The Talent Strategy Imperative - Korn Ferry
The talent strategy imperativeFive steps to align talent with your business strategy.
The talent strategy imperative IntroductionEngineering re-engineeredWhen today’s CEOs toss and turn at night, thatrestlessness is likely caused by more than apreoccupation with hitting their quarterly numbers.Many top executives are concerned about havingthe right talent in the right place at the rightcompensation— and fully engaged—so theirbusinesses can compete in rapidly-shifting markets.When Harvard Business Review asked 24 highprofile CEOs to name their biggest challenges,“talent management” topped the list of priorities.(Groysberg, and Connolly, 2015). Those leadersweren’t alone in their focus on talent matters.Chief executives participating in The ConferenceBoard’s 2016 annual survey of CEO concerns alsoplaced issues like dealing with labor shortages andcreating a culture of engagement high atop theirpriority lists. (The Conference Board, 2016).Many of these leaders wanted assurances thatthey had the right talent in place in periods oforganizational change or growth. CEOs who wereimplementing new digital strategies, for example,said the swift pace of change had created significantskill gaps in their companies. Other executiveswondered if they’d have talent that was mobileenough—and equipped with the right culturalintelligence— to support global expansion. Anothersegment of surveyed CEOs fretted over whethertheir high-potential employees were being properlyidentified and developed.1This accelerated rate of change requires agiletalent strategies that can quickly pivot to supportshifts in business strategy and fill critical talent gaps.For insight into how leading organizations build suchstrategically aligned talent strategies, we intervieweda number of chief human resource officers (CHROs)from Fortune 500 companies. The advice and lessonsfrom these CHROs on developing effective talentstrategy supplements the Korn Ferry research andperspectives found throughout the paper.In our experience, companies that follow a five-stepapproach to talent strategy development are morelikely to build potent strategies and execute theirbusiness plans with distinction.Five Steps to Talent StrategyDevelopment1. Crystallize the talent implications of yourbusiness strategy.2. Create the right structure and culture.3. Identify the pivotal job roles.4. Specifically define success profiles.5. Make the “buy versus build” decision toclose any talent gaps.
The talent strategy imperative Step 1: Crystallize the talent implicationsof your business strategy.Companies that win in today’s markets need agileThe process that we recommend uses a research-basedtalent strategies that are tightly aligned to businessapproach to identify the specific talent and organizationalstrategies. Yet we find organizations often employcapabilities needed to execute business strategy andinsular or narrow approaches to build those strategiesassigns priority to those capabilities, then evaluates therather than using holistic, data-driven methods. Onestate of performance in each area, focusing new talentcommon approach focuses on fortifying individualinvestments where they matter the most.components of a talent system — silos like recruiting,performance management, or compensation — withoutIf innovation is the strategy, for example, does themanaging talent as a cohesive whole or linking theorganization have the right structure, culture, andtalent strategy to overarching business objectives.incentives in place to foster that approach? Are thereWith compensation and benefits representingrigorous, cost-effective selection processes to attract50 to 70 percent of operating costs in manytalent with proven innovation skills and are the rightorganizations, CEOs increasingly seek assurancesretention strategies in place to keep top innovatorsthat talent is being used in ways to maximize thaton board?considerable investment. (Lawler III, Edward E. andJohn W. Boudreau. 2012).Figure 1 shows how business strategies determinethe organizational and talent capabilities needed toStrategic talent management has its origins in acreate and sustain a competitive advantage.differentiated business strategy. The genesis of anyeffective talent strategy lies in an agreement betweenConsider how organizations like Nordstrom and Applethe CEO and CHRO on that business approach. Isdesigned talent strategies to serve their differentiatedit based on innovation? Digitization? Operationalbusiness strategies. To drive a strategy based onexcellence? Customer intimacy? Organic growth?customer intimacy, retailer Nordstrom custom-builtGrowth through acquisition? Clarifying the strategyrecruiting, development, and compensation systemslays the groundwork for the high-stakes decisionsto hire, engage, and retain talent with elite customerCHROs and executive teams must make aroundservice skills. Apple famously tethered its talent strategystrengthening organizational capabilities and closingto a business model dependent on hiring the world’stalent gaps to support strategic initiatives.top innovators to create breakthrough products — andthen went to great lengths to keep those individualsproducing at high levels for Apple, not a rival.2
