- Talent Edge Weekly
- Talent Edge Weekly - Issue #199
Talent Edge Weekly - Issue #199
GenAI's integration into the workplace, HR's role in enabling GenAI, two talent metrics that matter most, team-based performance management, and the ROI of leadership development.
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THIS WEEK'S CONTENT
Here’s a glance at this week’s content. A deep dive is in the section that follows.
The Organization of the Future: Enabled by Gen AI, Driven by People | McKinsey | Shares questions that leaders should be asking and answering regarding Gen AI’s integration into the workplace.
AI Unlocks New Power for Employees: Are HR Leaders Ready? | MIT Sloan Management Review | Josh Bersin shares how HR practitioners can take advantage of the potential of Gen AI.
Two Talent Metrics Matter Most | The Talent Strategy Group | Marc Effron covers two crucial questions for evaluating an organization's ability to create value through talent.
Setting the Stage for Team-based Performance Management | Deloitte Blog Capital H | Sheds light on 8 performance management considerations for enabling team-based performance.
Investing in Your Leaders as a Strategic Asset: A Fresh Look at Measuring the Impact of Leadership Development | Heidrick & Struggles | Shares 5 key factors for determining the impact of leadership development.
Also, check out the 2023 job cuts tracker & Chief HR Officer hire of the week.
Let’s dive in.
THIS WEEK'S EDGE
As business leaders seek to tap Gen AI's potential in the workplace while mitigating risks, this new McKinsey article offers valuable insights. It urges leaders to take a comprehensive view of how Gen AI integration can impact daily business operations and the workforce by asking questions, such as: What are the organizational implications of Gen AI? (e.g., use cases, necessary changes for enablement, and effects on ways of working). Does the organization have the appropriate technical talent and risk infrastructure in place? How can corporate culture facilitate or hinder the adoption and usage of Gen AI? How should organizations modify their talent management approaches due to Gen AI? Regarding use cases, the authors recommend: a) identifying two or three high-impact use cases for Gen AI implementation, b) starting with these selected use cases to initiate Gen AI pilots, c) thoroughly evaluating and investing in Gen AI pilots with the potential for scalability and long-term value, and d) going big on the most promising cases. For additional insights, check out McKinsey's article, Four Essential Questions for Boards to Ask About Generative AI, and The Conference Board's, A Simplified Guide to How AI Works, which provides insights into AI's fundamental components.
New research from i4cp examining AI's impact on HR shows that the majority of organizations are still in the early stages of experimenting with AI tools, adopting a 'watch and wait' approach. This group of organizations, termed AI Enquirers (one of three archetypes), primarily focuses on researching Gen AI while waiting for other organizations—known as AI Innovators—to implement, test, and share their Gen AI learnings and practices. As HR teams unlock Gen AI's potential through innovative ideas and solutions, Josh Bersin's new article highlights ideas for how HR can embrace this challenge. Josh mentions: “HR professionals have the opportunity to take the lead in this new era, but only if they step up to the challenge. HR leaders must learn about these AI tools and prepare to integrate them with their experience in organization design, training, rewards, and leadership. They will have to be willing to experiment and develop a deeper armory of skills.” He adds: “Sound like a lot to handle? To me, our field has no choice. The AI wave has arrived. If we all lean in and learn, we can thrive in the new AI-powered era.” As we 'lean in and learn,' check out Josh’s other new article on how organizations are utilizing hackathon-like competitions to ideate and test AI use cases (e.g., CocaCola's "promptathon," where 20 different functional groups experimented with ChatGPT to develop winning use cases).
This new article by Marc Effron discusses two crucial questions for evaluating an organization's ability to create value through talent: 1) Is your organization able to sustain individual high performance? 2) Do you have appropriate talent depth in your most important roles? Regarding the first question, Marc highlights three scientifically validated enablers of performance: 1) effective goal setting involving clear cascades, concise objectives, and ambitious goals; 2) transparent coaching; and 3) establishing accountability for performance-driving behaviors. Concerning talent depth— having "ready within 6 months" leaders for vital roles—strategies include identifying pivotal roles with significant strategic impact and accurately assessing individual potential based on cognitive abilities, personality traits, and motivation—criteria backed by research. Drawing on my role as an internal HR practitioner, a recurring challenge in identifying critical roles is when assessors attempt to evaluate roles using less valid criteria, such as 1) job level (e.g., executive); role criticality is agnostic of level. 2) how difficult a role is to recruit for (a role can be challenging to fill but may not be critical); 3) the incumbent rather than the role's impact on organizational value. Also, assessors need to be reminded that a role deemed critical may not maintain its criticality, as criticality can shift with evolving business strategies. As Marc states, "You can use the critical role definition that works best for your organization, but it should cover any role where an unplanned departure would cause meaningful financial, operational, or reputational challenges."
