why should our clients care?
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DESCRIPTIONWhy should our clients care?. 54% of companies reported that talent shortages have medium to high impact on their ability to meet customer needs (Manpower) 56% of talent managers and executives predict shortages in executive leadership (Deloitte) - PowerPoint PPT Presentation
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. ALL RIGHTS RESERVED. 2014 Korn Ferry#Wed like to take a few minutes to share with you Korn Ferrys model of talent and leadership0
Why should our clients care?
54% of companies reported that talent shortages have medium to high impact on their ability to meet customer needs (Manpower)
56% of talent managers and executives predict shortages in executive leadership (Deloitte)
85% of N. American and Asian companies felt they did not have enough qualified successors in the pipeline for key leadership positions (Harvard). ALL RIGHTS RESERVED. 2014 Korn Ferry#The gap in talent is a reality and some of the most well respected research on global organizations found talent shortages to be a top concern that will impact businesses
54% (Manpower, 2013 Talent Shortage Survey)56% (Deloitte, 2010 Talent Edge 2020: Redrafting talent strategies)85% (Harvard Business Publishing, 2013, Danger in the Middle: Why mid-level managers arent read to lead)
1The widening talent gap. ALL RIGHTS RESERVED. 2014 Korn Ferry#As businesses become more global and the customers and clients we serve have more diverse needs, the implication is that the talent gap is only widening.2Korn Ferry Four Dimensions of Leadership and Talent
. ALL RIGHTS RESERVED. 2014 Korn Ferry#The Korn Ferry Four Dimensions of Talent and Leadership is a comprehensive framework for thinking about talent across the entire talent management process: from diagnosing the unique needs of your business based on your business strategy; to determining the strength and gaps in the talent you currently have; to identifying the best solutions to fill the gaps; and finally to helping execute the talent strategy whether it is buy, build and/or develop talent.
Underpinning this framework is a talent analytics engine based on data form over 2.5 Million assessments of individuals at all levels, geographies and function. In particular, our database is weighed toward senior leadership in the C-suite, VPs and Board of Directors.
The four dimensions measures attributes of individuals that are more readily visible as well as those that are harder to see and critical to and someones career decisions and behavior. The four dimensions are Competencies, Experiences, Traits and Drivers. We will talk about each in more detail.3Competencies
. ALL RIGHTS RESERVED. 2014 Korn Ferry#Competencies are the essential ingredients of success at work, distilled into observable skills and behaviors. Competencies might describe management skills that contribute to better leadership such as resourcefulness, courage, or decision quality. They also include functional or technical skills. A structured competency assessment puts accuracy in measuring and predicting performance.
Competencies relate to high performance at all levels: accountability, manages complexity, drives resultsCompetencies more crucial at senior levels: nimble learning, cultivates innovation, directs work, courage, resourcefulness
4Competencies: Which ones matter most?
. ALL RIGHTS RESERVED. 2014 Korn Ferry#One important application of competencies is to look at how competencies correlate to job performance. Our research found that the competencies that have higher correlation to performance for executives are different from those that correlate with high performance at the lower levels. This underscores the need to be able to measure competencies at all levels and understand how the drivers for performance differ across levels.5Experiences
. ALL RIGHTS RESERVED. 2014 Korn Ferry#The second dimension of Experience is one that people already pay a lot of attention to. Experience is what hiring managers are looking at when they walk through someones resume. However, KF4D goes beyond job titles to measuring the core quality of work experience that are critical to success in a key role. For example, for an executive level position, we are measuring whether individuals have amassed critical leadership experiences such as leading turnarounds and managing a crisis. 6Experiences: Which ones set apart great CEOs?
