In a recent survey, 97 percent of top 1000 CEOs claimed that access to and retention of key talent are their top priorities. This is the case for two reasons. One, turnover is expensive—the financial impact is approximately 30 to 250 percent of annual salaries, according to New York Times. Two, top performers spur business performance. In fact, according to a McKinsey study, high performers in operational roles can increase productivity up to 40 percent, those in management roles can increase profit by 49 percent, and those in sales roles can increase revenue by 67 percent. This is more than enough reason to establish a strategy for talent management.
An effective leader can be both born and made. Although there are some aspects of leadership that seem innate, it is very possible to hone and develop ley leadership skills to make yourself into an effective leader. We’ve compiled a list of 17 leadership skills that can identify or develop an effective leader.
Two key terms related to bench strength are continuity and adaptation. Bench strength equips your team with the necessary tools for adapting to surprise turnover or illness and maintaining continuity in your business. A strong bench also allows companies the peace of mind to take bigger leaps, because the company is confident that their bench will be able to adapt and continue progressing forward.
In a group of surveyed employees, 53 percent find employee evaluations to be a waste of time, claiming that they don’t motivate them to work harder. Maybe it’s time to rethink how to implement employee evaluations. Anthony Vigneron, founder of 2020 IT Leader, suggests some effective questions to ask that can revamp your employee evaluation process.
In the business sense, the word “talent” refers to a natural ability to excel at a duty or action. Talent is what keeps an employee thriving and, in return, keeps a business thriving. One of the best ways to optimize and maintain talent is through talent development programs. There are some key elements that can be implemented for the ideal talent development program.
Making succession planning preparations is different than making other company preparations. Unlike most organizational adjustments you make, succession planning doesn’t warrant immediate results—it’s more focused on the long-term and the what-ifs. Since you cannot immediately see firsthand if your succession plan is effective, you may want to take a peek at the best practices shared by companies that are clearly doing it right, based on their bottom line results. Ivyexec.com has compiled a list of 10 succession planning best practices that are all commonly shared among these successful companies.
According to Adecco Staffing’s second annual Way to Work Generational Survey, a worrying 74 percent of millennial and Gen Z respondents claimed that they felt as though their colleges and universities did not fully prepare them for their post-grad careers. With the new workforce showing up underprepared, it’s time to practice workforce optimization from within your organization.
Experience, skills, and education are all important considerations for new hires. But there’s another factor that is just as important but is sometimes overlooked—culture fit. Culture fit is more than just whether or not a candidate will get along with the current team members; it also entails a candidate’s likelihood to thrive in your work environment and embody your organization’s values and vision. Only then can you be sure a candidate is truly right for the job. Here are some ways to ensure cultural fit during your next interview.
According to a Dale Carnegie infographic, companies with engaged employees outperform those without by up to 202 percent. However, 71 percent of employees are not fully engaged. A typical engaged employee exhibits 4 telltale signs—enthusiasm, inspiration, empowerment, and confidence. Make sure your employees are displaying these signs by implementing the following employee engagement best practices, from Entrepreneur.com and Inc.com.
An executive in any organization must develop certain skills to be effective. But there’s more to it than that—along with the skills, there are also ways executives should act that’ll perfect their executive development processes. Executive development starts with these methods, backed by fellow executives that have found success in them.