Using Success Profiles to Grow Your Business

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Almost 40% percent of your company’s market value is based on People Issues. As much as 80% of employee turnover is due to bad hiring decisions. 40% of all newly promoted managers will fail within 18 months. Learn about powerful - and doable - research-based methods to grow your business successfully through the right people.

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Using Success Profiles to Grow Your Business

  1. 1. GROWING YOUR COMPANYUsing Success Profiles for Business Growth
  2. 2. DISCUSSION TOPICSIntroductionsThe importance of “people issues”Translating strategy into organizational capabilitiesIdentifying success profilesSelecting and on-boardingDeveloping – and not derailing – your employeesSuccession planning
  3. 3. ARE YOU LOOKING TO…• Grow your business• Manage growth• Improve products or services• Make large profits• Be the company you envisioned• …. And have an exit strategy
  4. 4. IMPACT ON MARKET VALUE40% percent of yourcompany’s market valueis based on PeopleIssuesThe Institute for Corporate Planning & Finance
  5. 5. WHY FOCUS ON YOUR PEOPLE?• Companies that excel with people see• 50% less turnover• 31% percent higher employee engagement• 42% percent stronger succession pipelines• Employees who were most committed to their organizations• Gave 57% more effort• Were 87% less likely to resign* Bersin and Associates** Corporate Executive Board
  6. 6. TOO OFTEN…When it comes to employees and teams, organizations say• “We’re doing fine, we don’t need any special tools” ..or• “We are unique… we have to create our own” ..or• “It’s too expensive / too much trouble, etc.” ..or• “We don’t know what tools are available”
  7. 7. … LEADING TO CURRENT STATEHiring based on resume, references and interviewsDevelopment plans based on current level of knowledgeGood performers rewarded with…. More work
  8. 8. LAKE WOEBEGONE EFFECTOne poll found that 90percent of leaders believethat they are in the top 10percent of performers
  9. 9. GROWING YOUR BUSINESSValuesMissionVisionStrategyLifetime20+ years5 – 20 years1 – 5 yearsWho you areWhy are you here? Why do you exist?What or how you wouldlike things to beCourses of action andallocation of resources tomeet goals and objectivesThen What?
  10. 10. PerformanceManagement/AppraisalTeam EffectivenessStrategyOrganizational CapabilitiesSuccess ProfilesSelection /On boardingAssessment /DevelopmentSuccessionPlanning / TalentManagement
  11. 11. HOW SUCCESS PROFILES HELP• Successful people• Know themselves better• Seek out more feedback (and get it)• Act on feedback• Simple, highly effective, research based tools• Increase the quality of feedback to people for theirdevelopment• Provide variety and effectiveness of developmentactions
  12. 12. CREATING SUCCESS PROFILES• Based on competencies• Research–based• Align individual performance• Common language• Starting pointKorn/Ferry International
  13. 13. COMPETENCY DEFINITION• Measurable characteristicof a person that is relatedto success at work• A behavioral skill, atechnical skill, an attribute(such as intelligence), oran attitude (such asoptimism)[The Leadership Machine]CompetencySkillsRelates to the ability to doPhysical domainAttributesRelates to qualitativeaspectsPersonal characteristics ortraitsKnowledgeRelates to informationCognitive domain
  14. 14. SUCCESS PROFILES MUST CONSIDER• The Big 8• Learning agility• Emotional quotient (EQ)• Importance and performance at the Individual, Manager andExecutive levels• Developmental difficulty• Needed for promotion and to be developed early• Top correlated competencies at each level• Most likely weaknesses and flame out factors
  15. 15. SUCCESS PROFILES CHALLENGES• Wrong competencies• Too compound• Core competencies can’t do the whole job• Don’t consider “Must Considers”Korn/Ferry International
