Using Success Profiles to Grow Your Business
-
Upload
margo-boster -
Category
Business
-
view
453 -
download
2
description
Transcript of Using Success Profiles to Grow Your Business
GROWING YOUR COMPANY
Using Success Profiles for Business Growth
DISCUSSION TOPICS
Introductions
The importance of “people issues”
Translating strategy into organizational capabilities
Identifying success profiles
Selecting and on-boarding
Developing – and not derailing – your employees
Succession planning
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
IMPACT ON MARKET VALUE
40% percent of your company’s market value
is based on People Issues
The Institute for Corporate Planning & Finance
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
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”
… LEADING TO CURRENT STATE
Hiring based on resume, references and interviews
Development plans based on current level of knowledge
Good performers rewarded with…. More work
LAKE WOEBEGONE EFFECT
One poll found that 90
percent of leaders believe
that they are in the top 10
percent of performers
GROWING YOUR BUSINESS
Values
Mission
Vision
Strategy
Lifetime
20+ years
5 – 20 years
1 – 5 years
Who you are
Why are you here? Why do you exist?
What or how you would like things to be
Courses of action and allocation of resources to meet goals and objectives
Then What?
Performance Management/Appraisal
Team Effectiveness
Strategy
Organizational Capabilities
Success Profiles
Selection / On boarding
Assessment / Development
Succession Planning / Talent
Management
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 their
development • Provide variety and effectiveness of development
actions
CREATING SUCCESS PROFILES • Based on competencies • Research–based • Align individual performance • Common language • Starting point
Korn/Ferry International
COMPETENCY DEFINITION • Measurable characteristic
of a person that is related to success at work
• A behavioral skill, a technical skill, an attribute (such as intelligence), or an attitude (such as optimism)
[The Leadership Machine]
Competency
Skills Relates to the ability to do
Physical domain
Attributes Relates to qualitative
aspects Personal characteristics or
traits
Knowledge Relates to information
Cognitive domain
SUCCESS PROFILES MUST CONSIDER • The Big 8
• Learning agility
• Emotional quotient (EQ)
• Importance and performance at the Individual, Manager and Executive levels
• Developmental difficulty
• Needed for promotion and to be developed early
• Top correlated competencies at each level
• Most likely weaknesses and flame out factors
SUCCESS PROFILES CHALLENGES
• Wrong competencies • Too compound • Core competencies can’t do the whole job • Don’t consider “Must Considers”
Korn/Ferry International
KNOW ORGANIZATION’S COMPETENCIES • Research identifies the most critical competencies
• Your company can identify the ones key for success
• Use knowledge for selection, development, succession management, performance management, teams
• When you clarify competencies, your entire organization knows how to support your competitive advantage *
*Harvard Business Review: The Core Competence of the Corporation
STRATEGIC EFFECTIVENESS ARCHITECT ™
The organizational capabilities that organizations must possess to successfully execute strategy.
Identify Needed Strategies
Performance Management/Appraisal
Team Effectiveness
Strategy
Organizational Capabilities
Selection / On boarding
Assessment / Development
Succession Planning / Talent
Management
Success Profiles
COST OF BAD HIRE • As much as 80% of employee turnover is due to
bad hiring decisions -Harvard Business Review
• A poor hiring decision is 2 to 5 time annualized compensation; as much as 10 times for a specialist
-Harvard Business Review
• The typical interview increased the likelihood of choosing the best candidate by less than 2%
-University of Michigan
Selection / On boarding
• The process is collaborative
• Builds common language
• Easily adapted to the changes in skill and marketplace
• Works with any Talent Acquisition System - many are linked to these models
• With comparable technical skills, individuals with the strong Emotional Intelligence (EQ) competencies will be more successful and productive on the job
Selection / On boarding
WHY USE COMPETENCIES ?
• What are the strategic goals of the organization?
• What are the deliverables / expectations of the job?
• What competencies does this level position need to support the business?
• Do these competencies align with the desired strategy and culture of the organization?
• Is there coverage across competency factors?
• ………….
Selection / On boarding
QUESTIONS TO CONSIDER
Copyright 2011 Lominger International: A KornFerry Company All Rights Reserved
Selection / On boarding
ON-BOARDING • Competencies for role/level part of Onboarding
process—Succession and Development process and profiles explained
• Development opportunities explained
• Developmental competencies included in Performance Appraisal
Selection / On boarding
CASE STUDIES
Selection / On Boarding
Performance Management/Appraisal
Team Effectiveness
Strategy
Organizational Capabilities
Success Profiles
Selection / On boarding
Assessment / Development
Succession Planning / Talent
Management
Goal-setting, feedback, development, and training targeted at the mission-critical competencies increase the rate at which organizational goals are achieved by 46% of a standard deviation
Spenser, L, “The Economic Value of Emotional Intelligence Competencies and EIC-based HR Programs”, 2001
40% of all newly promoted managers will fail in some way within 18 months
Manchester, Inc., 2001
Assessment / Development
WHY DEVELOP YOUR EMPLOYEES
IDENTIFYING DEVELOPMENTAL NEEDS
• Self-assessments
• 360-degree feedback
• Feedback from mentors, boss, etc.
