Organizations of all sizes already assess and manage many types of business risk day to day, including legal, operational, financial, and insurance. As a business leader you would never dream of just going with your gut when faced with the legal risks of a big contract, and no board of directors would settle for an executive declaring, “I have a feeling our workers will be safe enough,” or “our production capacity seemed fine so I fired the analysts.” And even though in-house risk managers and vendors (lawyers, insurance brokers) may shoulder the heavy lifting, line executives are expected to have at least a basic understanding of how to address common types of business risk and where to go for help. That is, except for one of the biggest risk areas - no one methodically manages technical talent risk.
Today in my email inbox I was copied on a status report showing talent risk reduction happening in real-time using knowledge transfer. It inspired me to share with you how this is working on the ground, in just a few quick bullets. This is what we’re all about.
It is the story of a current client, with the knowledge transfer process working exactly as it should:
Yesterday, during the i4cp webinar on Managing Talent Risk, I commented that it is time for competency models to be replaced with more targeted talent risk data that directly drives business (think: money, time, and quality). I have had several questions about my position on this subject so I am rerunning this blog post in case it is helpful. I would love your comments on the topic.
Here’s a quick business story illustrating just why HR competency models are inadequate when used to manage talent and guide change within a job role:
Topics: Outsourcing, Best Practices, Skill Development Plan (SDP), Common KT Misconceptions, Free Resources & Tools, Talent Risk Management, knowledge transfer blog, knowledge transfer, knowledge transfer planning, managing talent risk
In my new book on managing talent risk (coming in Spring 2017), I want to set a clear standard for how corporate leaders can talk to each other about talent risk. It is clear that this conversation needs to start from the Board of Directors, then pass thru the C Suite all the way down to front line leaders. The recent i4cp research makes it clear that the main reason this isn’t happening already is because leaders don’t have a process for analyzing talent risk.
Thanks to i4cp for this news release...
Talent risk is business risk, but only 45% of companies have a process in place to mitigate it.
In this unpredictable business environment, the ability to hire and retain skilled employees and manage the risks associated with developing critical and top talent plays a key role in sustainable business success, yet less than half of companies surveyed by the Institute for Corporate Productivity report that their companies have a process in place to address organizational-level talent risk.
As highlighted in a new complimentary i4cp report titled Talent Risk Management, only 45% of companies
Topics: Talent Risk Management, knowledge transfer blog, knowledge transfer, managing talent risk, talent risk mangement definition, definition of talent risk management, talent risk management process
Every leader who asks for headcount needs to be able to make a sound business case that ties the new headcount to executing the corporate or divisional strategy. Start by making sure you know who is making the headcount decision, and make your business case with that person in mind. Since a group of executives above your manager is likely making the call,