Strategic Talent Management (STM) affords every business its highest short-term ROI and its highest NPV and IRR over each and every employee’s lifecycle. Moreover, the proven returns available from STM accrue essentially risk-free. Indeed, all business and financial risk resides with the “do-nothing” alternative.
So, why does practically every company miss out on this, their very best, lowest risk, highest return, omnipresent investment avenue? Why don’t CEOs, CFOs and CHROs routinely mobilize organizational resources to capture these extraordinary values, as part of an ongoing improvement process? The apparent answer to this question essentially amounts to:
“We’ve always done it this way.” – This, of course, is almost axiomatic.
Improvement requires change for the better. No change, no improvement. Keep doing what you’ve been doing and you’ll keep getting what you’ve been getting – i.e. foregoing big money returns and leaving the door open for your rivals to make changes for the better, before you get to it.
What is the far better alternative? In essence:
- Stop doing four things; and
- Start doing four other things, instead.
Both the “stop doing” and “start doing” lists are short, sensible, profitable, uncontroversial, inexpensive and thoroughly manageable.
“What you have to do and the way you have to do it are incredibly simple. Whether you are willing to do it, that’s another matter.” – Peter F. Drucker
However, most business leaders, at most companies, lack the will.
For those business leaders who have the will, here’s the short “stop doing” list:
- Stop pretending that résumés inform hiring decisions;
- Stop ignoring the importance of formal job analyses;
- Stop courting legal and regulatory noncompliance; and
- Stop hiring and/or indulging unfit front-line managers.
Practically every business does all four of those things, habitually. That costs money and blocks the progress. It’s time to stop!
Tune in to Part II of this blog on STM to get the short list of “start doing” behaviors.
– By Dick Melrose, Tefen Professional Associate