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Talent Wins

The New Playbook for Putting People First Ram Charan, Dominic Barton, and Dennis Carey ©2018 by Ram Charan, Dominic Barton, and Dennis Carey Adapted by permission of Harvard Business School Publishing Corporation ISBN: 978-1-63369118-6 Estimated reading time of book: 3–4 hours

Key Concepts Transform your business into a talent-first organization by: •

Aligning the top of your company. Connect the CEO, CFO, and CHRO to lead the transformative effort and ensure that talent is allocated wisely in your organization. Make sure that the board of directors is supportive of efforts that will allow talent to drive the business’s strategy.

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Organizing the business to manage human capital effectively. Build a structure within your organization that will connect and multiply talent instead of isolating it. Reinvent the human resources function so that it can create value and ignite a competitive advantage for your business.

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Scaling individual talent in rewarding and productive ways. Commit resources to unleash your employees’ talent. Put them in roles where they can generate significant value, free them from burdensome bureaucracy, and provide them with the training they’ll need to expand their skills.

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Rethinking your role as a leader. Recognize the importance of talent recruitment and management and the level of focus that you’ll need to dedicate to it. Prepare to hand off some of your other priorities so you can give talent the time, energy, and focus it requires.

Introduction In Talent Wins, talent and leadership experts Ram Charan, Dominic Barton, and Dennis Carey illuminate the strategic value of people-first organizations. They show leaders how to acquire, manage, and deploy talent in ways that suit today’s rapidly changing business environments, and they provide advice on building a human resources (HR) function that helps leaders to seize opportunities and stay competitive. The book can serve as a roadmap for leaders as they transition their HR priorities from staffing hierarchical structures to becoming an integral and strategic part of their organizations. Business Book Summaries® • Copyright © 2019 EBSCO Industries, Inc. • www.ebscohost.com • All Rights Reserved

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Talent Wins

Ram Charan, Dominic Barton, and Dennis Carey

Forge the Tools of Transformation Talent is a critical competitive advantage in today’s times of rapid change. When it’s effectively acquired, deployed, and managed, talent can create tremendous value for an organization. Many leading organizations, including Marsh, McGraw-Hill, and PepsiCo, have uncovered great successes by putting their people first. However, putting people first isn’t an easy job: It requires commitment and preparation from the highest-ranking leaders of an organization. With the right tools in place, you can drive a talent-first transformation in your organization and equip it to move with agility, seize new opportunities, and adapt to rapid change. Make your transformation a success by: •

Developing a “G3 group” that will guide the organization through the transformation and beyond. Form a tightly knit leadership team that includes the chief human resources officer (CHRO), the chief executive officer (CEO), and the chief financial officer (CFO). The members of this team should understand one another’s functions and be involved in one another’s business. They should meet regularly to work through the strategic action items that require human capital.

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Identifying the superior value creators in your organization. Build a roster of the people in your organization who excel at delivering value. These people are your critical two percent, and they may be creating value in unlikely parts of your business.

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Adopting the technology needed to support the transformation. Work with your chief information officer (CIO) to procure and distribute the software that’s needed to drive a talent-first organization. It’s critical for your CIO to understand the business and identify the right set of tools that will help you achieve your goals.

Energize the Board to Help Talent Drive Strategy Your leadership team, including your board of directors, must be fully committed to this talent-based transformation; they must buy into the idea, understand its merits, and commit to seeing it through to success. Your board is charged with the oversight of the most critical parts of your business. They discuss matters like operating reviews, regulation, cybersecurity, and shareholder activism, but talk about talent infrequently. As a leader, it’s your job to help the board understand that talent creates value and that talent discussions should play a featured role in the board’s agenda. With your guidance, your board can become a powerful asset in transitioning to a talent-first organization.

With the right tools in place, you can drive a talent-first transformation in your organization and equip it to move with agility, seize new opportunities, and adapt to rapid change.

GE and Google are among the big-name companies that energized their boards of directors with a talent-first mission. They succeeded by using the four Rs approach, which you can emulate with your own board: 1. Reintroduce. Help your board get to know your CHRO and develop a positive working relationship. 2. Reorganize. Encourage your board to rename its compensation committee to something that reflects the focus on the proper deployment of talent. Give the committee a mandate that complements its new focus. 3. Reprioritize. Make it clear to your board that talent-driven discussions must occur during every board meeting. Those discussions should include CEO succession planning, the health of the critical two percent, diversity, and whether any strategic options that are discussed have the human capital they need. 4. Retell. Help your board to craft a new, talent-first narrative that can be shared with investors. The message can help your shareholders gain confidence in the mission and recognize opportunities for value creation. Business Book Summaries® • Copyright © 2019 EBSCO Industries, Inc. • www.ebscohost.com • All Rights Reserved

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Talent Wins

Ram Charan, Dominic Barton, and Dennis Carey

Design and Redesign the Work of the Organization Talent-first organizations have leaders who are committed to their people, but without the rigid hierarchies of their more traditional counterparts. They prioritize the need for rapid decision making and agility, abilities that are critical to success in today’s volatile, disruptive economy. The fundamentals of business have changed, and reorganization from hierarchy to flexibility is now a mandate.

Once you’ve built an environment that allows talent to thrive, you need to work on meeting the specific, individual needs of your most talented employees.

Prepare your organization for success by organizing it for three elements: 1. Agility. Your organization must be able to adapt to disruption and unpredictability. Be firm in your structure, processes, and governance, but allow your teams to mobilize quickly and pursue a wide range of emerging opportunities. 2. Platform. Replace your hierarchical structure with a fluid, market-driven approach that will spark your employees’ ingenuity. 3. Meaning. Make work meaningful so that your organization can attract and retain the top talent it needs to succeed.