The talent strategy imperative Figure 1The Business/Talent Strategy DecoderCRITICAL TALENT ORGANIZATIONAL CAPABILITIESB U S I N E S S S T R AT E G I E SFoundationalORGANIZATIONAL PRIORITY / IMPACTBoard GovernanceSuccession ManagementDiversity & InclusionTop Team EffectivenessSuccess Profiles /CompetenciesCollaborationEmployer BrandingTotal RewardsExecutionWorkforce PlanningIntegrated TalentProcessesOrganizational DesignTalent Acquisition& RecruitmentHR FunctionOrganizational Agility& TransformationTalent EngagementCultural Values,Behaviors, PracticesFunctional ExcellenceTalent Development& DeploymentOpen CommunicationCustomer and EmbodimentHigher OrganizationalSkill / EffectivenessModerate OrganizationalSkill / EffectivenessOur experience shows that moving talent strategyfrom a peripheral role to a central component of anoverarching business strategy pays enduring dividends.This repositioning ensures the vital link between talentand business outcomes is given proper attention inan executive team’s off-site planning meetings, alongwith strategic, operational, or budgeting issues.As business strategies evolve, CHROs also need torecalibrate talent strategies to keep pace. If a company’sstrategy shifts to emphasize cloud computing ore-commerce, for example, HR leaders have to ensurethey have the right quality and quantity of talent inplace to support the change. Rapidly identifying andquickly hiring that talent — or retraining existing stafffor a skills pivot — can mean the difference between abusiness strategy succeeding or failing.3StrategicLower OrganizationalSkill / EffectivenessFor example, when electronics retailer Best Buyresponded to growing pressure from competitors bydevising a new business strategy, HR leaders there hadto quickly adjust talent strategy to support the change.The revamped operating strategy stressed improvedin-store customer service and highlighted servicesof the Geek Squad, an elite team of informationtechnology experts. (Wieczner, 2015). In response,HR put retail employees through a retraining bootcamp and focused recruiting and retention efforts onfortifying the Geek Squad. Those initiatives rebootedthe company and generated impressive new revenuesthrough sales of connected-home solutions thatleveraged the recent developments of “Internet ofThings” enabled products.
The talent strategy imperative Step 2: Create the right structure and culture.CHROs also must work with the executive team to assessthe moorings that allow business and talent strategies tothrive. That includes devising the best structure for theorganization to operate within and building a culture thatsupports the execution of differentiated business strategies.If a business strategy is designed to bring new productsto the market faster, for example, but the organization isdesigned in functional silos that inhibit cross-functionalcollaboration, this structure will serve as a brake onstrategy execution. In another scenario, a hierarchyoriented corporate culture characterized by managementcontrol and stability won’t support a talent strategy that’sbeen modified to hire large numbers of millennials whothrive on fast-moving environments, collaboration, andopen communication with executives.Organizational structure is not a one-and-done; designoften needs to change to support an evolving businessor talent strategy. For example, if a CHRO forecasts aneed for more leaders with profit-and-loss managementexperience but sees inadequate bench strength in thatarea, he or she might suggest reorganizing divisions tocreate new roles with a smaller P&L, cross-functional, orproject–management responsibilities. That experiencewill help prepare leaders for broader bottom-lineaccountability in the future.To transition faster into digitization, a CEO and CHRO mightneed to work together to reconstitute work teams or formspecial units with expertise in that area. A shift to a moreconsultative selling strategy could require creation of adedicated sales team to serve key national accounts.Consider how technology leader Adobe changed itsorganizational structure to help develop and engage4talent. Adobe’s top HR leader, Donna Morris, was givenresponsibility for both the employee and customerexperience as well as oversight of Adobe facilities.That new structure allowed her to manage two ofthe company’s most valuable but high-cost assets—organizational talent and buildings—in a morestrategically aligned way.As a result Morris was able to reassign key talent togrowing global markets, consolidate facilities, and createnew advancement opportunities for employees likesoftware engineers. These moves energized and engagedemployees, boosting customer service and financialresults in the process.Changes in business strategy also require that executivesrevisit organizational culture to ensure it remains alignedwith operational goals. Recent studies highlight thecritical role that corporate culture plays in organizationalperformance. The need to reconsider culture is illustratedin the recent merger–acquisition of Hillshire Brands byTyson Foods. Integrating the brands, processes, andculture of Hillshire Brands with that of Tyson Foodscreated new growth avenues and higher margins for thecombined company that couldn’t have been deliveredhad they remained separate. A driving force behind themerger’s success was the efforts of Tyson’s CHRO, MaryOleksiuk, and her team to unify the new business strategywith the culture and mission of the combined company.The human–resources function worked to engageand unite five generations of employees behind thecompany’s mission of “making great food, makinga difference.” That unification and evolved culturecontributed to a doubling of the organization’s marketcapitalization within two years of the merger.
