In a previous blog, we talked about how we can use knowledge transfer to mitigate talent risk by creating an ecosystem of experts who can provide backup for a departing executive. I mentioned that one of our clients was preparing to replace a retiring executive. They had identified his
I’ve been meeting with a lot of executives lately dealing with top leadership transitions. In the next few blogs, I’m going to talk about how knowledge transfer can help executives manage talent risk at the highest level. We’ll start off with the need for developing a strong team approach or “ecosystem” that mitigates the risk to the enterprise when an executive moves on.
For example, I was recently approached by the head of HR for a multinational corporation that specializes in the manufacture of imaging and optical solutions.
We helped a client with a big insight this week that I wanted to share. This client of our knowledge transfer firm is undertaking a big IT transition, moving support work from one part of the organization to another. This is knowledge transfer in the midst of change management. In some instances, the workers will be moved along with the work, but in many instances the workers will take on new roles and the transitioned support work will be done by a new team, some of whom are outsource partners.
Simultaneously, the need for the support work is in flux. Some of the applications will be shut down in the next six months. Others will have their “Tier 1 and 2” (basic) support done by the new team and “Tier 3 and 4” (complex) support done by the existing team. Oh, and there are several different executives (and budgets) leading these various teams.
DEFINITION: A mentor is an expert (“subject matter expert,” “SME,” “domain expert,” “pro,” “guru,” “go-to person,” “rock star,” “buddy,” “genius,” etc.)—in any industry or line of work—who has unique, business-critical knowledge and needs or is asked to teach that knowledge to others. The knowledge can be explicit or tacit. And, a mentor can be any age and have 50 years seniority in an organization or one day. The essential factor is that the mentor knows something that others in an organization need to know in order to be successful.
There’s a common misconception in business that many subject matter experts are unwilling or unable to transfer their knowledge to coworkers.
Last week’s post to this blog introduced the topic of managing talent risk and busted three common misconceptions around that. Let’s take on another.
As business leaders, you manage many risks systematically and with great rigor. You manage risk of litigation with contracts and insurance, risk to operations with multiple suppliers and maintenance protocols, risk to health and safety by having protective gear and environmental sensors, risk to finance by maintaining cash reserves and lines of credit, etc. Yet with all that you do in risk management elsewhere in your business, you likely do not have a rigorous way to assess and methodically mitigate talent risk in your workforce.
If you follow this blog, you’re going to see more content on the topic of managing talent risk as my team and I prep for my next book. So far, I’ve found that Deloitte has been the most vocal on the subject. The authors of their white paper on the topic make the case for a Risk Intelligent Enterprise ™. We’re in firm agreement that the intersection of Talent Management and Risk Management is long overdue. Deloitte would like to see an open dialog between the two groups that encompasses succession planning, rewards, ethics, compliance, health and safety, business and talent continuity, and culture. The gap I find in their thinking is