Start by Strengthening Your Human Resource Management System
The benefit of strong business leadership cannot be overstated especially in today’s fast growing global markets. For this reason, it is paramount that businesses develop effective leadership using a well-designed talent management program at all levels throughout the organization.
Many organizations today are not properly prepared to fill vacancies in top leadership roles. This means that businesses are missing significant business value offered by human capital management (HCM). Herein is a brief overview of three key strategies that any business can employ to ensure success in today’s dynamic markets.
1. Look Within
A larger percentage of organizations favor external recruitment over internal hiring nowadays, although both hiring methods are used. In some instances, an external recruit may possess the best leadership qualities. However, the internal workforce often has certain strengths that can prove to be more beneficial to the business is the long term.
These strengths may include industry knowledge, characteristics of proven leadership and internal relationships. For many companies, these aspects can prove more beneficial than acquiring top of the range recruits.
BI tool migration provides HR managers with the ability to promptly ascertain if they have the in-house leadership talent that is needed. Business intelligence tools such as automated report conversion can be used to rank employees based on training level or performance goals thus utilizing the full potential of the internal workforce.
2. Ensure Objectivity While Recruiting
One aspect that can negatively affect corporate leadership is selection using the wrong criteria. A good number of organizations today are still using strategies that are not scientific to determine leadership. One of these approaches is looking for qualities similar to those possessed by outgoing and existing leaders. Due to the unique nature of all employees, this approach will not necessarily lead to leadership success.
Businesses should avoid relying heavily on input from existing leaders due to the bias favoring similar qualities. Instead, they should leverage data from predictive analytics to determine the workers that will serve best in leadership positions both currently and in future. The analytics can then be bolstered with training programs and leadership experiences.
3. Use Business Data To Meet Leadership Needs
HR managers today have access to tools that they can use to predict employee suitability for leadership positions based on system data. For instance, a company can employ an analytical system whereby the likelihood of an employee performing well can be determined using a set of specific variables.
Certain predictors of success such as qualities shared by effective leaders, personality tests, service length, and training program participation can be used to determine the variables. HR managers can then be tasked with ascertaining criteria common in previous and current successful leaders that can be measured objectively.
Human Capital Management is made easy with DataTerrain
Using this approach, an organization can develop a set of criteria against which their current or potential employees can be measured against. In a global market, every company is looking for an edge. If your organization is in need of a bit of insight, contact DataTerrain and let us do the heavy lifting for you. We have years of technical experience designed to help your business thrive.