In order to put sharp edges around what is often considered a soft area, we divided leadership and talent management capabilities into six categories:
- Strategy: Planning leadership and talent needs over the short- and long-term, in line with the strategy and aspirations of the company; developing initiatives to meet those needs and tracking and measuring the initiatives
- Leadership and Talent Model: Defining clear leadership competencies specific to the company’s strategy and culture, and embedding those competencies in selection, development, promotion, and reward processes
- Talent Sourcing: Finding leaders and talent, both internally and externally; tailoring employer branding to specific talent pools; managing and developing successors effectively
- People Development: Systematically nurturing people by providing comprehensive and structured development opportunities, training, and tools
- Engagement: Fostering meritocracy and engagement throughout the company, especially among leaders and top talent
- Culture: Requiring top leaders to take responsibility for leadership and talent management by adhering to corporate values
Companies with strong capabilities in leadership and talent management outperform those with weaker capabilities.
The GLTI gives companies a structured step-by-step approach to developing stronger leaders, improving their overall talent profile—and ultimately their business performance and chances of success in strategy, transformation, and change.
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A new report from PayScale, a provider of on-demand compensation data and software, in partnership with Future Workplace, an executive development firm, reveals that while 87% of recent graduates feel well prepared to hit the ground running after earning their diplomas, only half of hiring managers agree with them. This isn’t totally surprising, as Fast Company reported that the class of 2016 is overwhelmingly optimistic about their prospects for getting a job within their field of study. Unfortunately, recent studies reveal that underemployment was the reality for more than half (51%) of those who graduated in the past two years.
Some of the skills hiring managers find lacking or absent are unexpected. Critical thinking, problem solving, attention to detail, and writing proficiency top the list of skills managers find missing from job seekers’ personal tool kits. Overall, hiring managers found soft skills such as communication, leadership, ownership, and teamwork were missing in this new crop of workers. The following chart shows the percentage of hiring managers who reported the lack of specific skills.
It’s important to note here that age matters in this report. Fifty-five percent of managers who are millennials themselves believed graduates are prepared to enter the workforce versus 47% of gen Xers and 48% of boomers.
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Blockchain. Originally the formal name of the tracking database underlying the digital currency bitcoin, the term is now used broadly to refer to any distributed electronic ledger that uses software algorithms to record transactions with reliability and anonymity. This technology is also sometimes referred to as distributed ledgers (its more generic name), cryptocurrencies (the electronic currencies that first engendered it), bitcoin (the most prominent of those cryptocurrencies), and decentralized verification (the key differentiating attribute of this type of system).
At its heart, blockchain is a self-sustaining, peer-to-peer database technology for managing and recording transactions with no central bank or clearinghouse involvement. Because blockchain verification is handled through algorithms and consensus among multiple computers, the system is presumed immune to tampering, fraud, or political control. It is designed to protect against domination of the network by any single computer or group of computers. Participants are relatively anonymous, identified only by pseudonyms, and every transaction can be relied upon. Moreover, because every core transaction is processed just once, in one shared electronic ledger, blockchain reduces the redundancy and delays that exist in today’s banking system.
Some farsighted banks are already exploring how blockchain might transform their approaches to trading and settling, back-office operations, and investment and capital assets management.
Proceed deliberately. Don’t try to convert existing systems to blockchain initiatives right away. Rather, explore how others might try to disrupt your business with distributed ledger technology, and how your company could use it to leap ahead instead. Put one or two pilot projects into place. In all cases, link your investments to your value proposition, and give your business partners and your customers what they want most: speed, convenience, and control over their transactions. Develop a robust strategy, one in which your company thrives whether blockchain is transformative or not.
In fact, this technology could affect a wide range of offerings and practices in financial services:
- Greater access to financial services in emerging economies.
- Improved bookkeeping.
- More flexible reserves management.
- More efficient regulatory compliance.
- Improvements in common business functions.
- More startups in the distributed ledger domain.
Four Steps to a Blockchain-Enabled Strategy
- Step 1: Find specific opportunities.
- Step 2: Explore feasibility and readiness.
- Step 3: Put your prototypes to work.
- Step 4: Scale your efforts appropriately.
Your challenge is to understand the technology well enough, and rapidly enough, to bet a bit of your future on it — without putting your entire enterprise at risk.
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