Business leaders are well aware of how hard it is to recruit new talent and it is only getting harder – so why not look within? With the cost of hire being up to 4x an individual’s salary (Forbes), maybe its time to explore the hidden talent in your organisation.
To quote the Harvard Business Review (HBR):
Why are some of the world’s biggest and most powerful organizations getting appointments so wrong? For five main reasons;
lack of attention to succession
poor leadership development
suboptimal board composition
lazy hiring practices
conflicted search firms.
Here are some recommendations to help address those challenges
Leadership Assessment and Development
There is no one size fits all model for a perfect leader. Successful leaders differ greatly in the skills, personalities and behaviours which have set them apart and helped them to excel in their fields. What great leaders do have in common is self-awareness. They understand where they can best use their strengths to drive an organisation forward and how to get the best out the people around them to compensate for any areas in which they may be lacking.
3 Steps to Consider
In our experience there are 3 key elements to identifying potential leaders:
Fortunately, all of the above stages can be done online, saving considerable time.
Psychometrics
Psychometrics provide a useful benchmark. Using scores from a Senior Leadership population, or any available external data, the results of the assessments can be used to provide a holistic picture of the individual, their strengths and potential development needs against those benchmark scores and/or their potential for a specific role.
Behavioural Event Interview
Behavioural Event Interviewing (an advanced form of structured interviewing) gathers evidence of past behaviour against a competency or behavioural framework. By asking someone to describe a past experience the interviewer is able to identify the behaviours that an individual has demonstrated in the past - rather than what they say they would during a traditional interview.
360 Degree Surveys and Feedback
360 feedback surveys are designed to gather information about an individual’s performance. They are multi-source because feedback is gathered from a variety of people with whom the individual interacts on a regular basis. It compares these ratings with the individuals own perceptions of how they get things done at work.
Feedback is given in two key ways creating a rich data source. Firstly, by rating a series of statements designed specifically to measure key behaviours and competences that are important for effective managers and leaders. And secondly, through open-ended questions that allow respondents to give their verbatim comments.
The results are collated into an easy-to-read report which enables the individual to gain a real insight into their strengths and areas for development and the impact they have on their interactions with others.
Leadership Development
Each element can deliver valuable data and insights in isolation, but when used together they provide a holistic understanding of an individual's leadership potential. Once each stage has been completed each individual should be supported with coaching and mentoring to transform them into high performing leaders for your organisation.
GFB have over 20 year's experience in providing valuable, data driven insights and coaching to support our clients' talent management strategies. We are always happy to share our thoughts. Please contact us to arrange a chat with no obligations.
Call us on +44 (0) 333 090 2580 or send us a message info@gfbgroup.com