KGL

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Fortune 500 Pharmaceutical Company Case Study: Assessment-Based Succession Plan Improves Turnover in Key Scientist Role

Posted by KGL on Feb 16, 2018 11:37:20 AM right

The Challenge    

High turnover in a key scientist role was plaguing this Fortune 500 multinational pharmaceutical company, greatly hindering productivity and advancements in this critical function.

   

The Preparation

 In order to address this problem, XBInsight identified the need for a robust succession plan that included:

  • Creating a benchmark for the next level position to measure the readiness of these scientists to be promoted to this role.
  • Developing a customized assessment to not only reflect the skills, critical thinking and overall fit needed for the current position, but also identify a clear picture of what success looks like in the next level job.
  • Designing a comprehensive leadership development program to prepare high potential employees for next level positions

   

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Topics: Succession Planning, Coaching and Training, Performance Management

Increase Innovative Thinking in Your Executive Team Today

Posted by KGL on Jan 23, 2018 11:00:00 AM right

Innovation is critical in a knowledge economy — driving growth, new products, and new methods of delivering value to customers. According to PwC’s 2015 study on Global Innovation, U.S. companies spend $145 billion dollars in-country on R&D each year. And yet, despite its importance, innovation is a difficult quality to cultivate both in leaders and in organizations. In Conference Board’s 2015 CEO Challenge study, 943 CEOs ranked “human capital” and “innovation” as their top two long-term challenges to driving business growth. This is a key talent challenge for most organizations, and a talent gap that needs to be closed, starting at the top – with the role of the CEO.

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Topics: Succession Planning, Coaching and Training, Performance Management

Take action on your New Years workplace resolutions - learn how to become an effective change agent in 2018

Posted by KGL on Jan 9, 2018 10:30:00 AM right

The rules and requirements to remain competitive in today's marketplace are evolving so rapidly hat leadership is struggling to stay ahead of the course. While change used to be slow and incremental, organizations today face a whole new breed of change – one that is fast, disruptive, and unpredictable. As such, businesses are acutely aware of the need to be agile. However, to be agile you need agile people because in the end, organizations don’t change – people do.

 

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Topics: Coaching and Training

The Four Fundamental Aspects to Measure When Assessing Talent

Posted by KGL on Jul 18, 2017 9:05:00 AM right

Imagine the consequences of not assessing someone seeking to join the police force, or someone aiming to join an airline as a pilot. Seems ridiculous, doesn’t it? While the impact of hiring the wrong person in those roles can be dire, the consequences of not assessing job candidates and employees in less complex jobs are also significant. The outcomes for businesses hiring or promoting the wrong person can range from poor performance, high turnover, lackluster customer service, to even lost business.

 

 

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Topics: Succession Planning, onboarding, Coaching and Training, Performance Management, Recruitment

What would you do if a key executive declared their independence?

Posted by KGL on Jun 29, 2017 9:05:00 AM right

What would you do if a key executive declared their independence? If one of your company's key executives resigns tomorrow, would you be prepared? 

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Topics: Succession Planning

5 Reasons Executive Development Programs Fail

Posted by KGL on Jun 21, 2017 9:05:00 AM right

Executive and leadership development has risen to the top of most companies’ priority list over the past decade, with the realization that in the fast-changing, innovation-led business landscape organizations must have exceptional leaders to navigate it. In fact, when upward of 500 executives were asked to rank their top three human capital priorities, leadership development was included as both a current and future priority, and almost two-thirds identified leadership development as their number one concern.1 This explains why U.S. companies alone spend almost $14 billion annually on leadership development.2

However, for many organizations, the outcomes of their leadership development are lackluster and fail to meet the ideal return-on-investment for such programs. The failure to meet expectations of executive development programs can be attributed, in part, to four common mistakes that derail their efforts.

 

 

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Topics: Succession Planning, Coaching and Training, Performance Management

Developing Talent at the Bottom of the Corporate Ladder

Posted by KGL on Jun 14, 2017 9:05:00 AM right

It’s easy to understand why most companies place greater value, consciously or unconsciously, on higher-level positions, executive management and the C-suite. However, the reality is a company’s success depends primarily on the quality of work of those who perform the majority of the work – those employees who hold lower-level positions, typically found in customer service, administration, IT, and operations. Yet, few employers structure their career development program to optimize the skills and competencies of employees at the bottom of the corporate ladder.

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Topics: Coaching and Training, Performance Management

What is the value of using assessments for developmental purposes?

