Talent Management: Planning for the Long Term
An increasingly complex and dynamic marketplace means companies must work harder to differentiate themselves. This panel of directors and other experts explored how companies are focusing on career development as the key to long-term value creation. They also discussed how to create high-performance teams. One way is to have the best talent in place to tackle new challenges while powering growth. But often, the difficulty is finding that talent—and keeping it. Active succession planning and the development of a leadership pipeline can help. Directors are also grappling with the talent conundrum:
- How to recruit, retain, and reward top talent
- How to effectively manage incentive-based risk
- How to promote key business goals
- How to respond to investor demands to better align pay with performance
1. Discuss talent continually in the boardroom. Talent is a full board responsibility; it’s not just the responsibility of one committee. Committees should regularly look at their areas and assess the growth and retention of talent and make sure those assessments are effective.
2. Competitive advantage is developed through innovation and sustained thorough leadership. It is up to the executives to continually develop their people and give them appropriate experiences. Being on other boards is a good experience for the C-suite, so CEOs can help make this happen.
3. The board should have visibility into the succession planning program for the C-suite and their direct reports. It’s important to get these people in front of the board. The board should have unfiltered access to people who are two to three levels below the CEO.
Joan C. Amble
Director, Brown-Forman Corporation, Sirius XM Radio, and Booz Allen Hamilton
Hon. Cari M. Dominguez
Director, Triple-S Management Corp., Manpower Inc., NACD; Former Chair, U.S. Equal Employment Opportunity Commission
Jason B. Maples
Executive Vice President, Lockton Executive Benefits, Lockton Companies
David N. Swinford
President & CEO, Pearl Meyer & Partners
This summary provided by PricewaterhouseCoopers.