On June 21, 2002 the United Kingdom confirmed that Ukraine had destroyed a Russian vessel in the Black Sea. The strike was considered a game-changer for Ukraine, now viewed as a talented underdog in the Russia-Ukraine war. This also sparked a conversation about how the military recruits and retains top performers.
In a Marine Corps’ talent management report (released November 2021), The Corps Commandant, David H. Berger explains that the Force “must bring into the service the right people with the right skill sets, measure their talents, and then match their skills to the duties they desire and are suited to perform”.
In the same way, organisations realise that to outperform the competition, developing a good supply chain for talent is non-negotiable: you simply get what you plan for.
Identifying Character and Competency
Usually, organisations would analyse past performance in order to identify future leaders. But interesting new research (by James Intagliata, Jennifer Sturman, and Stephen Kincaid) reveals that previous achievements are not always the sole measure of one’s capabilities. Drawing on a database of more than 23,000 candidate assessments for roles at public and private companies, the researchers analysed the behaviours of 1,500 individuals, from entry-level professionals to senior leaders, and isolated the following three psychological markers as reliable predictions of an individual’s ability to grow and handle increased complexity in new roles:
Cognitive Quotient (CQ): While many organisations zero in on intellectual horsepower when considering leadership qualities, CQ measures advanced behaviours which differentiate individuals who creatively use their intellect to solve problems. Is it in their character to step back from tasks to see things from the perspective of their manager? In decision-making (big or small), are they able to scrutinise the landscape to anticipate the unexpected, while proactively planning to create value, whatever their findings may be? CQ is the person’s ability to demonstrate creativity and innovation in solving problems, and involves intuition, perception, and intellectual curiosity.
Drive Quotient (DQ): People with a high DQ continuously go beyond their comfort zones to happily take on new challenges. The motivation to excel, a strong work ethic, and persistence are excellent qualities that aspiring leaders commonly display, but the DQ differentiator is in the way the individual applies their energy. Not just to maximise personal performance, but to develop and leverage the capabilities of others, for organisational good. This is a distinction often overlooked in many models.
Emotional Quotient (EQ): Companies know they need leaders with emotional intelligence, but according to the researchers, they tend to focus on basic skills such as self-awareness, getting along with people, and being able to read the room, which are necessary, but not sufficient. To find people with high EQ, the differentiators identified in the new research point towards a search for individuals who engage for impact. For example, those who are intentional about channeling their insights to influence stakeholders and negotiate outcomes. And, in addition, individuals who are able and willing to deliver difficult messages with courage and empathy.
CQ, DQ, and EQ are each impactful. But together, these markers can help organisations identify and develop the leadership required to navigate unidentified challenges. In one of the researchers’ double-blind studies, the three markers also accurately differentiated those who later made it to the C-Suite from those who didn’t, two times out of three.
Optimising Career Development and Employee Retention in a Hybrid World
The COVID-19 crisis revealed a transformative relationship between Chief Executive Officers (CEOs) and Chief Human Resources Officers (CHROs), with the majority of CEOs surveyed saying that they would prefer their CHROs to spend more time finding, retaining, re-skilling and upskilling great employees. Talent management was top of mind.
There have also been massive changes in the mindset of employees, for whom re-assessing their career development has become more important than ever in the new hybrid work environment. In a recent interview with Satya Nadella, CEO of Microsoft, he suggested the need for Human Resource (HR) leaders and their companies to make the work experience inclusive and meaningful for employees, a paradigm shift from “I work for Microsoft” to “How well does Microsoft work for me?”
Asides from attracting and retaining talent, employee commitment is built over time through expanded opportunities, learnings, feedback, and career coaching. An O.C. Tanner Institute study has shown that companies that prioritise career development see an increased likelihood of engagement (+115%), opportunity (+167%), and personal success (+152%). The probability of increased engagement is 3.7 times higher for companies that provide opportunities to grow in specific areas, acquire new skills, and work on special projects.
To help CHROs succeed in executing core talent management components such as planning, recruitment, employee onboarding, performance management, learning and professional development, compensation management, and succession planning – an automated Talent Management System (TMS) is deployed to deliver these processes via software modules. TMSs are also increasingly responsible for supporting the remote workforce by promoting proactive conversations, increasing shared commitment, and driving social engagement.
The Future of Work
Today’s HR leaders are expected to deliver quite a handful by attracting top talent, building an effective and engaged team, actively listening to employees, developing retention strategies, nurturing a happy and inclusive workplace, and developing a strong employer brand, while also seeking cost-effective mechanisms that tackle current and future uncertainties.
Little surprise that leading HR departments underscore the need to better understand and refine the employee experience, in order to turn any possible attrition into attraction regardless of employee location (on-site or remote).
The future of work clearly demands that organisations must now leverage technology to power and scale a refined talent management system that fosters a culture of sustained innovation.
FBNQuest is a leading Merchant Banking and Asset Management group in Sub-Saharan Africa that delivers a wide range of financial services through various businesses – Corporate and Investment Banking, Investment Management (Asset Management, Alternative Investments, Agency Services and Trustees) and Institutional Securities (Structured Products, Fixed Income, Currencies & Treasury and Equities) | https://fbnquest.com