The talent strategy imperative Step 3: Accurately identify the pivotal job roles.Pivotal roles are those in which enhancing the qualityand quantity of talent has a disproportionate impacton business success. The term conjures thoughts of topexecutives, sales leaders, or key managers. While thosejobs are usually essential, pivotal talent can come in manysizes and shapes.Depending on the industry, organization, and businessstrategy, critical roles might also include productdevelopers, real-estate analysts, front-desk service staff,or maintenance mechanics. Pivotal roles also can begeography-dependent. If a growth strategy involvesexpanding into China or Brazil, for example, leadershiproles in those countries might be deemed more pivotalthan others.Indeed, HR leaders are often surprised when theyfind — following a workforce analysis that determineswhich job roles have the biggest impact on criticaloperating metrics — which positions qualify as pivotaland which do not.Favoring some job roles over others can run counter tothe time-honored belief in human resources about theequitable treatment of all employees. But successfulCHROs understand that some roles are more importantthan others in driving competitive advantage, and thatreallocating recruiting, development, or compensationresources to attract or retain employees in pivotal roles isfundamental to a successful talent strategy.5One example of allocating resources in this fashioncomes from pharmacy company CVS Health. CHROLisa Bisaccia and her team designated the pharmacistposition as a pivotal role in the organization.Pharmacists were deemed both “quality” pivotal —as prescription sales represent more than half ofcompany revenues and even small mistakes on theirpart can harm the company brand — and “quantity”pivotal, as the chain employs more than 30,000pharmacists in its national network.With those crucial roles in mind, Bisaccia implementedrecruiting, engagement, and retention strategies thatensured only the market’s top pharmacists were hiredand developed into long-tenured employees. Bisacciaalso manages these pivotal roles using a complexalgorithm of staffing, development, and schedulingprocedures to ensure the right pharmacists are in theright stores at the right time to enhance customerservice and maximize revenues.
The talent strategy imperative Step4: Specificallydefine success profiles.Engineeringre-engineeredWith critical talent pools identified, CHROs shouldwork with business-line leaders to decide exactly whatresults are expected and which specific competencies,experiences, traits, and drivers are required for success inpivotal roles. Precisely defining the “right stuff” requiredfor these jobs creates the basis for improved talent–management decisions.Our experience shows that business success canlargely be measured by an organization’s capacityand courage to make critical decisions that differentiatefrom competitors not just on business strategy, butalso between the defined requirements of successfor various talent pools in the organization.Business-line leaders often struggle to translatetheir talent needs into specific capabilities to guideHR functions in making recruiting or developmentdecisions. That process improves when line leaders firstseparate mission-critical from “nice-to-have” results andexpectations required of each position, allowing HR totranslate those desired behaviors and outcomes into jobspecific success profiles.For example, a well-constructed success profile fora CHRO might place greater weight on the skills andexperiences required to deal effectively with theexecutive compensation committee on a board ofdirectors. Similarly, the success profile for an information–technology executive could assign higher priority to skillslike mastery of cloud-based technologies, knowledge ofbest-practice data security protocols, or experience indefending IT infrastructure investments to a board.A talent framework like Korn Ferry’s Four Dimensionsof Leadership and Talent (KF4D) helps develop successprofiles for pivotal roles based on research identifyingwhat differentiates top performers from other employees.6Four Dimensions of Leadership and TalentCompetenciesExperiencesSkills and behaviors required forsuccess that can be observed.Assignments or roles thatprepare a person for futureroles.FOR EXAMPLE:Decision quality, strategicmindset, global perspective,and business insight.FOR EXAMPLE:Functional experiences,international assignments,turnarounds, and fix-its.TraitsDriversInclinations, aptitudes andnatural tendencies a personleans