  16. 16. KNOW ORGANIZATION’S COMPETENCIES• Research identifies the most critical competencies• Your company can identify the ones key for success• Use knowledge for selection, development, successionmanagement, performance management, teams• When you clarify competencies, your entireorganization knows how to support your competitiveadvantage **Harvard Business Review: The CoreCompetence of the Corporation
  17. 17. STRATEGIC EFFECTIVENESSARCHITECT ™The organizationalcapabilities thatorganizations mustpossess to successfullyexecute strategy.Identify Needed Strategies
  18. 18. PerformanceManagement/AppraisalTeam EffectivenessStrategyOrganizational CapabilitiesSelection /On boardingAssessment /DevelopmentSuccessionPlanning / TalentManagementSuccess Profiles
  19. 19. COST OF BAD HIRE• As much as 80% of employee turnover is due tobad hiring decisions-Harvard Business Review• A poor hiring decision is 2 to 5 time annualizedcompensation; as much as 10 times for a specialist-Harvard Business Review• The typical interview increased the likelihood ofchoosing the best candidate by less than 2%-University of MichiganSelection /On boarding
  20. 20. • The process is collaborative• Builds common language• Easily adapted to the changes in skill and marketplace• Works with any Talent Acquisition System - many arelinked to these models• With comparable technical skills, individuals with thestrong Emotional Intelligence (EQ) competencies will bemore successful and productive on the jobSelection /On boardingWHY USE COMPETENCIES ?
  21. 21. • What are the strategic goals of the organization?• What are the deliverables / expectations of the job?• What competencies does this level position need tosupport the business?• Do these competencies align with the desiredstrategy and culture of the organization?• Is there coverage across competency factors?• ………….Selection /On boardingQUESTIONS TO CONSIDER
  22. 22. Copyright 2011 Lominger International: A KornFerry Company All Rights ReservedSelection /On boarding
  23. 23. ON-BOARDING• Competencies for role/level part of Onboardingprocess—Succession and Development process andprofiles explained• Development opportunities explained• Developmental competencies included inPerformance AppraisalSelection /On boarding
  24. 24. CASE STUDIESSelection /On Boarding
  25. 25. PerformanceManagement/AppraisalTeam EffectivenessStrategyOrganizational CapabilitiesSuccess ProfilesSelection /On boardingAssessment /DevelopmentSuccessionPlanning / TalentManagement
  26. 26. Goal-setting, feedback, development, and trainingtargeted at the mission-critical competenciesincrease the rate at which organizational goals areachieved by 46% of a standard deviationSpenser, L, “The Economic Value of Emotional IntelligenceCompetencies and EIC-based HR Programs”, 200140% of all newly promoted managers will fail in someway within 18 monthsManchester, Inc., 2001Assessment /DevelopmentWHY DEVELOP YOUR EMPLOYEES
  27. 27. IDENTIFYINGDEVELOPMENTAL NEEDS• Self-assessments• 360-degree feedback• Feedback from mentors, boss, etc.• ….other?Assessment /Development
  28. 28. WHAT TO WORK ON• Importance to you/clients• Motivating• Similarity to other needs• Opportunities in current position to develop• Accessibility of developmentally orientatedpeople/resources• Support• Level of developmental difficultyAssessment /Development
  29. 29. Averageto aStrengthHiddenStrengthUntestedWeaknessesOverdoneStrengthsCareerStallersBlindSpotsDEVELOPMENTALNEEDS TYPESEasiest ------------------------------------------HardestAssessment /Development
  30. 30. CASE STUDIESAssessment /Development
  31. 31. Assessment /Development
  32. 32. OVERUSECommand Skills (9)Becoming controversial and rejected by othersNot developing others leaders, andChoosing to strongly "lead" when other more team-based tactics woulddo as well or better.Decision Quality (17)Seen as stubborn and not willing to negotiate or compromise,Getting frustrated when advice is rejected, andSeeing yourself as overly wise or close to perfect.Assessment /Development