Make HR a Source of Competitive Advantage Human resources is an often-undervalued asset. As a leader, you must commit to unlocking the potential of your HR team. Work with your CHRO to determine whether the HR department has the technology it needs to achieve its goals and the talent in place to add insight to the data it obtains. Ensure that the HR team is properly focused and trained so that it’s ready to unlock tremendous value for the organization. With the right team in place, you and your CHRO should begin to promote a talent-first mindset throughout the organization. Convince your employees that this is an HR initiative with staying power and that the executive team is committed to developing talent.

Unleash Individual Talent Once you’ve built an environment that allows talent to thrive, you need to work on meeting the specific, individual needs of your most talented employees. The development of talent should be a high priority. Make sure that your company is equipped for the individualized approach you’ll need to take. Start by evaluating the technology your team has to work with. Numerous premier HR applications can help your HR team manage and develop talent. It’s critical that your organization selects one that will help it to recruit and develop talent effectively and derive a healthy return on investment. Team up with the CHRO and newly refocused HR department to assess the team’s legacy processes. Evaluate how the team has defined career paths, set compensation, and conducted talent reviews to determine whether those approaches meet the needs of a talent-first organization. Your team may resist the changes you propose, especially if they’ve grown accustomed to how things have always been done, but it’s important to encourage them to work toward the new talent-first mentality. As you take on this individualized approach, be sure to communicate to your employees and their managers that the organization is committed to continuous learning and opportunity. Encourage all employees to develop their skills and find ways to expand their potential. Look for ways to reward managers for devoting time to developing high-quality potential leaders. Business Book Summaries® • Copyright © 2019 EBSCO Industries, Inc. • www.ebscohost.com • All Rights Reserved

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Talent Wins

Ram Charan, Dominic Barton, and Dennis Carey

Create an M&A Strategy for Talent While you commit to helping your talent to grow and flourish, you should also commit to looking for talent that exists outside of your organization. Seek out the best available talent so that you’re ready for the opportunities, disruptions, and changes that come your way. Ask your top executives to devote time to learning about things that are emerging or changing in your industry. Their insights may help you to spot trends and recognize gaps in your organizational talent that must be filled to capitalize on opportunities. Your team should continuously search for top talent, even when you have no openings. The team should be looking at leaders and innovative minds from your industry and other seemingly unrelated sectors. Whether talent is acquired on a one-off basis or through a merger or acquisition, it’s imperative that you put your HR team at the forefront of the process so they can ensure that talent is integrated successfully.

Drive the Talent Agenda Talent-driven efforts cannot succeed without the full commitment of the CEO. As a leader, you must help your organization to understand the role people play in driving value and the imperativeness of a talent-first reorganization. But beyond advocating for this new way of thinking, you need to help redesign the CHRO role, establish the G3 relationship, invest in tools that will support HR outcomes, and engage in the talent-driven initiatives that arise. Challenge yourself to deliver on the following critical actions, which will help you progress in building a true, talent-driven organization: •

Schedule weekly meetings with the G3 to foster collaboration, transparency, and faith in the new direction.

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Develop relationships with the people who are in your organization’s critical two percent, and look for people outside of your organization who could become part of this group.

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Make talent a central part of your board’s agenda.

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Prioritize the talent implications of every strategic move to ensure that the people who lead emerging efforts can deliver value.

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Devote time to developing and executing your talent strategy so you can ensure the integration of capital and talent, promote a talent-first mindset, and turn HR into a true competitive advantage.

About the Authors Ram Charan is a world-renowned business adviser, author, teacher, and speaker who has spent the past 40 years working with CEOs, boards, and executives of the world’s top companies. Formerly on the faculties of Harvard Business School and Northwestern University, he is the author of 25 books, including the best-selling Execution, Confronting Reality, and The Attacker’s Advantage. In addition to advising and coaching leaders, Charan serves on several boards in the United States, Turkey, China, India, and Brazil. He has received best teacher awards from Wharton, Northwestern, and GE’s learning center in Crotonville, New York, and in 2005 was elected a Distinguished Fellow of the National Academy of Human Resources.

Business Book Summaries® • Copyright © 2019 EBSCO Industries, Inc. • www.ebscohost.com • All Rights Reserved

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Talent Wins

Ram Charan, Dominic Barton, and Dennis Carey

Dominic Barton is the global managing partner of McKinsey & Company. Since joining the firm in 1986, he has advised clients in a range of industries, including banking, consumer goods, high tech, and industrial. Before becoming global managing director, he was McKinsey’s chairman in Asia, based out of Seoul, Shanghai, and Singapore for 12 years. Barton leads McKinsey’s work on the future of capitalism, long-term value creation, and the role of business leadership in society. He has authored more than 80 articles on capitalism, leadership, financial market development, Asia, history, and the issues and opportunities facing global and Asian markets, and is the coauthor of three books, including Reimagining Capitalism. Dennis Carey is vice chairman of Korn Ferry, where he recruits board directors, CEOs, and their direct reports. He has placed and assessed some of the most successful CEOs and directors for over 60 leading companies in the Fortune 500. Carey founded several forums for chairmen, CEOs, and C-suite executives, including The Prium and the CEO Academy, as well as academies for CFOs and CHROs of America’s best-managed enterprises. He has published five books and over 50 referenced journal articles covering topics ranging from CEO succession and corporate strategy to M&A, corporate governance, and human capital. His most recent coauthored book, Boards That Lead, was cited as book of the year by Directors and Boards magazine. Carey also teaches corporate governance at the Wharton School of the University of Pennsylvania and has held post-doctoral fellowships at Harvard’s John F. Kennedy School of Government and Princeton Theological Seminary. He has served on both public and private technology boards.

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Copyright of Talent Wins is the property of Great Neck Publishing and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use.