Three Secrets to a Winning Talent Strategy [Webinar]By Alanah Throop on August 6, 2012 in The Future of Work, Thought Leadership
In his widely acclaimed book, “One Page Talent Management,” talent strategist Mark Effron focuses on a few simple keys to an effective performance management strategy. In a recent web seminar for the Rypple Leadership Series, Effron, the president of the Talent Strategy Group, shares how managers and leaders can transform their best intentions into effective action.
1. Set Big Hairy Audacious Goals
Set goals that will allow the team to work together to reach them. Audacious goals are more effective motivators, so make sure they are challenging but still attainable. The easiest way to get started is to select one practice that isn’t working and focus on making it successful.
2. Balance Complexity and Business Value
The easier the process is, the more people will do it. When creating a performance management process, minimize the complexity; people don’t like to be rated. Effron talks about a value/complexity curve that helps ensure talent management processes truly benefit managers; evaluate every element in a process or tool against the curve to find results. And stop doing the things that clearly aren’t working. After the process, follow up on the results: create a one-page report with three priorities and precise advice about how to improve.
3. Focus on Accountability and Transparency
Let your employees know what the performance management model will look like and a time frame of when to expect it. Hold leaders accountable for examining existing performance processes and improving them. It doesn’t matter if the accountability is formal or informal, but it must have teeth: if you are going to hold someone accountable, consider it in criteria for promotion moves, and development opportunities.
There should be full transparency about the process. Everyone knows his or her ratings and distribution, if any. Assure your team isn’t part of the 42% that don’t trust their manager. Share the results widely — and within a month of receiving feedback.