The must-read summary of Ed Michaels, Helen Handfield-Jones and Beth Axelrod's book: "The War for Talent: Surviving in the Era of Competitive Recruiting".
This complete summary of the ideas from Ed Michaels, Helen Handfield-Jones and Beth Axelrod's book "The War for Talent" shows that the key determinant of any organisation’s long-term success is its talent pool. Research has proved that finding and keeping the best available talent is now of critical importance in business. In their book, the authors highlight five imperatives that companies need to act on if they want to secure a sustainable competitive advantage. This summary is a must-read for any leader who aims to get the best available talent working in their team.
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To learn more, read "The War for Talent" and discover the key to winning the war for talent.
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Book Presentation: The War For Talent by Ed Michaels, Helen Handfield-Jones and Beth Axelrod
About the Author
Important Note About This Ebook
Summary of The War For Talent (Ed Michaels, Helen Handfield-Jones and Beth Axelrod)
The key determinant of any organization’s long-term success is the strength, depth, growth and management of its talent pool.
To prove this, a five year research project was carried out analyzing the talent practices and corresponding operating results of more than 13,000 executives in 120 different companies. This analysis showed there was a statistical correlation between better talent and company performance. But even more importantly, the study also showed that what made the difference in the real world wasn’t solely developing better HR processes. Instead, those organizations led by people who understand the importance of talent and take appropriate actions to strengthen their respective talent pools outperformed those who did not.
Or, put another way, finding and then keeping the best available talent is now of critical importance in business. There is literally so much competition for the best people in the Information Age that the balance of power has now moved irreversibly from the corporation to the most talented individuals. And that, in turn, means companies will have to work harder to win and retain the talent they need to prosper.
All of which means there have emerged five imperatives which firms need to act on if they aspire to secure a sustainable competitive advantage by winning the war for the best available talent:
About the Author
ED MICHAELS is a recently retired director of McKinsey & Company in Atlanta. In his 32-year consulting career, Mr. Michaels has specialized in improving clients’ growth strategies and the strengthening of their human resource talent pools. He is also the founder of McKinsey’s War for Talent practice.
HELEN HANDFIELD-JONES is a senior practice expert with McKinsey & Company’s organization practice. She focuses mainly on talent management. Ms. Handfield-Jones regularly leads workshops and seminars and consults on talent and performance management.
BETH AXELROD is a principal in McKinsey & Company’s office in Stamford, Connecticut. She consults on business strategy and organizational issues. Ms. Axelrod is currently one of the leaders of McKinsey & Company’s global organization and leadership practice.
Important Note About This Ebook
This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.
1. Have a talent oriented mind-set.
A talent oriented mind-set is the strong belief within a firm that to perform well and achieve a sustainable competitive advantage, the organization must have great talent. Therefore, building and expanding the talent pool is the job of every leader in the organization – not just the HR department.
Many business executives tend to make some basic assumptions about talent:Building a better talent pool for the company is the responsibility of the HR department.Better training, more frequent succession meetings and the offer of more stock options will create more depth in the overall talent pool.
By contrast, managers with a talent mind-set make a different set of assumptions. For these business leaders:Having better talent at all levels of the organization will enable the firm to outperform all its competitors.Better talent is the source of a sustainable competitive advantage.Building better talent has flow-on effects into every part of the organization.Strengthening the talent within the organization will be a catalyst for many business building activities in the future.Talent is so important than a major proportion of any manager’s time should be allocated to enhancing the skills and competencies of the firm’s people.
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