TALENT LEADERS 4.0 MODEL THE NEW WAY OF MANAGING PERFORMANCE

 

 

Taking A SYSTEMS APPROACH to performance management is the real breakthrough . The notion of “performance” often extends beyond the individual himself and is greatly impacted by the organization’s strategy structure and processes. A system that is focused on looking back at past performance and assigning performance ratings in retrospect, will severely limit organizational agility. Sustained organizational performance in fast paced Industry 4.0  is likely to be achieved in future through a holistic, year-round, development-centric process that focuses on developing the capabilities not just of individuals, but of wider teams and the organization systems and process as well.  

As the winds of change are blowing companies are refining the metrics they track and the amount and types of employee feedback they include in their processes. Managers are expected to coach employees to help them realize potential. More companies are looking to separate goals setting and evaluations from compensation discussions. And jobs, schedules and training are getting more personalized.

Some trends have already become entrenched practices organizations,  are increasing focus on ongoing performance discussion, feedback and improvement measures. Ongoing performance dialogue will focus not just on performance but also on an employee’s all-round development and career aspirations Also, traditional performance approaches take an overtly individualistic approach, overlooking the nature and value of team interactions. Modern PMS s emphasize future team performance and the way individuals can develop their skills and improve their contribution to the team. Appraisals may be discreetly used to eliminate what they call the "C players" (performance laggards) and relieve a company of the hidden costs of tolerating under performance.

one of the biggest predictors of long-term managerial success was “learning agility” or the willingness and flexibility to quickly and continually recognize, adapt, and use new behaviors, perspectives, and skills. “…The illiterates of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn…”

American futurist, Alvin Toffler

 

JOB PERSONALIZATION/ INDIVIDUALIZED EMPLOYEE SUPPORT IS THE FLAVOR OF THE TIMES

Personalization has become a key part of creating a delightful EMPLOYEE XP , and organizations will continue  the same approach in their performance management efforts. A one-size-fits-all management approach can’t bring out the best in employees because every employee is different. For Talent Leaders 4.0 , this trend means empowering employees to find the best path to mastering skills needed to do their jobs. That translates into a need for customized training that focuses on the specific requirements of a job and individual employees’ specific skills and skill gaps.

Relying on individual data as well as feedback conversations provides managers the tools for tailoring their performance management system,  redesigning employee development strategies and customizing other aspects of work for each individual employee. For example, Some employees are fine working in open, collaborative spaces; others are distracted. Giving employees options where they work, depending on the task, can affect short-term productivity and longer-term engagement. In the coming year, more managers will change their management strategy to take a personalized approach to motivating individuals to help them meet their performance goals, which in turn will boosts team performance.

TALENT 4.0 MOVE FROM BEING THE APPRISER TO A PERFORMANCE CATALYST

Performance-related discussions between bosses and subordinates do not require a formal, full-blown performance PMS . Indeed, it can be argued that the real performance development is in the  coaching and counseling sessions that shape and improve employee performance occur informally, outside any defined  system

YoungGen  (the majority of frontliners)  today deep down accept ownership for their own successes, and partner with their managers.  YoungGen  are more accountable for their own success, and managers share the responsibility for improving employees' performance. Every position has expectations for leadership, and everyone receives coaching. The new system involves ongoing "performance partnership" meetings between individuals and their managers.  Each performance partnership is based on company needs, and expectations are adjusted as business conditions change. Together, each manager and employee make a plan to improve performance and clarify expectations for a set time period. People need short, sharp feedback and to understand their part in the organization; the trend being encouraged to provide feedback as soon as an event, positive or negative, occurs.

A good book to read is the ONE MINUTE MANAGER of Ken Blanchard and Paul Hershey published in 1981 but still contemporary for today’s people management. Companies are moving away from focusing on assessing employees and instead looking at development through coaching them and providing necessary training to improve performance. the ONE MINUTE MANAGER calls them One Minute Goals (Near-Term Objectives) — we’re starting to realize that more regular setting and reviewing of objectives; helps  to ensure that employees are focused on achieving goals and don’t get rushed up until the last moment – just before an annual review.

 

UNDERSTANDING YOUNG-GEN ASPIRATIONS

 

 

Young-Gen ( a composite term to indicate both the Millennials and Gen Z ) have a new world outlook, maverick ideas of workplace and  careers.  The best employers know that millennials and Gen Z  need to be  considered as "young adults." Not to mention, both generations are highly connected to technology and the internet. The Smart Phone with 24/7 internet, Social Media  Google have been making them occupied and 24 hours/day is not at all sufficient for them.

