The study found a strong correlation between exceptional leadership and talent management capabilities and financial performance. According to BCG, the top talent magnets increased their revenues 2.2 times faster and their profits 1.5 times faster than weaker companies or talent laggards.
These findings are not at all surprising to me. I’ve worked with many leading organizations that get leadership and talent management right. They always outperform those organizations that struggle in these important areas.
However, as I reflected on this research even further, I realized individual leaders can also function as talent magnets. In fact, the greatest leaders I know tend to be terrific talent magnets and see it as one of the primary obligations to the people they lead.
What is it that these great leaders do that others don’t? Here are five actions I have found:
- They Value Talent: You might think this would be an obvious characteristic of all leaders, but both you and I know it isn’t so. The best business leaders understand the value of great talent and the impact it can have on the performance of an organization. These leaders know they may have to pay a premium to get this talent, but the investment pays off big time.
Don’t let insecurity and fear lead you to surround yourself with mediocre talent. #talentmagnet
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- They Sniff Out Great Talent: Great leaders are always on the hunt for great talent. They are always open to talking to people and determine whether they can help make their companies successful. They also have a knack to know who’s going to be great and who will be a dud.
- They Make Bets: Great leaders will take a risk on someone. They may put someone in a role even if they aren’t completely ready for it. They know that if the bet pays off, they’ll win. However, they also know that sometimes the bet doesn’t pan out and they don’t let this deter them. They deal with the situation and move on.
- They go for the Sweet Spot: What I’ve seen repeatedly among great leaders is their uncanny ability to put people in what I call their sweet spots. In other words, these leaders aren’t afraid to create roles that match the unique strengths of their people. When you can get it right, performance soars.
Don’t be afraid to create roles that match the strengths of your people. #Sweetspot #Talent
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- They Get Over Their Insecurity: Finally (and possibly most importantly) great leaders are not afraid of hiring people who are smarter and better than they are themselves. I have found that this is often a barrier that holds many leaders back from achieving true greatness. Your insecurity and fear can lead you to surround yourself with mediocre talent. But we all know that mediocre talent leads to mediocre results.
How do you stack up to this list? The sure path to great leadership isn’t just about making yourself stronger, it’s about working with the best and brightest in your industry.
Make the decision to be a great talent magnet, and you’ll have a long line of people clamouring to work with you. In return you will get their loyalty, full engagement and creativity. Not a bad deal in my opinion.
This week’s leadership gut check question asks: Are you a great talent magnet?
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About the Author
Vince Molinaro is the Global Managing Director of Strategic Solutions at Lee Hecht Harrison. He is also the author of The Leadership Contract – a New York Times and USA Today bestseller. Vince has spent more than 20 years as an adviser to boards and senior executives looking to improve leadership in their organizations.Follow on Twitter More Content by Vince Molinaro