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Plan and Replace Your Top Talent Seamlessly with Succession Planning

Succession planning is the process used to find potential leaders and high performers, helping them to develop and advance within an organization. An effective succession plan prepares identified successors with the skills and competencies needed for any future roles. Using a customized development plan can help employees grow and ensure your successors are the right fit for the future position. Creating no need to worry about open positions when top leaders leave.

Succession Planning is essential because, as a business grows, developing current employees for future critical positions is more cost-effective than hiring new talent. Succession planning can also boost engagement and retention rates by providing employees with a clear path forward in their careers and your organization.

The Importance of Succession Planning

The succession planning process is key to long-term business success. It fosters growth in future leaders and replaces them when key contributors leave.

Here are some top reasons why succession planning is essential to your business:

Reduce Costs when Hiring Top Talent

Hiring top talent can be expensive, and your company could lose money if you are not confident in the new replacement. By creating an internal talent pipeline, you can protect the return on your hiring investment with potential successors.

If your successors come from within your organization, you will not need to recruit externally, which reduces costs even further. You can invest the money you save in other areas – like employee training and development.

Find Key Leaders

With the right approach, you can find key employees who can perform well in new specific roles. Helping to measure options and make the best decisions regarding successors for a role. You can also ensure the succession pool aligns with your diversity and inclusion goals for the company and its future growth.

Mitigate Risk

When top roles within your company go unfilled for tooling, your business success will be at risk. With succession planning, you will have a plan when changes occur so your business is always prepared.

Create Your Legacy

When business leaders are aware of their successors for a critical role, they can provide mentorship and share knowledge. All their experiences will be translated into the future efforts of their successor, so your key employees can leave a lasting mark on the company.

Shapes an Exit Strategy

Succession plans ensure leadership exits are smooth and seamless. An effective plan outlines key resource replacements, so your business can run adequately whenever those individuals exit.

Promotes Progression

Succession planning helps you shape the mindset of crucial employees for continuity. When leaders consider how certain events could affect the business, they might be more agile in facing unexpected events.

How Technology Helps in Succession Planning

Most businesses consider succession planning as a time-consuming and ineffective process. With a traditional approach, leaders spend hours compiling spreadsheets which can quickly become outdated and might not lead to actual employee development.

These latest technology features can eliminate risks and streamline your succession planning strategy. You can boost employee growth and drive business success with the right tools.

Identifies Talent and Readiness to Fill Top Positions

For the best hiring decisions, businesses should be able to see their talent all in one place and understand the full scope of each employee’s skill set. With the right tools, you can find the highest potential talent and add them to your succession plans for future growth.

Make Firm Decisions When Talent Leaves

When your key employees leave unexpectedly, it is essential to have a plan in place so you are not rushing to fill the open position. Technology helps you find the best fit for each role, help make precise hiring decisions and reduces negative business impacts.

Promote Growth and Development for Successors

The solution helps you find the employee skills gaps when they are recognized as a successor. This way allows the employees to support their growth and development in the areas that matter. When employees are ready to fill those crucial roles, there is no break in progress.

Your Succession Plan is Always Ready

An advanced tool will keep your succession plan up-to-date, ready, and at your fingertips to illustrate your business’s longevity. A robust succession platform tracks the metrics and ensures your top positions are filled when needed.

Takes the Difficulty Out of Succession Planning

An advanced succession planning system works seamlessly with your employee’ reviews and overall goals. When you can measure and align performance with your succession plans, you will find the best talent and ensures they develop correctly.

Reference: https://www.sutisoft.com/

There is a school of thought when recruiting that you should ‘Hire for culture fit, train for skills’. So what does this mean? We cover practical strategies on how to hire employees for cultural fit and why it’s so successful.

Let’s start by understanding what culture fit is all about. Simply put, culture fit is the likelihood that a person will be able to conform and adapt to the core values and collective behaviours that make up an organisation. When you hire employees for cultural fit, you’re ensuring a better chance of success.

This doesn’t necessarily mean you are hiring for an exact personality replica as yourself either; diversity in people and opinions are important.