. ALL RIGHTS RESERVED. 2014 Korn Ferry#In developing the Experience dimension we took a rigorous analytical approach. Of all the CEOs who went through KFs leadership performance simulation, we found that the top 20% had significantly more experience in four specific areas crisis management, strategy development, growing a business, and financial management. The Experience dimension focuses on these and others experiences that distinguish those who have the right experiences from who were do not, and help identify the job experiences needed to develop those with high potential but have experience gaps.7Drivers
. ALL RIGHTS RESERVED. 2014 Korn Ferry#Drivers are the deep internal values, motivations and aspirations that influence a persons choices. They can be specific or broad and can fluctuate based on the persons circumstances and stage of life. Understanding an individuals Drivers is the key to answering questions about culture fit, employee engagement, and talent retention. For example, a medium sized software company is growing through acquisition. This dimension can tell us what the drivers are for the leaders of the startup that was just acquired so the company can retain the valuable talent for the next two years.8Drivers: What drives highly engaged leaders?
. ALL RIGHTS RESERVED. 2014 Korn Ferry#Here is an example of two organizations, one with an innovative culture and one with a regulatory culture. Our research shows that the leaders in these organizations are driven by different things. In the innovative organization, leaders are most driven by challenge. In the regulatory organization, leaders are most driven by structure. When these organizations are looking to buy talent, these drivers are important to consider in discussions about culture fit.9Traits
. ALL RIGHTS RESERVED. 2014 Korn Ferry#Traits are the personality characteristics that influence behavior. They include attitudes such as optimism or confidence, and natural leanings such as social astuteness. Traits tend to show through a persons behavior but exactly how can be shaped by someones experiences and motivations.10Traits: Which ones matter for leadership?
. ALL RIGHTS RESERVED. 2014 Korn Ferry#Our research found that people with the right traits for leadership tend to get promoted and succeed at higher levels. 11Where to begin? It depends.
. ALL RIGHTS RESERVED. 2014 Korn Ferry#The four dimensions influence one another and interact within each person. The connections between them reveal deeper insights into what makes certain individuals succeed and others derail. Where you begin will depend on the nature of the question at hand. If you are interested in understanding the capabilities of your current talent, you want to begin with Competencies and Experiences. If you are interested in knowing your bench strength for succession planning, you want to lean more on Drivers and Traits. Overall, the KF4D model is greater than the sum of its parts in that it helps to understand how these dimension work together, and therefore, how a companys talent strategy can impact talent in a variety of ways.12How KF4D helps organizations close the talent gap. ALL RIGHTS RESERVED. 2014 Korn Ferry#Lets talk about how KF4D can help organizations close the talent gap13What talent do I need?Who will succeed?Who has leadership potential?Who is ready for a promotion?Who is the right fit for the company culture?How do we close the gap?
KF4D Answers Key Talent Questions
. ALL RIGHTS RESERVED. 2014 Korn Ferry#KF4D can help answer some of your biggest questions about Talent and Leadership14OnboardingEmployer Brands & Talent CommunicationsRecruitment Process OutsourcingProfessional RecruitmentBoard, CEO & Executive RecruitmentWorkforce Performance, Inclusion & DiversitySuccession ManagementLeadership DevelopmentBoard & CEO ServicesTalent Strategy & Organizational AlignmentDesignAttractBuildKF4D is the Framework for Leadership and Talent That Underpins All Our Solutions. ALL RIGHTS RESERVED. 2014 Korn Ferry#The KF4D is the framework that powers all 10 of Korn Ferrys solutions. Once we help identify the gaps in your talent and leadership, we can then help develop the existing talent to meet business needs down the line. We can also help identify which individuals outside the organization have the valuable experiences and are the right culture fit for your organization. 15Learn more about KF4D
. ALL RIGHTS RESERVED. 2014 Korn Ferry#We encourage you to learn more about our research and this framework for thinking about every aspect of your talent strategy. It is summarized in a white paper published by the Korn Ferry Institute, Precision talent intelligence.16 2014 Korn Ferry. ALL RIGHTS RESERVED.. ALL RIGHTS RESERVED. 2014 Korn Ferry#17