In my earlier blog post, I talked about the research that shows that "companies typically realize only about 60% of their strategy's potential value". This strategy performance gap results from ineffective and inadequate execution. As such, people are the key to unlocking value. By enabling a performance driven culture, organizations can address "defects and breakdowns in planning and execution" to realize the full value of their strategy.
Following my post, Saba held a very interactive webinar covering "Building a High Performance Culture: 7 Keys to Unlocking Value from Your Workforce". A big "thank you" goes out to everyone who attended this webinar and shared thoughts on the issue!
Here's the summary of the audience poll that we held during the webinar.
Poll question #1: How would you characterize your organization in having talent mobility solution?
|A. Has little visibility into internal talents||35%|
|B. Has some visibility into internal talents, could do better||40%|
|C. Has talent pools, effective visibility into internal talents||20%|
|D. Not sure||5%|
In our webcast poll, only 20% of the organizations in the audience were using internal talent pooling and had effective visibility into their internal talent. Visibility is becoming critical in today’s business environment, considering the need to enter new high growth product or geographic markets and the several talent shortages around the world. Having a strategic talent mobility framework allows organizations to mobilize the right talent at the right time to the right initiative. One of the key elements of a strategic talent mobility framework is to have full visibility into internal talent across the organization. This is definitely an area of improvement for many organizations.
Poll question #2: What percentage of your employees fully understand and can effectively communicate your Company's strategy?
|A. More than 80%||0%|
|B. Between 50% and 80%||27%|
|C. Between 20% and 50%||50%|
|D. Less than 20%||23%|
This is fairly consistent with the findings in the study that we shared in the webinar. The study showed that 55% to 95% of employees can not clearly state the Company’s strategy and their role in supporting the strategy. This leads to related issues such as organizations feeling like 50% of their workforce capacity is wasted and 84% of companies feeling like they are not using their workforce to its full potential. This fosters disengagement and confusion among the employees and ultimately leads to a culture of underperformance.
Poll Question #3: Do you think your organization is effectively using Social and collaboration technologies to bring down organizational silos?
|A. Yes - consistently doing it||5%|
|B. Some parts of the organization doing it||43%|
|C. Not doing it effectively||47%|
|D. Not sure||5%|
While there seems to be some encouraging signs in this area, most organizations are using Social and collaboration technologies in silos and more than half are still not using these technologies effectively to deliver on their business strategies. In an earlier blog post, I shared the results of another poll where we found that 75% of out webinar participants said they were incorporating Social technologies in the performance management process in some of parts of their organization.
Poll question #4: How well do the systems and processes in your organization support systematically developing talent?
|A. Goals, performance reviews, and Learning are NOT unified||6%|
|B. Goals, performance reviews, and Learning are unified||18%|
|C. Some unification of goals, reviews, and Learning||75%|
|D. Not sure||1%|
This is another area for improvement. A vast majority of organizations have some level of unification of goals, reviews, and Learning. Less than 20% of the organizations polled are able to fully take advantage of the benefits of a full unification of performance management with Learning. This is particularly critical if organizations want to boost their employee engagement and retention, as career development and Learning are key factors when younger generations are making choices about their careers and the companies they work for.
If you missed the webinar and want to learn more about the key elements of effectively implementing a "Performance Driven Culture" in your organization please click on the link below to listen to the webinar recording.