toward, includingpersonality traits, intellectualcapacity and learning agility.Values and interests thatinfluence a person’s careerpath, motivation, andengagement.FOR EXAMPLE:Assertiveness, risk taking,confidence and aptitudefor logic and reasoning.FOR EXAMPLE:Power, status, autonomy,and challenge.It’s also important for HR leaders to identify withspecificity the employee value proposition (EVP) forpivotal roles, or the perceived value employees willreceive in return for working at the organization — andwhy that proposition exceeds what competitors offer.A good EVP incorporates pay and benefits andlearning and growth opportunities as well as worklife balance, an attraction of particular interest tomillennials. A next-level proposition also emphasizeshow employees will experience a sense of purpose intheir work and that their organization’s brand andculture will be sources of pride.
The talent strategy imperative Step 5: Make the “buy versus build”decision to closetalent gaps.Engineeringre-engineeredCHROs also need to create workforce plans todetermine where gaps in talent might limit executionof business strategy. For example, how will a changein business strategy affect talent needs? How strong isthe pipeline of talent who can one day backfill the mostpivotal roles in the company? Who has longer-termpotential, that might be ready for near-term biggerassignments, and are there enough of these individualsin the right spots?Using research-based approaches to identify gaps inpivotal talent pools creates choice points for CHROs.Will they fill gaps between the talent on hand andthe talent required by recruiting externally or bydeveloping internal employees? This high-stakes “buyversus build” decision rests on a number of variables.We recommend recruiting outside the organizationwhen skills are difficult to develop internally, whenthere is urgency to fill skill gaps, or when there is nohistory of needed competencies within a companyor department. For example, HR may have a pressingneed for advanced data analytics skills in its ownfunction but no history of employing such capabilities.Rather than trying to develop analytics competenciesin HR generalists, it may be more expedient to recruitexternally or to transfer internal finance or marketingstaff with those skills into human resources.7Conversely, developing internal employees to fill talentgaps may be a better option when infusing outsidetalent is deemed risky to the culture, when there areknown talent shortages in external candidate pools,when there’s little urgency to fill talent gaps, or whenit can be challenging to recruit to certain geographies orindustries.For example, when AT&T reinvented itself to competein an industry moving from cable and hardware towireless and cloud-based technologies, HR leadersdetermined the technical skills needed to supportthe new strategy weren’t available outside of theorganization. AT&T opted instead to rapidly retrain itsexisting workforce through use of cutting-edge trainingtechniques and by instituting a culture of perpetuallearning (Boyce, et al., 2015).We know of another organization that refused topromote internal job candidates if they weren’t ableto outperform external candidates on mission-criticalskill assessments. Leaders in this company sought anassurance that their promotion decisions wouldn’t justresult in placing their own best in elevated roles, butrather candidates that ranked best in the overall market.
The talent strategy imperative Obstaclesto creatingeffective talent strategy.Engineeringre-engineeredAs with any effort to overcome engrained habits or shifttraditional thinking, there are obstacles that stand in theway of creating strategically aligned talent strategies.Here are some of the biggest pitfalls to which CHROscan fall prey:An attachment to business-as-usualImplementing a talent strategy often requires challengingthe status quo and making tough decisions. CHROsneed moxie as well as effective negotiating skills toreallocate recruiting or development resources orto shelve established HR initiatives in the name ofbetter serving the business strategy. Decisions likediscontinuing long-running training programs that nolonger have strategic value, for example, can rufflefeathers. While courting controversy,
Companies that win in today’s markets need agile talent strategies that are tightly aligned to business . to hire, engage, and retain talent with elite customer service skills. Apple famously tethered its talent strategy . As business strategies evolve
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