  33. 33. NEED TO DEVELOPManaging and Measuring Work (35)Being disorganized,Just throwing tasks at peopleLacking goals or priorities.Not providing work-in-progress feedback, andNot being clear about who is responsible for what.Organizing (39)Not pulling resources together effectively,Being a poor delegator and planner,Not very motivating to work with, andRelying too much on self.Assessment /Development
  34. 34. EFFECTIVEDEVELOPMENTHow Development Plans areCommonly WrittenFormal Training70%Learning fromOthers20%JobExperiences10%How Development OccursFormalTraining10%Learning fromOthers20%Job Experiences70%Assessment /Development
  35. 35. PerformanceManagement/AppraisalTeam EffectivenessStrategyOrganizational CapabilitiesSuccess ProfilesSelection /On boardingAssessment /DevelopmentSuccessionPlanning / TalentManagement
  36. 36. WHY IT IS IMPORTANT TODEVELOP YOUR LEADERSGreat leaders make a huge difference, evencompared to good leaders, and much more so to poorleaders, i.e., the top 10% of leaders outperformed themiddle by a factor of 2, and outperformed the weakest10% by a factor of 5Zenger and Folkman, “The Extraordinary Leader” 2002SuccessionPlanning /TalentManagement
  37. 37. • Current performance is overused as a criterion orverification in succession planning• Better indication is Learning Agility• Successful response to and learning from external events• Innovate technically and organizationally• Plan and execute new courses of action• Learning agility is a key to predicting how well aperson can make changes and acquire new skillsThe Leadership Machine,Lombardo & EichingerSuccessionPlanning /TalentManagementCURRENT PERFORMANCE VS.FUTURE POTENTIAL
  38. 38. THINGS TO WATCHLearning Agility DerailersSuccessionPlanning /TalentManagement
  39. 39. COMMON CAUSES OFDERAILMENTBy Self• Over-reliance on strengths• Blind to a flaw• Untested• Lazy learner• Narrow perspectiveBy Organization• Development by “courses”• Moving people too fast• Not using horizontal moves• One failure is death• Fast track—poor behavior• Feedback is poor• Focusing on smart, technical,functional onlySuccessionPlanning /TalentManagement
  40. 40. PEOPLE WHO ARELEARNING AGILE• Critical thinkers who make fresh connections• Know themselves and handle tough people situationsdeftly• Like to experiment, deal with the discomfort thatsurrounds change• Deliver results in first time situations through teambuilding and personal driveSuccessionPlanning /TalentManagement
  41. 41. Lowest 1/3 Middle 1/3 Highest 1/3Highest 1/3 Sustained HighPerformerSustained HighPerformerConsistent StarMiddle 1/3 Future Pro EssentialContributorFuture StarLowest 1/3 Take Action Refine Rough Diamond9 Box idea © COPYRIGHT 1999, Michael M.Lombardo & Robert W. EichingerLongTermPerformanceLong Term Potential / Learning AgilitySuccessionPlanning /TalentManagementPERFORMANCE POTENTIALMATRIX
  42. 42. CASE STUDIESSuccessionPlanning /TalentManagement
  43. 43. PerformanceManagement/AppraisalTeam EffectivenessStrategyOrganizational CapabilitiesSuccess ProfilesSelection /On boardingAssessment /DevelopmentSuccessionPlanning / TalentManagement
  44. 44. KEYS• Find people with the right stuff (especially early intheir careers)• Expose them to the right leadership competencybuilding experiences• Help them learn from their experiences• Take on issues early• Beware of derailers
  45. 45. TO TAKE WITH YOU…• The value – both dollar and social – of doing this andthe cost to not• There are established, proven, research-based toolsavailable. Pick one and use it (don’t reinvent thewheel)• When hiring, look beyond current need• It is simple, straightforward and do-able… but notnecessarily easy, cookie-cutter, or overnight results!• You don’t have to wait on anyone else – do it withinyour team, your division ….. or just for yourself
  46. 46. I never teach my pupils. Ionly attempt to providethe conditions in whichthey can learn.-Albert Einstein
  47. 47. Concentrating on the people side of business, ImpaQSolutions works with individuals, teams andorganizations to help them be better leaders, betteremployees, and better companies.www.ImpaQ-Solutions.cominfo@impaq-solutions.com

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