Make your company a talent factory

Make your company a talent factory

Make your company a talent factory

Ready D.A., Conger J.A. Harvard Business Review (USA), June 2007, Vol. 85 No. 6, Start page: 68, No. of pages: 10

Purpose – To consider how companies can avoid losing business opportunities because they do not have the talent to develop them. Design/methodology/approach – Comments that a worldwide survey of human resources executives revealed a lack of high-potential employees in the pipeline to fill strategic management roles. Points out, however, that almost all respondents had formal procedures in place for identifying and developing the next generation of leaders. Suggests that these procedures may no longer be aligned with business conditions, as a consequence of demographic shifts and the growth of activity in largely unfamiliar markets, such as China. Argues that companies should combine the functionality of the rigorous talent processes that support strategic and cultural objectives with vitality, or emotional commitment by management that is reflected in everyday actions. Describes the “talent factory” approaches used by Procter & Gamble and by HSBC, explaining the people processes through which they achieve this twin focus on functionality and vitality and generate an effective and free-flowing worldwide pipeline of current and future leaders. Originality/value – Points out that any company that wishes to grow, particularly at the global level, must ensure that it has processes in place to identify and develop the people who will lead its growth initiatives. ISSN: 0017-8012 Reference: 36AN894

Keywords: Management development, Business performance, Strategic planning, Human resource strategies