Tuesday, August 30, 2016

The “Digitizing Boardroom” Book Introduction Chapter 7 A “Talent Master” Board

 Talent Management innovation needs to be a hot topic of the Board, in a philosophical than a scientific way.

People are always the most invaluable asset to businesses. The digital workforce in organizations today are multi-generational, multicultural and multi-tasking. The traditional talent management practices are often outdated due to the fast pace of changes and continuous digital disruptions. Although knowledge is abundant, insight is still in scarcity. The digital Board will helpto set the principles to innovate talent management and embrace digital fitness. Those guiding principles should be at the forefront of the mind of anyone doing the talent recruiting and management because finding the right person who fits the right positions to do the right work will lead to greater success for both individuals and the company.

Good directorship is about creating the greatest value to motivate top leadership and talent development: Board motivation and inspiration can come from any type of personal interaction. It’s always good to make a board meeting a positive experience. How the C-suite feels before and after a board meeting, their energy levels, self-confidence, the frame of mind, and the understanding of the rule, etc, these factors are crucial in organizational performance. It is combining a range of value creating, motivating, and monitoring strategies rather than following best practice heuristics that by their nature of being most practiced, but provide no competitive advantage.

Boards oversee business strategies, a solid talent strategy needs to be well-defined based on the business’s long-term perspective well mixing with short-term needs: The main goal of modern talent management is to put the right people in the right position with the right capability to solve the right problems. There are many factors to consider when hiring and managing talent, but first, you need to define talent unless “hiring talent” means “hiring employee.” BoDs can contribute to talent management by setting good policies and clarifying the important questions such as - how do you define talent? How do you measure talent? How do you know a candidate’s talent? How do you know what talent is required for each job? How do you differentiate potential from the performance? And how do you match a candidate’s talent to the talent demanded by the job? Etc. Many say talent shortage is artificial, BoDs, top executives, and talent managers have to open their own mind and work collaboratively, to discover talent via the emergent digital channels and explore the alternative digital pipelines, in order to hire and engage talent in the digital way.

The Board’s role in managing talent management risks: Digital organizations are always on, interdependent, and hyper-connected. Organizational risks include talent-related risks and are frequently identified by organizations as some of the most critical issues they face. The board plays a crucial role in GRC practices, which include identifying talent gaps, overseeing the talent strategy as an integral component of the business strategy, and being aware of talent management related risks such as capability risks, capacity risks, cost risks, reputation, and regulatory risks,, etc. To look forward, today’s BoD and talent managers must isolate and address a much broader array of talent risks and take into account a critical need to craft a solid talent strategy that supports business strategy and capital investment, identify talent bench strength and weakness, forecast talent management capacity, and measure talent to well reflect its business value.

Leadership and talent development and talent management innovation are important. Thus, it needs to be a hot topic of the Board. The core of such brainstorming is to be more philosophical than scientific at the board level. Top leaders such as BoDs need to become change agents and talent masters, organizational talent management, performance management, knowledge management, and culture management need to be well integrated into a holistic people management approach, in order to align organizational vision with staff engagement. And then, innovation becomes a daily routine to run a high-performing digital organization with people- centricity.

"Digitizing Boardroom" Book Chapter 8 A Culture Savvy Board Introduction
"Digitizing Boardroom" Book Chapter 7 A "Talent Master" Board Introduction
"Digitizing Boardroom" Book Chapter 6 A "Governance Champion" Board Introduction
"Digitizing Boardroom" Book Chapter 5 An IT-Friendly Board Introduction
"Digitizing Boardroom" Book Chapter 4 An Innovative Board Introduction
"Digitizing Boardroom" Book Chapter 3 A Performance-driven Board Introduction


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