COVID-19 has upended the nature of work. Employees face burn out from the endless Zoom meetings, increased workload and increased ambiguity of the future. Parents face the stress of having to balance both work and managing their kids from home. Executive and critical teams are struggling to adjust to the remote working world and still deliver on their strategies. CEOs too, face their own unique set of challenges and concerns.
According to the 2021 CEO Benchmarking Report conducted on over 160 CEOs by The Predictive Index, a staggering 76% of them expressed that they plan to allow remote work full time for all or most employees moving forward.
Key findings revealed CEOs’ top concerns:
- Building team cohesion. Nearly 70% of companies suffered layoffs or furloughs since March 2020—resulting in restructuring of teams and new team challenges. CEOs have to figure out their next business move, all whilst leading brand-new teams.
- Navigating business strategy. As organisations look to bounce back from 2020, 53% of CEOs have said that strategy development is their No. 1 priority. They also mentioned Operational Execution as their top priority, a sign that the quality and efficiency of their current teams is especially important to them.
- Building dream teams with talent optimization. A striking 91% of CEOs said they needed outside help with both business and talent strategies. Key areas that they would seek outside consultation on include: Employee performance (58%), followed by Leadership development (48%) and Succession Planning (36%).
Overall, the key theme that emerged from the above findings show that CEOs need help with optimising their talent strategy - so that they can focus on their business strategy. Leaders that commit to connecting their talent strategies to their business strategies will find that their employees and their company will flourish.
Now that we know the key to business success -- how can we adopt a talent optimization strategy?
According to HRZone, companies should adopt the following four steps to align talent and business strategy for optimal business results:
- Diagnose the problem. To find out what needs to be changed from a strategic talent standpoint, it is important to understand the gaps and potential opportunities in your organisation. Knowing what are the skillsets and experiences that talents from successful companies have and comparing it to the data from your own organisation will allow you to diagnose the talent problem in your own organisation.
- Design winning teams. Due to the pandemic, many organizations have cut their financial budget and team size. With less resources, it is more important than ever to step back and evaluate on key learnings, successes and failures and focus on talent as the backbone of a successful business. Taking the time to deliberately design leadership, culture and team dynamics will allow you to design winning teams.
- Revamp the hiring process. Starting with the right hiring and recruiting processes is the foundation of a successful talent strategy. Unfortunately, the need to urgently fill positions often outweighs the need to truly delve into a candidates’ fit. To solve this problem, having access to people data, such as the relevance of previous experience and how the candidate has worked with past teams will better help to match the right talent for your organization.
- Inspire the organization. Lastly, when employees are working with a team and employer that complement their talent profile, working styles and personality types, they are likely to feel more inspired at work. Having access to people data will allow CEOs to best design a team of different skill sets, experiences and personality types to keep their team inspired and motivated at work.
As leaders adjust to being geographically dispersed from their team, adopting the right collaboration and knowledge management tools become increasingly important to facilitate overall cohesion and alignment among their team.
Learn more about talent optimization tools, and how it can help your organisation to build the dream team.
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