In the fast-paced world of mid-market business, growth is the ultimate goal. Yet, many CEOs find themselves hitting roadblocks when it comes to taking their organizations to the next level.
If you’re feeling frustrated with the lack of performance in certain areas of your company, you’re not alone. This common challenge often stems from a fundamental truth: what got you here won’t necessarily get you to the next level of growth. Meaning, that some of the team may have to change to best position the company for predictable, rapid growth. However, this needs to be done the right way.
Some of your Leaders who have been instrumental in driving the organization’s success thus far may find themselves struggling (based on their knowledge, skills, and attributes) to keep up with the demands of growth. They might feel overwhelmed, burned out, or simply unable to adapt to new challenges. While the knee-jerk reaction might be to provide these leaders with executive coaching or even replace them, these solutions only offer short-term fixes.
To set your organization up for sustainable success, it’s essential to implement strategic talent management best practices. Here are some key steps to consider:
1. Introduce Behavioral Assessments: Consider utilizing tools like Predictive Index, Birkman, etc., especially for your leaders. These assessments can provide invaluable insights into individual strengths, blind spots, and behavioral tendencies.
2. Analyze the Struggling Leader: Take a close look at the leader who is facing challenges. What are their strengths, weaknesses, and blind spots? Understanding their profile. Can you evaluate what behaviors you want in the role and do they meet your new organizational needs? If so, you can tailor support and development efforts.
3. Evaluate Team Dynamics: Assess the dynamics within the leader’s team. Do team members have the behaviors you want in the role(s) now and do they meet the new organizational needs? Do they complement each other’s skills and work well together? Or do they face internal conflicts that hinder productivity? Ensure that your team is aligned and capable of driving continuous improvement.
4. Strategic Hiring: When bringing new employees on board, consider how they will fit into the existing team dynamic. Aim to hire individuals who complement the team’s strengths or bring new skills and perspectives to the table.
5. Onboarding Program: Having a strong onboarding program through HR is the initial step that most take. Great Organizations require the leaders to take an additional step. Sharing the Strategic Plan and yearly Operations Plan, and providing a 90-day expectation plan for the new leader helps them be productive faster and more effective along the way.
6. Yearly Performance Reviews: Regularly review individual and team performance using a structured tool. This process can help identify top talent, address areas for development, and make informed decisions about team composition.
7. Talent Management Tool: Ensure you have a Talent Management Tool in place specifically for Succession Planning. Having the ability to measure performance and potential ensures that you are developing your future leaders as well as looking at where you need to make changes based on the company’s direction and growth.
By taking these proactive steps, you can position your organization for predictable, rapid growth and success. Remember, navigating mid-market challenges requires CEOs to be BOLD! This takes strategic foresight, the appropriate tools, and making the hard decisions early and OFTEN about Leaders on the team.