Several old workplace norms are not in consonance with the preferences and aspirations of a young workforce  (Gen Z and Millennials) Workplace 4.0  will see a younger rebellious workforce characterized by streaks of entrepreneurship and go-getting .  Their list of aspirations for a  “dream job”  indicate a widely differing values and assumptions about work. The “talent stars”  and Young-Gen ( a composite term to indicate both the Millennials and Gen Z )  want meaningful, rewarding work, on-demand customer service, simplified transactions, and instant access to information.

BALANCING DEMOGRAPHIC DIVERSITY  IN THE WORKFORCE-  A contrarian trend is   members of the earlier generations remain very active and are increasingly prolonging their working life. Their value is never to diminish.  The differing needs between the different  age brackets in the workplace has really made the issue of balancing demographic diversity more complex .   The moot question:  In what aspects do the earlier generations and the new ones coincide in their interests, and at what points do they differ or oppose one another? In what aspects do the Young-Gen  present radically different employee profiles, and are these differences sufficient to force TALENT  4.0 to reinvent its vision, approach and communities?

 

SOLVING PROBLEMS AND PERFORMING TASKS COLLABORATIVELY is a new challenge with Young-Gen They are  peculiar in their demands and forceful in having a voice. Technology will allow organizations to conduct opinion polling and this will be a gamechanger in the Workplace 4.0. The aspirations of Young Gen @ Workplace 4.0 are clear…. WE WANT TO BE INVOLVED NOT MANAGED. They will  be better  informed, technologically adept, and skilled at ongoing experimentation. Many employees today seem to be searching for “more” than they are able to draw from their work experience. Growth will increasingly emerge from experimentation and innovation that comes from this bottom-up  collaboration – driven by engaged employees, partners, and even customers.

 

CAREER ASPIRATIONS AROUND LEARNING & GROWTH

 

In the changing landscape of  fluid roles, WFH, upskilling and reskilling, man-machine interface the  concept of a career path or development is very different and much hazier. While previous generations continue to think more in terms of a defined career, Generation Y wants to learn and progress continuously. Young Gen has a strong emphasis on opportunities for growth and development; varied career paths  which means  recognition of talents not necessarily related to the professional sphere and the realization of personal aspirations and ideals. Recent surveys have found that young gen workforce  prefers a flexible workplace culture support greater productivity and employee engagement while enhancing personal well-being, health, and happiness This vision is further reflected in their desire for responsive management in which they are given immediate and continuous feedback.

Going forward,  the existing approach to  hierarchical promotion  will not  be possible. There will not be enough upward positions possible to provide the workforce with sufficient numbers of opportunities for variety, learning or increased compensation linked to performance and results especially since retention a major objective becomes difficult since the young-gen is  more eager for frequent change and less willing to remain in one position for extended periods of time.

The learning organization  now means unlearning the past.  Young-Gen does not favor  the linear career path but want  new learning avenues  in line with changing interests and aspirations.

Knowledge workers today are everywhere and the learning opportunity is the real employee experience. In a world that is constantly changing, the most important skill to acquire now is learning how to learn.  learning will be just not at the individual level but team learning and organization wide core competencies need to be development to become the competitive edge in a world where research and knowledge will trigger innovation. It is the foundation of value creation in organizations where ‘intangibles’ drive sustained strategic success. Gig workers have no job security other than their knowledge edge!!!

 

Teaching the Young Gen-Z  is a challenging task; because the intellectual grade of the Young-Gen is better than the previous age bracket due to the abundant resources available around them to enrich their knowledge base (especially in the digital heavy company) . The traditional methods of teaching like theoretical lecturers, power point presentation etc. no longer have been considered as valuable by this emergent talent group. The focus has shifted to learner-centred initiatives; experimental learning ; individualized packages and one-to-one coaching. Reskilling now a strategic initiative,  will be both learner-centered and  employer-enabled to be in tandem with the hyper-speed of change  ! Companies will find their knowledge and learning department more in demand to play an active role in creating a workforce with the skills and capabilities required for today’s economy. A new vista  is opening for human resource departments

 

 

 

THE TALENT LEADERS 4.0 MODEL more about the “hows” than the “whats.”

 

 In bygone times some companies have dithered on the issues of talent management   because of a hazy definition  The archaic notion centered only on top performers and key positions;  others mistook talent management to mean crisis based recruitment or classroom training.

In real time “Talent Management” remains difficult to define, and its processes and outcomes vary widely across industries,  organizations setup and. Companies also need to ensure that they align their talent management processes with their culture, values and strategic goals, and that they integrate these programs across the entire organization. Company  need to make sweeping changes from  flatten traditional organizational structures to  empower front-liners in a VUCA world where business works at the speed of the changing market. Hence  each organization must define talent management customized to their requirement; defining both the scope and boundaries and drawing up an agenda similar to a business plan.

