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Wealth Management and Talent

"Professionals do not leave companies, they leave bosses"
Tom Peters
"¿What is happiness but the development of our faculties?"
Anne Louise Germaine Necker, Madame de Stal
"Talent is like the light, not seen, but illuminates"
Domingo Rey

Political situation in some companies is summarized in a very widespread and sometimes obsessive "make money". This policy (real but often unreported) is absolutely legitimate. However, it is totally unwise policy in future-oriented business and development for several reasons:

Are many factors that influence the success or failure of organizations (domestic and external economic, financial, technological, political, sociological, psychological, ...). These factors are intertwined in complex cause-effect relationships can be difficult to identify and monitor.

1. The Economic Profit is not the only manifestation of Wealth

Economic profit is the result of the wealth of a company, but not the only nor the most important.

Wealth of organizations including other intangible assets (and often not quantified) such as its image and prestige in the market and society in general, the empowerment of people, research and development of products and services, customer satisfaction, market share, strategic alliances with suppliers and customers, the ability to innovate, ...

2. Local optimal (profit) are at odds with the global optimum (wealth)

obsessive pursuit of economic performance (short-term vision) often degenerate into cuts assets in which the organization should invest to create more wealth (long view).
It is unfortunately common to find companies that skimp on wages with intent to obtain meager improvements in economic performance. These policies often result in loss of ability to generate wealth in these companies due to demotivation of staff and even the flight of top talent.

Some companies do not invest in innovation and product development, being drawn into a price war ends with companies in countries with lower wage costs.

These examples are evidence of a general error that is evident in the Theory of Constraints Eliyahu Goldratt "local optimal (profit) are obtained at the expense of the deterioration of global optimum (wealth)"

Equation

Efficiency (Efficiency = Results Obtained / resources used) tend to cut resources rather than seek to improve the results with given resources.

3. The Economic Profit is a direct consequence of the wealth that is capable of generating a Company

Economic profit is a direct result of the wealth that is capable of generating a business, therefore, must manage the wealth rather than profit.

Companies granted

steadily improved economic performance are those that manage their assets while achieving maximum customer satisfaction, people and society in general.

Forget the cause-effect clouds the vision of reality and keeps making the right decisions to solve problems or achieve objectives. It is through this wealth management and increasing economic results are achieved and sustainable.

4. Systems Planning and Economic and Financial Control does not take into account many essential intangible

Planning systems and economic and financial control provide a partial view of the richness of an organization. When decisions are made based solely on economic criteria is neglected the impact of these decisions on intangible assets that are not reflected on balance sheets, operating accounts or financial ratios.

5. The idea that the Enterprise "earn money" is not Motivator

The idea that the company "make money" is not motivating for the staff if not accompanied by incentive systems objective and transparent.

By contrast, the policy of generating wealth is motivating in itself because by its nature seeks to benefit all stakeholders. In an organization focused on generating wealth, it offers a world of possibilities for people to develop their intellectual and emotional potential. The company can become a space for recreation, not just business.

Summary

The five points are summarized in the following principle:

Companies must "generate and distribute wealth" to "generate and distribute money and other benefits.

This principle involves a wider concept and social enterprise: the enterprise as a socio-technical entity that generates and distributes wealth.

Firms are endowed with an enormous capacity to transform the environment. Depending on the politics and culture, this ability can be used positively (generation and distribution of wealth, positive environmental impact, education, social action, ...) or negative (over-exploitation of natural resources, environmental pollution, media and cultural pollution, exploitation of people ...).

Companies should revert to the environment that feed some of their profits to their own environment continues to favor its development.

The great challenge for managers is to reconcile the satisfaction of the needs and expectations of all stakeholders (customers, staff, shareholders and society in general).

Firms intending to follow the path of excellence should pay attention to the generation and distribution of wealth in all its aspects.

Primary wealth of each company varies according to its business and strategies. This may be to increase market share, improve company image and brand or product, increase the number of customers, develop new products and patents, customer loyalty, establish strategic alliances with suppliers, ...

Direct and safe way to generate wealth is Talent Management. This is the last and main driver of an organization. Talent is the sum of the powers of individuals and their motivation to implement them.

Talent Management is ingredients competencies (knowledge and know-how), opportunity (power) and the motivation or commitment to action (will): To have the talent to generate wealth (value) must converge knowledge and skills, opportunities to implement them and the will to do so.

individual talent is like a beam of light that each person makes. When talent is managed, the light beams are concentrated in a coherent and collimated. Then the collective talent becomes a laser beam, whose energy is much greater than the sum of individual energies.

How talent management

Talent management and generate wealth we must act on the ingredients contained in it:

  • Knowledge and skills
  • Opportunities
  • Motivation / Attitude

knowledge and skills to develop management plans and systems. The opportunities are presented with an appropriate strategy and teamwork. Motivation is promoted by establishing a participatory culture and good leadership.

Steps to manage Talent

1. Identify the necessary talent and existing talent in the organization (Plan, Do)
  • Define strategies
  • Identify essential skills for the deployment of organizational strategies.
  • Talent depends on the strategies chosen what is the strategy of your company?: innovation in products, provide excellent treatment to clients, apart from the competition in image, grow market share, ...
  • Identify individuals who possess these skills, motivation, and leadership ability: People with talent shine brightly. They seek the individual but the collective benefit. They are thoughtful and at the same time are people of action. They have global vision, tenacity and ability to fight. They are characterized by their critical spirit, his enthusiasm and his nonconformity. They tend to be "annoying" for managers who do not dare to face the challenges and fear of failure.
  • Assign roles and responsibilities in terms of talented people
  • Look no leaders, but leaders: The leaders are bureaucrats who merely receive and execute orders as transmission belts for machinery. Leaders are people of talent, initiative, innovation and communication. Do not move the gears: redesign and optimize the systems, know motivate people and make it possible that they develop their talent. They are true catalysts for change.
  • Encourage teamwork versus individual work: You should be aware that a true team will always have more talent than any of its components.
2. Objectively measure the results (Check)

is easier to measure the results that talent, therefore, it is advisable to establish indicators of effectiveness and efficiency in all areas of Management (Balanced Scorecard)

  • Financial Outlook
  • Customers Perspective
  • Learning and Growth Perspective
  • Internal Processes Perspective
3. Promote Talent (Act)
  • relate the results to the talent of people
  • Learn from the successes and mistakes
  • Make decisions based on information
  • Give back to people for their talent
  • Improve skills and motivation of people
  • Lead by example: This is the essence of leadership

© Domingo Rey Peteiro
Sinapsys Business Solutions
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