Investing in Your People is Investing in Your Business

5 Tips for Establishing Your Talent Pipeline

 

Download the New Manager Promotion Playbook for FREE!

 

If you’re a small business owner or manager the chances are that you don’t have a clear management talent pipeline. You probably hire and promote solely based on how hard-working and good at their job a team member is. Big mistake! But don’t just take my word for it, Harvard Business Review demonstrates how being an expert in only one area is one of the biggest reasons that managers fail. Managers have to be talented in all areas to be successful in the long-term.

 

Great vision without great people is irrelevant.” –Jim Collins, Author of Good to Great

 

To accomplish this hefty task, your organization must have a talent pipeline. HBR recommends the following 5 Tips for establishing your talent pipeline:

  1. Focus on Development: Invest in management training, use events in the workplace as learning opportunities and don’t fall into the trap of pure succession planning.
  2. Identify Linchpin Positions: Focus your efforts on positions that are vital to the health of your organization. If a manager quits today, would your business still be able to run effectively? Always be ready with a list of qualified individuals to fill vital roles and consistently train them for those roles.
  3. Make it Transparent: Let your team know how your talent pipeline works, what they should expect, what they need to do to successfully navigate the pipeline, and what training programs are available to them. Also, don’t be reluctant to receive feedback from your team; especially if your pipeline is newly established.
  4. Measure Progress Regularly: Monitor your talent pipeline. How many positions are being filled internally? The more qualified internal promotions, the better your pipeline.
  5. Keep it Flexible: Don’t be afraid to change your talent pipeline. Periodically update your procedures based on feedback, observation, and the latest management research.

 

Develop talent for tomorrow, rather than just hire for yesterday.” –Pearl Zhu, Author of IT Innovation: Reinvent for the Digital Age

 

The 5 Tips from HBR outline the general areas to begin developing your talent pipeline but your organization is dynamic. Constant devotion to improvement is the hallmark of a successful business. Read and download the free asset below, and contact me for more specific skills, real-world examples, and tailored content devoted to making your talent pipeline work best for you.

 

Keep it simple, keep it focused, and definitely keep it inspiring.

–Steve

 

Download the New Manager Promotion Playbook for FREE!

Why Recognition is Critical to Success

My boomer-buddy and business owner recently said, “People just need to shut up and do their job. I give people enough rope to succeed or hang themselves.” Having grown up in the Darwinian world of restaurant kitchens, I get it. But does that approach get results?

My reply to his assertion: You can either manage people according to the way you think things ought to be, or the way they are. Leadership is the ability to accurately name reality and act upon it. Effective recognition implies talented managers must be skilled communicators. Specifically, they must have the ability to provide daily, constructive feedback (yes, daily!)

“…80% of Millennials said they want regular feedback from their managers, and 75% yearn for mentors” -D. Schawbel (Forbes)

There is no such thing as negative or positive feedback; it’s all just information. All feedback should be constructive and developmental in nature. This requires managers to develop high levels of emotional intelligence and invest in skilled communication.

Two Likely Reasons your Feedback is Misconstrued

1) The receiver doesn’t trust your intention

2) They receive so little feedback that they are not conditioned to process the information constructively

Either way, you, the manager, are on the hook for improving the partnership!

How much company resources does a “thank you” cost? None. Conversely, reflect on this sobering finding:

“…actively disengaged employees cost the U.S. $450 billion to $550 billion in lost productivity per year.” -Gallup

Business economists conclude that managers who master the skills necessary to attract and retain top talent help position their organizations for sustained market victory. And that is why recognition is critical to success.

Keep it Simple. Keep it Focused. Definitely Keep it Inspiring.      –Steve