Customer Success Story
Is Your Talent Future-Fit?
reduction in employee churn
Producing a Balance Sheet That Aligns Your People with Your Strategy
Irwin van Stavel
Managing Director and Senior Partner
LRMG Learning and Talent
“Human resource professionals have convinced themselves that it is impossible to measure talent development empirically. But that’s not true. We can create a people balance sheet that keeps our people aligned with our strategy.”
Research shows that up to 60% of organizations don’t have the people and skills required to execute their business strategy. It’s so commonplace that most human resource professionals have come to expect the gap, and assume leading change will require recruiting external talent.
While external talent can be valuable, the team at LRMG believes we’ve grown too accustomed to it. There is a better way – reskilling and developing the talent that already exists within an organization.
The key is to create a people balance sheet approach that measures your talent’s assets. This might be things like a person’s ability to align individual tasks with the business strategy, or the availability of learning journeys that are well utilized. It’s equally important to measure your people liabilities, the things that hold back performance. It might be an outdated skillset or a set of policies that slow progress.
These balance sheets should not only look back at how you have done but look forward to where the business is going. A detailed dashboard to track progress against your plans can be effectively used to drive prioritization and impact to make sure your team is future-fit to what you are doing, and where you are headed.
When executed well, employee productivity and loyalty thrive. One organization suffered from a lack of organizational trust and was hemorrhaging employees. They desperately needed to reduce churn. After 90 days of assessing their people’s strengths and uncovering their people balance sheet, churn dropped 68%, and employees were much more engaged.
When your team knows you are investing in them, and those investments align with business outcomes, both your employees and your company will thrive.