CEOs assume the role of Chief Talent Officers to nurture organisational human resource development
A need to address critical HR issues forces CEOs to take up the role of Chief Talent Officers in their organisations
21st Century CEOs are seriously concerned about the HR issues in their organisations and the subsequent impact on overall performance. According to a study conducted in 2012, close to 84% of Indian CEOs spend more than one-fourth of their time on talent management activities. CEOs and business leaders are rethinking their HR strategies and methods to equip their organisations with the necessary people skills for winning new business deals.
People challenges faced by organisations
According to many CEOs, the key HR challenges faced by organisations include – shortage of the right talent, slow pace of capability building, and effective employee retention and engagement. Shortage of talent can be a major deterrent to any organisation’s growth plan. Another challenge faced by HR is attracting, growing, and retaining the best talent in the face of growing competition where everyone is looking to consolidate their position and presence. These issues are faced by organisations across all levels and if not addressed quickly can affect long-term business growth.
Role of a CEO in bridging the gap within an organisation
In this fast-paced business world, a CEO needs to act as the ‘bridge’ between external stakeholders and the people inside the organisation. With the external world becoming all the more complex, the goal of a CEO should be to keep his people informed about the changes taking place in the market. Hence it has become mandatory for CEOs to spend a major chunk of their time towards talent related areas.
A drive to build capable teams for executing new business opportunities
Today’s CEOs get actively involved in building capable teams for successfully executing new projects and exploring new opportunities. Apart from hiring the right talent, CEOs also work towards creating a well-defined workflow of leadership from the top level to the entry level. While the top level ensures leadership succession planning, the middle level can fill the vacuum created by people who move to the top level. Similarly, top performers in the entry level can be moved to mid-level roles. CEOs play a vital role in generating and executing these management workflows.
Retention of key people in the organisation
It is a well-known fact that finding the right talent for a particular job profile is a difficult task. Retaining key people who perform consistently well over a period of time is the most important task that figures in the list of to-dos for any CEO. Many CEOs believe that when the organisation successfully meets acquisition and people development criteria, retention is not a tough nut to crack.
It is evident that CEOs are taking active participation in the recruitment of a skilled organizational taskforce, and sometimes even getting personally involved in senior-level and managerial recruitments – right from the initial screening to follow-up meetings until the final offer is made. Using their skills and personal experiences, CEOs are trying to leverage the right talent for building successful and profitable businesses.