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Top Talent: Keeping Performance Up When Business Is Down (Memo to the CEO) Hardcover – October 6, 2009
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In part 1, Hewlett presents the evidence that suggests top talent are more likely to move during a recession than at other times. Fortuitously, Hewlett and her colleagues had set up a research study prior to the recession to look at the issues (challenges in work, motivation, engagement, life/work balance etc) facing top performers. Thus they have been able to look at before and after statistics, comments and trends amongst a wide range of top talent people. This provides much credibility to the book's conclusions and recommendations.
I found some of the statistical information fascinating and quite illuminating. For example:
* 31% of people who survive a layoff, subsequently "walk out the door".
* Between June 2008 and June 2009, 14% of college graduates in the US lost their jobs. Of these, 32% were fired and 68% voluntarily left.
* As at June 2009, 22% of "high potentials" are now working an extra 9 hours per week.
But for me, the really interesting stats were around trust, loyalty and engagement and the differences between high performers employed in Wall Street firms and those employed elsewhere both pre and post the recession. There are some real messages here for CEOs, senior managers and HR managers that make this book a great investment.Read more ›
Why is a recession "a terrible thing to waste"?
What is "the top talent challenge"?
How and why to create and then sustain a "no-spin" zone?
How and why to think locally and focus on team leaders?
How and why to give workers meaningful non-monetary rewards?
How to develop a fair restructuring process?
How to retain valuable female workers?
How to demonstrate that senior management really cares?
How to re-create pride, purpose, and direction at all levels and in all areas?
Meanwhile, how to expedite your own professional development and personal growth?
Given the space limitations, Hewlett obviously cannot fully respond to these and other questions, any one of which is worth a complete book's coverage. (In fact, I can think of two or three books that have limited their attention to only one of these questions.) What Hewlett provides in a series of mini-chapters are 2-3 key points, usually accompanied by one or two specific examples. Think of each volume in the "Memo to the CEO" series as a briefing, as indeed that was the purpose for which the memorandum format was devised.Read more ›
This may be useful if you are a manager that is truly clueless as to how to management talent / top talent. If you are familiar with other material on the topic, I really do not think this book will add anything to your knowledge base.
Hewlett discusses the need to focus on the talented individuals in an organization; not to take them for granted. While the stars may not be the target of a layoff, they may still leave after one due to work stress and other issues. For many of these individuals, their top reward is not necessarily money but instead often challenging/ stimulating work and high quality colleagues. For women there are also additional draws of recognition and respect.
Layoffs and recessions may create a bunker mentality amongst the "survivors", bringing on stress and health issues which affect efficiency. Safety nets at home may also be suffering. Only 31% of high performing women are married to men who make more than they do.
A key solution is for leadership to communicate openly, honestly, and frequently. It can take eight or more viewings of a message before it sinks in, even in ideal situations. In rough economic times the listeners can often be, understandably, distracted.
It's hard to overemphasize how critical the leadership skills of each person in management are. When people join a company, they look at its overall reputation, its benefit package, and other larger issues. However, when people leave a company, it is often due to their relationship with their boss. A strong relationship can help them weather a wide variety of other issues.Read more ›