• ….other?
Assessment / Development
WHAT TO WORK ON • Importance to you/clients
• Motivating
• Similarity to other needs
• Opportunities in current position to develop
• Accessibility of developmentally orientated people/resources
• Support
• Level of developmental difficulty
Assessment / Development
Average to a
Strength
Hidden Strength
Untested
Weaknesses
Overdone Strengths
CareerStallers
Blind Spots
DEVELOPMENTAL NEEDS TYPES
Easiest ------------------------------------------Hardest
Assessment / Development
CASE STUDIES
Assessment / Development
Assessment / Development
OVERUSE Command Skills (9)
Becoming controversial and rejected by others Not developing others leaders, and Choosing to strongly "lead" when other more team-based tactics would do as well or better.
Decision Quality (17) Seen as stubborn and not willing to negotiate or compromise, Getting frustrated when advice is rejected, and Seeing yourself as overly wise or close to perfect.
Assessment / Development
NEED TO DEVELOP Managing and Measuring Work (35)
Being disorganized, Just throwing tasks at people Lacking goals or priorities. Not providing work-in-progress feedback, and Not 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, and Relying too much on self.
Assessment / Development
EFFECTIVE DEVELOPMENT
How Development Plans are Commonly Written
Formal Training 70%
Learning from Others
20%
Job Experiences
10%
How Development Occurs
Formal Training
10%
Learning from Others
20%
Job Experiences 70%
Assessment / Development
Performance Management/Appraisal
Team Effectiveness
Strategy
Organizational Capabilities
Success Profiles
Selection / On boarding
Assessment / Development
Succession Planning / Talent
Management
WHY IT IS IMPORTANT TO DEVELOP YOUR LEADERS
Great leaders make a huge difference, even compared to good leaders, and much more so to poor leaders, i.e., the top 10% of leaders outperformed the middle by a factor of 2, and outperformed the weakest 10% by a factor of 5
Zenger and Folkman, “The Extraordinary Leader” 2002
Succession Planning /
Talent Management
• Current performance is overused as a criterion or verification 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 a person can make changes and acquire new skills
The Leadership Machine, Lombardo & Eichinger
Succession Planning /
Talent Management
CURRENT PERFORMANCE VS. FUTURE POTENTIAL
THINGS TO WATCH Learning Agility
Derailers
Succession Planning /
Talent Management
COMMON CAUSES OF DERAILMENT
By Self • Over-reliance on strengths
• Blind to a flaw
• Untested
• Lazy learner
• Narrow perspective
By 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 only
Succession Planning /
Talent Management
PEOPLE WHO ARE LEARNING AGILE
• Critical thinkers who make fresh connections
• Know themselves and handle tough people situations deftly
• Like to experiment, deal with the discomfort that surrounds change
• Deliver results in first time situations through team building and personal drive
Succession Planning /
Talent Management
Lowest 1/3 Middle 1/3 Highest 1/3
Highest 1/3 Sustained High Performer
Sustained High Performer
Consistent Star
Middle 1/3 Future Pro
Essential Contributor
Future Star
Lowest 1/3 Take Action Refine
Rough Diamond
9 Box idea © COPYRIGHT 1999, Michael M. Lombardo & Robert W. Eichinger
Long
Term
Per
form
ance
Long Term Potential / Learning Agility
Succession Planning /
Talent Management
PERFORMANCE POTENTIAL MATRIX
CASE STUDIES
Succession Planning /
Talent Management
Performance Management/Appraisal
Team Effectiveness
Strategy
Organizational Capabilities
Success Profiles
Selection / On boarding
Assessment / Development
Succession Planning / Talent
Management
KEYS • Find people with the right stuff (especially early in
their careers)
• Expose them to the right leadership competency building experiences
• Help them learn from their experiences
• Take on issues early
• Beware of derailers
TO TAKE WITH YOU… • The value – both dollar and social – of doing this and
the cost to not
• There are established, proven, research-based tools available. Pick one and use it (don’t reinvent the wheel)
• When hiring, look beyond current need
• It is simple, straightforward and do-able… but not necessarily easy, cookie-cutter, or overnight results!
• You don’t have to wait on anyone else – do it within your team, your division ….. or just for yourself
I never teach my pupils. I
only attempt to provide
the conditions in which
they can learn.
-Albert Einstein
Concentrating on the people side of business, ImpaQ Solutions works with individuals, teams and
organizations to help them be better leaders, better employees, and better companies.
www.ImpaQ-Solutions.com