However if you have two candidates, one who needs further skills training and the other who enjoys a great skill set, but doesn’t seem like a ‘good fit amongst the team’, then I would always hire the former.

Let me explain.

If you assess cultural fit throughout your recruitment process, you will ensure you hire people who will become fantastic in their new roles, which will certainly help drive long-term growth and success for your organisation.

When you hire employees for cultural fit, the fit within your existing team and understanding of your company values will ensure that they will save you time and money in having to replace them later.

What this means is that when you hire on both job fit and cultural fit, you’ll find that your new recruits are

Faster to start really becoming part of your team
Start contributing quicker than others
Are happier in their new role
Tend to stay longer with your business
Become brand ambassadors, and;
Are likely to become ‘star performers’.

When you make recruiting decisions purely on skills, and don’t take into account the cultural fit of the candidate, you may find;

The candidate doesn’t fit in with your existing team
They will quickly become dissatisfied with their role
Will not adhere to the values and behaviours expected of them
May end up leaving through resignation or termination, faster.

So you can see the benefits of ensuring a great cultural fit through the recruitment process.

The trick is, how to hire employees for cultural fit, without just relying on ‘gut instinct’?

Who you hire ultimately defines your culture.
– Ryan Hoover, Product Hunt

7 Proven Steps to Hire for Cultural Fit

You should start by following these steps;

Ensure you have a set of values and how they translate to the role
Include a page within your website about your company values
Reference these company values in any advertising for the role
Discuss the values and how your culture is during the initial interview
Ask questions that relate directly to these values
Ensure you have a solid induction process that involves cultural induction
Schedule a meeting within their first month in the role to discuss further

Let’s get into some more detail what each of these strategies actually mean.

Ensure you have a set of values and how they translate to the role

If you are in your very early stages, it is likely that you haven’t put thought into creating and documenting your company values.

I believe company values are incredibly important to distill and communicate as early as possible in your businesses lifetime. They explain what the founders and management hold as important, and they help explain the behaviours that all employees are expected to uphold.

Without clear direction and leadership, your business may keep plodding along, however the lack of cohesiveness will eventually start to show, and affect productivity and profits.

You should spend time analysing your inherent values, and document them into specific, clear words.

My previous article, Creating company values that boost company culture, explains my thoughts in more detail, and also outlines the process we went through to achieve our values.

Include a page within your website about your company values

These definitely should not be just static website content that you cut and paste somewhere deep within your website, and promptly forget about.

You should be using other opportunities to link back to these value statements. For example, they should always appear on your careers section, and also be mentioned within any corporate blog or social media. This helps you hire employees for cultural fit.

Some companies go one step further, and create slide decks that portray their values and culture. Here are some recent examples that do a fantastic job of explaining the cultures at these companies;

For extra impact, you could also get written or video testimonials from existing employees, about what the values mean to them, and ask them to explain what the culture of your organisation is. You could then make a series of social media videos or upload them to your YouTube channel.

Reference these company values in any advertising for the role

We always make mention of our values in our position advertising, for example in a recent advertisement, we included a link to our company values page on our website, along with the closing statement of what the application should contain;

Many of the applications we received for the position had well considered responses to these values, and it is not burdensome to ask applicants to do so.

In this recent example, those candidates that did not go to the effort of providing these responses were not afforded an interview with us.

Discuss the values and how your culture is during the initial interview

You don’t want to hire someone and find out within days that they didn’t understand the role, causing you additional costs and time in replacing and re-training yet another candidate.

It is crucial that anyone involved in the hiring process has a good grasp of your company culture, and that they themselves personally display the right behaviours and attributes you expect in your values. This is key when you hire employees for cultural fit.

I like to explain what we look for in candidates, and how we work as a team; the good and the bad. In fact, many candidates are given a tour of our offices, and encouraged to ask any employees that are introduced to, any further questions around culture, teamwork and our mission.

Ask questions that relate directly to these values

During the recruitment interview, rather than just sticking to skill based questions, I recommend that you include a number of questions to determine the candidates personality and cultural fit. For instance, when hiring a dedicated development team, you should not only ask them technical questions but also test their soft skills, whether they are easy to communicate, etc.