Posted by KGL on May 11, 2017 12:02:50 PM right

Research has shown that feedback is an effective way for individuals to gain insight into their need to change or develop. It permits participants to understand themselves more fully and to see the impact of their style and behavior on others and on goal attainment. The development process allows the manager or internal coach to help individuals take a more objective perspective. Using an assessment during this process results in a credible and more accurate self awareness. Raising self awareness is critical for employees to take ownership for changing behaviors (Riggio, 2008). For example, development assessments uncover blind spots: areas of weakness that were unknown to the participant. Participants are likely to learn about hidden strengths: skills or competencies that can be further leveraged or adapted for future roles.

 

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Topics: Performance Management

Change is in the Air: 3 Core Components of a Change Strategy

Posted by KGL on Nov 2, 2016 12:02:20 PM right

During this time of year, the leaves aren't the only things that are changing. As we prepare for the end of year and the changes that often take place during Q1, it is important to remember that a change strategy plan is a critical component of any change effort.

Clear roles need to be assigned to minimize redundancy, and to ensure that all responsibilities are covered.  However, all too often, roles are assigned based on availability rather than who is the most competent and best positioned. This may result in a poor fit for the role, and a less than-successful outcome. Below are a few leadership and team roles you’ll want to include during your planning stage.

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Topics: Succession Planning, Performance Management

What Willy Wonka Can Teach Us about Talent Selection

Posted by KGL on Oct 19, 2016 12:43:41 PM right

Willy Wonka, the odd but strangely-creative genius in the movie Willy Wonka and the Chocolate Factory, can teach business and HR leaders a lot about selecting the right talent. Much in the way business leaders must evaluate who they entrust as future leadership to guide their organization, Wonka needed to identify someone to run his factory when he is gone. On the other hand, unlike many companies today, Wonka’s priority isn’t to find someone who is simply qualified to run a factory – he is also determined to choose someone who is honest, who he can trust, and who possesses the child-like traits necessary to maintain the wonder of his factory.

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Topics: Recruitment

Hiring Best-Fit Salespeople, Without Having a Fit

Posted by KGL on Oct 12, 2016 10:32:12 AM right

Finding the right person for the job has been a long-standing initiative for hiring managers. But, the issue of job fit has taken on more urgency with the scarcity of skilled talent today, and therefore, a pressing need to make the right hire the first time. As a recent article inHarvard Business Review (HBR) has pointed out, the success rate of selecting the right salespeople is less than desirable. According to HBR, the average annual turnover rate of sales people ranges from 35 to 30 percent, and direct replacement costs vary from $75,000 to $300,000!

Meanwhile, when you think about talent functions that can make or break a business, the sales team is at the top of that list. While all employees play an important role in a company’s success, it is the organization’s sales professionals that directly drive revenue. In turn, a lot rides on the ability to hire effective, top-performing sales people who best fit the company’s culture and business goals.

The HBR article points to three strategies to help improve selection and hiring the best-fit salespeople – focus on behaviors, be clear about the relevant “experience” needed, and conduct on-going talent assessments.

 

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Topics: Recruitment

Why only 2 out of 10 Companies Say Their Succession Planning is Effective

Posted by KGL on Sep 28, 2016 12:03:07 PM right

With all the attention on succession planning over the past few years, one would expect to see progress in both quantity and quality of organization’s succession plans. However, in our 2016 Succession Planning Survey, the majority of companies believe their succession plans are ineffective – that is, if they even have one in place. In fact, 26 percent of respondents report, “it’s better than nothing,” or “not doing it all.”

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Topics: Succession Planning, Performance Management

Succession Planning: Are You Ready If You Get The Call?

Posted by KGL on Sep 21, 2016 12:15:15 PM right
 

"Organizations need to have iron-clad and exception-free succession policies wherein every senior executive has at least one successor ready, or at least almost ready, at any given time" argued Harvard Business Review in their recent article on succession planning, and we agree.  

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Topics: Succession Planning, Performance Management

What would you do if a key executive declared their independence?

Posted by KGL on Jun 30, 2016 4:31:56 PM right

What would you do if a key executive declared their independence? If one of your company's key executives resigns tomorrow, would you be prepared? 

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Topics: Succession Planning

What Drives “Success” in Succession Planning?

Posted by KGL on May 24, 2016 4:59:44 PM right

It’s apropos that the word “success” is a part of succession, given that effective leadership planning and pipelining may well mean the difference between success and failure for an organization. In fact, succession planning is the greatest investment you can make towards ensuring long-term success for your company, yet most organizations don’t build their leadership bench deep enough, use a process based on subjectivity, or don’t have a plan at all.

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Topics: Succession Planning, Performance Management