The rules and requirements to remain competitive in today’s marketplace are evolving so rapidly that 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.
Leading Courageously and Bringing Others Along
Optimizing leadership skills and building a deep pipeline of executive-ready talent is more critical than ever, given a fast-and-ever-evolving healthcare environment. With the introduction of new laws, regulations, care coordination, and payment models, new leadership styles need to be implemented to effectively lead and manage in the new paradigm. However, alongside the need for modern leadership competencies is the need to address an impending talent shortage of leader ready talent. In fact, executive turnover is expected to increase due to a high number of leaders eligible for retirement, combined with a shortage of senior leader ready talent.
To survive, and thrive, healthcare organizations must take advantage of all its institutional talent. Yet, this can only be achieved if leaders widely embrace the need to address the issue of leadership development. Healthcare organizations, like many, are slow to invest resources to identify and develop next generation talent. This is problematic in light of our research that shows a significant gap between what directors do well and what is needed to be a successful executive. This is a classic case of "what got you here, won't get you there".
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.
Selecting a high performing, profitable workforce is a significant challenge. When it's done right, the gains are considerable because in our people lie most of our dollars. By selecting employees who have the right competencies and other attributes required for the job, organizations can build a high performance workforce capable of sustaining future growth.
The XB Assessment Platform is designed just for this purpose. It measures the cognitive abilities, competencies, and other characteristics required for successful performance in a wide variety of industries and job families. It also develops your workforce by clarifying the strengths and areas of development to further employee growth, aid in succession planning and identify viable career paths. Unlike other selection tools, it offers a way to align organizational goals and with the company culture. It's not enough today to have the right skills and abilities. Top employees also must demonstrate the right fit with organizational culture, mission and values. In other words, top employees exemplify your brand. The XB Assessment Platform evaluates this fit by examining values and motivations. Further it provides a valid assessment of behavioral style, which has important implications for employee management and team effectiveness.
The COVID-19 outbreak has required organizations to embrace remote work at a rapid pace. As a result, many HR and corporate leaders are now considering making the virtual work arrangement permanent in a post-pandemic world. In fact, new data from the research firm the Institute for Corporate Productivity found that more than half of employers surveyed plan to expand or increase flexible work arrangements on a more permanent basis after the coronavirus outbreak is contained. Just 15% said they did not plan to revisit remote work options in the wake of COVID-19:
As organizations shift from face-to-face interactions to remote work due to the COVID-19 pandemic, the issue of learning and development continuity is (or should be) top of mind. During a crisis, it is common for companies to decrease their development efforts as a way to cut costs – that could be a mistake. We know that the impact the right employee development process can have is massive. In fact, Gallup finds that organizations that have made a strategic investment in employee development report 11% greater profitability and are twice as likely to retain their employees.
Even beyond those benefits, in this unprecedented time, employees are not only needing a sense of purpose outside of the reports on the pandemic, but they are anxious about their future. Fewer than four in 10 employees feel very confident that they will be able to continue to meet the requirements of their job successfully should the outbreak continue, according to Gallup.
For HR and L&D leaders, it will be imperative to address how to deploy relevant training programs, even while in the midst of the pandemic. Here are 3 strategies to consider:
Nearly 30% of employees aren’t engaged at work, and some of those are actively disengaged – meaning they intentionally damage what others have built. While the cost of disengagement can be as much as 34% of an employee’s salary, it also impacts your ability to attract top talent, voluntary turnover rates, stress and low morale among other employees and customer satisfaction. Clearly, worker engagement should be a serious business concern.
With an ever-increasing demand for skilled workers in America, to the tune of 7 million open jobs, it is evident we lack the talent supply to meet current hiring needs across most sectors. A massive skills gap is projected to leave an estimated 2.4 million positions unfilled between 2018 and 2028, with a potential economic impact of $2.5 trillion, according to Deloitte.
At the same time, we are in one of the most challenging environments in U.S. history given not only the speed at which disruption caused by technology is affecting the workplace, but also the acceleration in the pace of change. Navigating this landscape requires businesses to equip current and future workers with the skills necessary to take on new roles and to help upskill existing workers to offset talent shortages.
Almost every successful professional has had a trusted mentor to help them chart a new course for their career, to guide and inspire them. For individuals, studies show that good mentoring can lead to greater career success, including promotions, raises and increased opportunities.
High turnover in a key scientist role was plaguing this Fortune 500 multinational pharmaceutical company, greatly hindering productivity and advancements in this critical function.
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
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.
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.
Topics: Coaching and Training
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.
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.
High-maintenance high-performers: Working with a high-performer can be either exhilarating or exasperating. It all depends on how you react to the challenges that come with it. Most likely, this high-performer can be also high-maintenance – which has its benefits along with its drawbacks.
Usually high performers are inspiring, charismatic, focused, direct and driving. Yet with their high-maintenance flaws like being confrontational, demanding, and impatient, it’s often hard to align goals and strategies with such roadblocks between the lines of communication.