Whilst asking for their own personal values is a good start, you will find more benefit by asking them specific questions around your values and determine their reactions and answers.

I like to also ask questions to determine who they are, outside of the office.

For example;

Tell me a little more about yourself; what does your typical weekend consist of?
Tell me what your most positive personality trait is, and why?
Tell me what your worst personality trait is, and why?
What values are important to you as a person?
If given the choice of any role here, what job would appeal to you the most?

I then get into specific culture based questions, such as

What type of team do you thrive in?
How important is recognition to you?
Have you read our values? Which one resonated with you the most?
How would you describe oru culture, based on what you have seen and heard so far.
Why do you want to work here?
What is an example of a time you feel that you feel reinforced our value of [insert one of your values]
Do you feel the role you are applying for, has meaning?
Are you comfortable with our values and what they mean?

As you can see, rather than just asking a candidate to repeat your values, or find out what their favourite movie is, I prefer to dig a little deeper and ask questions to understand their personal motivations and drivers, and get a sense of how they would interact within my existing team and our culture.

When you hire employees for cultural fit, pay attention not only to their verbal answers, but also their body language and comfort levels. Feel free to ask for them to clarify an answer, if required.

By doing this each time you interview, you will quickly find out which candidates best resonate with your values and culture by doing this.

Ensure you have a solid induction process that involves cultural induction

We set aside a 2-3 hour meeting within the first few days of a new hire beginning to take them through a cultural induction process. This meeting has evolved over the last few years, from being a literal reading and discussion around our values, to a more formal approach, where we dig down into the values, what their intent and meaning are, and we describe behaviors that are both reinforcing and against each value.

Whilst this may seem superfluous from the outside, we have found that new recruits appreciate the additional time and effort that we set aside to ensure they are comfortable with our culture, and have an opportunity to discuss their concerns or questions with us.

Schedule a meeting within their first month in the role to discuss further

I always make a point of following up with another one-on-one meeting after a few weeks of the new hire settling into her role. In this meeting, we go through both the position expectations, as well as culture and values, and ensure that they feel comfortable in what they are doing.

I also use this meeting as a way to delve into their thoughts, as a new person within the team, about how our culture and work is, and what improvements or suggestions they could make, based on their prior employment history.

In Summary

We’ve now shown you practical steps on how to hire employees for cultural fit. Using these strategies before, during and after you’ve hired a new person, ensures that you will enjoy a happier, more productive team, more cohesiveness, a reaffirmation of your company values and better employee longevity.

Your company culture is very important; it provides your team with direction, a shared understanding of the behaviour expected, and is effectively ‘the glue that binds the team’.

Employees who embrace your culture and values go on to become great brand ambassadors; they boost morale and teamwork and help positively affect future recruiting.

Always hire employees for cultural fit first, and technical knowledge second.

Reference: https://inside.6q.io/

Workplace productivity can be greatly influenced by the level of training and development that employees receive. Here are some ways that training and development can impact productivity:

Improves Skills and Knowledge: When employees receive training and development, they acquire new skills and knowledge that can help them perform their jobs more effectively. As they become more skilled, they can work more efficiently and with greater accuracy, leading to increased productivity.

Enhances Motivation: Employees who receive training and development opportunities are more likely to feel valued by their employers, which can increase their motivation to work harder and be more productive. Additionally, employees who are given the opportunity to learn and grow in their jobs are often more engaged and committed to their work.

Increases Confidence: Training and development can increase an employee’s confidence in their abilities, which can lead to a greater sense of empowerment and a willingness to take on new challenges. Confident employees are more likely to take initiative and be proactive, which can lead to increased productivity.

Reduces Errors and Mistakes: When employees receive training and development on best practices and standard operating procedures, they are less likely to make errors and mistakes on the job. This can reduce the need for rework and corrections, leading to increased productivity.

Supports Innovation: Training and development can also foster a culture of innovation within an organization. Employees who are encouraged to think creatively and come up with new ideas are more likely to generate new solutions that can improve efficiency and productivity.

Overall, investing in employee training and development can lead to a more skilled, motivated, and engaged workforce, which can ultimately result in higher productivity levels for an organization.