 

In the turbo dynamic change of Industry 4.0 organizations cannot flounder and fritter too much time about  WHAT IS TALENT 4.0 ?.  The “what’s” promise nothing on their  own.  Guarantees of results come  from “HOW’S” instead. Talent 4.0 Model hammers hard on the implementation;  otherwise the cynics may feel this is a fad which  will eventually fade away.

 

TALENT 4.0  The EXECUTION PHASE  : A STRUCTURED APPROACH

   TALENT 4.0  execution phase prescribes  a methodical & structured approach because it here there most of the pitfalls and traps are found. Without a Master Plan and  careful monitoring and control, most Turnaround Plans fail to achieve the expected results. Talent 4.0 Model  mandates that in this phase, the physical deliverables should  be  defined. A detailed design of each deliverable is created and the deliverables are carefully monitored; backed up by a series of management processes to guarantee results.

Talent 4.0 Model management formally integrates ALL people management programs and initiatives  so that they work as a continuous & complementing process. Because  Talent 4.0 Model is not just the gamut of the Employee Life Cycle  and building a high-performing workforce. TALENT 4.0 MODEL answers the  need for a holistic but practical approach. 

 

 APEX TEAM FOR TALENT 4.0

 

Talent 4.0 must   be explicitly linked with overall strategic planning explicitly linked to the company’s overarching goals or embedded in the business planning process. The Talent-first CEO should  make sure that the talent strategy is synthesized in a concise and easy-to-communicate way that organizations can seamlessly translate into action. The CEO  should focus on ensuring that C Suite is really involved in strategic talent management initiative and both skilled and committed in execution. They need to ask the right questions, scrutinize critical assumptions, and ensure that their companies are learning organizations: porous to outside trends and examples.

Today the CEOs role  is  much more than leading the annual strategic-planning process. The CEO needs to “upgrade organizational IQ”  on strategy and more  specifically on the talent element. The best Talent 4.0  plan is closely aligned with the company’s strategic plan and overall business needs.  

The talent-driven organization needs a central Think Tank, with all head of department/function on equal footing, and even more an equal commitment to the success of the talent management strategy. Thus a focused & cohesive team  will change the way and sequence in which critical matters are discussed.  Mission critical issues will deserve the right time and respect such that the apex management team  ties talent to every item on the agenda. Working together and meeting constantly, both formally and informally, they can evaluate the company holistically.

The CEO leading the team of Talent Champions should mobilizing the process by spending more time engaging broader groups inside and outside the company, mirroring the dynamism of the business environment periodically throughout the year. The essential role is to institute a more broadly democratic process that pulls in company-wide participation and helps agility under volatile business scenarios. With that platform in place, CEOs can focus to the most critical aspects of leading a talent-first company: ensuring that talent is truly integral to every major strategic decision across the organization.Misalignment is disastrous for companies who wish to be talent-centric- line managers must work in tandem with  the HR function to oversee a smooth and streamlined interactive.

 

LINK  TALENT 4.0 TO BUSINESS STRATEGY

The foundation of a solid talent strategy must be the company’s business strategy and growth objectives. By asking where the company is now and where it wants to be in the future, the Apex Team can identify current gaps in talent, both quantitative and qualitative, and map a path forward based on the business plan and resulting talent requirements.

The core theme for the  Apex Team  is to link the Talent 4.0 response to the business drivers and the strategic plan.(REFER CHART BELOW)  Cynicsm and diffidence in the form of   ‘…CAN WE REALLY DO IT… ’  should instead be replaced by  ‘…HERE’S HOW WE CAN GET THERE…”

 

The CHRO must understand the key business  drivers (today’s top CHRO are need to be well versed on the business side too ), the C-suite must in reciprocal terms  understand the human drivers of value creation. ( when both forces meet only  then true value is created!!!)  The CEO is the lynchpin of the Apex Team with his leadership and support the value of talent is represented in every major decision. Rather than relying on sporadic initiatives , companies with an effective approach to talent management take an end-to-end view of talent. This approach is grounded in business strategy, treats human capital with the same rigor as a capital asset investment, and looks for opportunities throughout the tenure of the employee.

FINAL WORD-

The list of critical priorities, includes everything from continual reinvention of talent management practices  and the creation of an winning workforce; innovation with the help of a research team; flattening the organization with self-managing teams; creating succession plans for mission critical positions; or reducing attrition in a talent scarce job family —all this creates a complex set of challenges for Talent 4.0 . Coming to brass tacks companies may need to start by focusing on the one or two elements that address the areas of greatest need and will yield the highest return on investment.

 

With best compliments

Dr Wilfred Monteiro