I am often asked by CEOs what they should focus on in terms of Human Capital. Many see a long list of initiatives that their Human Resources teams are undertaking and wonder which are truly driving the business. My answer is that like any function, HR has many initiatives that may drive its own efficiency or be required for compliance, but there are five fundamental questions CEOs must ask of their HR leaders to ensure the function is truly driving business impact. These include:
1) Who are our top performers and how much hold does the organization have on them?
I am not talking about who scores the top rating on performance reviews – but rather the people who truly make a difference in the organization every day. Do you know who those people are? And what is being done to retain them? When I talk about hold, I am not talking simply about monetary incentives. A CEO should want to know if the company is providing their top employees with all the things they want out of an employment relationship.
2) Are we holding people accountable?
And once again, it’s not about performance reviews. Organizations must hold every employee and contingent worker accountable for what they need to deliver. Organizations must also consistently raise the bar in terms of performance expectations and increasing skills of the workforce. Are these mechanisms in place and how are you measuring if they are working?
3) Can we get the talent we need when we need it?
Organizations must have a robust capability to bring in the right talent when and where they need it. This includes both employees and contingent workers. This requires more than just good recruiters. There must be a systematic talent pipeline identifying where future hires are coming from even before a requisition is opened.
4) Does our work environment support innovation?
Innovation is an imperative for all companies in today’s world, regardless of industry. Do all aspects of your work environment, from physical space to rewards and recognition, drive innovation? Do you know if your culture supports innovation – and what are the levers that actually create that culture? Innovation is also a key driver in attracting the right talent to your organization, which leads to the final question…
5) Are we looking over the horizon in terms of talent?
In today’s market, companies cannot assume the talent they need will be waiting to be hired when they want it or even wanting to come work for your company. Those who will succeed must look 2-3 years into the future and anticipate how needs will change in terms of desired skills, new capabilities, and different locations to name a few. Does your organization have the planning discipline and ability to determine what the talent needs will be and how to ensure that supply?
Each of these questions illustrates a critical capability that organizations must have in order to thrive – and even survive – over the long term. As a CEO, if you can’t answer yes to all of these questions, it’s time to have a different conversation with your HR leaders…
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