As organizations shift increasingly towards team-based work, harnessing the potential of team-based performance management (PM) is paramount. While not a new concept, team-based PM is garnering increasing attention, especially considering the emphasis that many senior executives have placed on teamwork and collaboration when articulating the narrative of the "return to the office." However, many organizations still prioritize individual contributions in their PM approach, as evidenced by a recent Deloitte Global Human Capital Trends study revealing that only 28% of organizations base performance incentives on measurable team metrics. This article sheds light on eight PM strategies to promote team-based performance, such as identifying the required shifts in organizational culture that bridge the gap between individual and team success. The article also emphasizes measuring team performance at four levels: organization, stakeholders, the team, and individual team members—a practice that can be enabled by HR technology that helps gather and analyze performance feedback. Is your organization transitioning increasingly toward team-based PM? If so, are you able to articulate the shifts it needs to make across the eight PM levers—from culture to feedback delivery and rewards? In case you missed it, check out my Performance Management Playlist, which includes five PM resources.
This article discusses the growing trend of organizations investing in leadership development despite implementing cost-cutting measures in other areas. The authors emphasize the necessity for companies to understand the return on their investment in leadership development and present five key success factors for an evidence-based approach to measuring its impact: 1) Embedding Measurement Throughout the Learning Journey, 2) Defining Success in Tangible Terms, 3) Diagnosing Baseline Data, 4) Developing a Data-Informed Learning Experience, and 5) Determining Early Indicators and Adapting Incrementally. Regarding point #2 (defining success in tangible terms), the focus is on aligning business stakeholders and the L&D team on metrics that will signify the journey's success. Questions aimed at driving this alignment include: What business problem(s) are we trying to address? How can learning assist? What business outcome(s) are we seeking to achieve? Which business key performance indicators (KPIs) should we target? When can we expect to see significant movement in these KPIs? The table on p.4 illustrates a practical example of how these questions might be answered using three business imperatives. While isolating the impact of leadership development on organizational outcomes is difficult to do, these five steps can take organizations one step closer to demonstrating the ways in which leadership development enables business performance.
MOST POPULAR FROM LAST WEEK
Here is my one-page PDF with 15 resources on five topics: employee wellbeing, remote work, succession, workforce planning, and internal mobility. The PDF has a description of each resource and hyperlinks to the source. You can also view this resource in a related post on LinkedIn.
2023 JOB CUTS AND LAYOFF TRACKER
Here is my tracker, which includes announcements from a segment of organizations that have announced job cuts and layoffs since the start of 2023.
A few firms that announced job cuts this past week include:
Aramark (NYSE: ARMK). The food service, facilities, and uniform services provider announced hundreds of layoffs across Texas this week after losing several contracts at important locations.
Roblox (NYSE: RBLX). The community-focused gaming platform cut 30 jobs on its talent acquisition team as hiring slows.
Sage Therapeutics. (NASDAQ: SAGE). The biotech is laying off 95 people in its Cambridge location and 290 people in total in the wake of a rejection from the U.S. Food and Drug Administration.
Click here or the image below to access all listed announcements from 2023.
CHIEF HR OFFICER HIRE OF THE WEEK
Phillips 66 (HOUSTON, TEXAS) [NYSE: PSX]— a multinational manufacturer of energy products —has appointed Andrez Carberry as Chief HR Officer. Andrez will report to CEO Mark Lashier and help the organization achieve its strategic goals as the company starts a new chapter in its journey to be a uniquely positioned NGL, Chemicals and Renewable Fuels business with a robust and competitive Refining, Marketing and Transportation portfolio. Prior to joining Phillips 66, Andrez served as Head of Global Human Resources at John Deere. READ MORE
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Many professionals unwittingly misconstrue the worth of stock options in job offers from startups, incorrectly assuming that more shares mean more cash. Here are 5 steps to avoid that mistake. ?
— Brian Heger (@Brian_Heger)
Sep 23, 2023
TALENT EDGE WEEKLY REWIND
According to Gartner, only 54% of candidates state they trust organizations to be honest with them during the hiring process—particularly regarding role requirements and company culture. This article provides ideas on how recruiters, hiring managers, and employees with whom candidates come in contact during the hiring process can improve the candidate experience and build trust.
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THE “BEST OF AUGUST”
Did you miss the “Best of August” issue of Talent Edge Weekly? If so, check out issue #195, which includes 15 of the most popular resources from August.
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Talent Edge Weekly is a free weekly newsletter that brings together the best talent and strategic human resources insights from various sources. It is published every Sunday at 6 PM EST.