High Center for Family Business

Perhaps the most important component of hearing feedback is to accept that we, as humans, are just like your company’s balance sheet: on the one side we have assets, and on the other side we have liabilities.

Most people will admit that they have both assets and liabilities, strengths and weaknesses, but when the discussion moves from the theoretical ( “Yes, I know that I have strengths and weakness”) to an actual conversation about a specific mistake or weakness, things become much more difficult.
In fact, most of us, when confronted by a co-worker or loved one with feedback about how we have hurt them, we become defensive… sometimes even aggressive. We do not like to be confronted with the liability side of our personal balance sheet, so we deny that it exists (defensiveness) or we cover it up with aggression. I am sure we have all met folks who get angry when confronted with feedback they do not like. The problem for a leader who gets angry in the face of difficult feedback is that his / her employees quickly learn to tell the boss what he / she wants to hear. Since some news is good and some is bad, a leader who only hears the good stuff is only getting half the story. This compromises his / her ability to effectively lead the organization.

The challenge for great leaders is to truly accept responsibility for both sides of their personal balance sheet. Once we accept this as part of being human, we no longer have to become angry or defensive when someone points out a weakness.

For instance, why should I upset about something  I know is true? If someone points out to me that I have brown hair, I do not need to get upset because I know it to be true. Similarly, if a co-worker tells me I could have improved the marketing presentation, since I know that I am flawed, I can accept the possibility that my presentation was less than perfect. In fact, I can learn to ask questions to better understand how I might improve.

Receiving feedback is certainly not easy. However, start with a small step: the next time someone gives you feedback that is upsetting, cut yourself a break and admit that you are not perfect. You might have blown it. Explore the issue with questions and try hard not to react with defensiveness or anger.

Mike's Bottom Line: In receiving feedback from others, you not only gain information that can help you do better next time, but you also build a stronger relationship with a valued employee or co-worker.

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