What’s the Right Workplace?

A decent workplace is one where employees feel respected, supported, and valued, and where they have the resources and tools they need to do their jobs effectively. Here are some signs that you have a decent workplace:

Positive work culture: A decent workplace has a positive work culture where employees feel supported and valued. This can be indicated by open communication, constructive feedback, and a sense of community among colleagues.

Fair compensation and benefits: A decent workplace provides fair compensation and benefits to employees, which can include competitive salaries, health insurance, retirement plans, and other perks.

Opportunities for growth and development: A decent workplace offers opportunities for employees to learn and grow, such as training and development programs, career advancement opportunities, and mentoring.

Work-life balance: A decent workplace recognizes the importance of work-life balance and provides flexibility in terms of work schedules, time off, and other accommodations to help employees balance work and personal responsibilities.

Safe and comfortable work environment: A decent workplace provides a safe and comfortable work environment that is conducive to productivity and well-being. This can include ergonomic workspaces, adequate lighting and ventilation, and a commitment to health and safety protocols.

High employee retention: A decent workplace has high employee retention rates, indicating that employees are satisfied with their jobs and feel motivated to stay with the company over the long term.

In summary, a decent workplace is characterized by a positive work culture, fair compensation and benefits, opportunities for growth and development, work-life balance, a safe and comfortable work environment, and high employee retention rates. By creating a decent workplace, employers can promote productivity, engagement, and well-being among their employees.

How Using Technology Supports Your Workforce

Using technology can provide numerous benefits and support to a workforce. Here are some ways in which technology can support your workforce:

Increased efficiency: Technology can automate and streamline many tasks, freeing up employees to focus on more complex and high-value work. For example, project management software can help employees collaborate on projects, share information, and track progress in real-time.

Improved communication and collaboration: Technology can support better communication and collaboration among team members, regardless of their physical location. Video conferencing tools, collaboration software, and instant messaging platforms can help employees stay connected and work together more effectively.

Enhanced flexibility and remote work: Technology can provide employees with the flexibility to work from anywhere, which can be particularly useful during times of crisis or when there are business disruptions. Cloud-based applications and virtual private networks (VPNs) can allow employees to access work-related data and applications from anywhere.

Access to real-time data: Technology can provide employees with real-time data and insights, allowing them to make better decisions and act more quickly. Business intelligence tools, analytics software, and dashboards can provide employees with access to up-to-date data, which can support better decision-making.

We are all aware of the additional costs involved in getting people back to work and technology can be used very efficiently and cost effectively to support your work force. This can be achieved through basic means, such as email, VC or via an instant messaging app or platform. Some companies may also choose to use project management software which also makes communication more effective.

Improved customer service: Technology can support better customer service by enabling employees to respond to customer inquiries quickly and efficiently. Customer relationship management (CRM) systems, chatbots, and other tools can help employees manage customer interactions more effectively.

Increased job satisfaction: By providing employees with access to the latest technology and tools, employers can improve job satisfaction and engagement. This can lead to increased motivation, productivity, and overall job performance.

So, technology can provide numerous benefits and support to a workforce, including increased efficiency, improved communication and collaboration, enhanced flexibility and remote work, access to real-time data, improved customer service, and increased job satisfaction. By leveraging technology, employers can create a more productive, engaged, and motivated workforce.

Reference: https://www.thehrdirector.com/

Corporate culture can be tricky to define. Every leader knows the importance of developing a thriving corporate culture, but the concept can mean many things to many people.

Here’s what culture is — and how to build a robust and thriving one.

1. Culture is about leadership.
A leader sets an example for others to follow. In fact, the first words that every leader should speak to their team is “follow me.” An organization’s leader is always the first to define the culture. As the leader acts, the people will act. What the leader embodies, the organization will embody. One thought that effective leaders should always consider is, “What if the corporate culture looked exactly like I do as a leader?” This question is both penetrating and convicting. A leader should strive to lead in such a way that the corporate culture is a direct reflection of their leadership.

2. Culture is about storytelling.
Great corporate cultures develop through storytelling. Stories shape the identity of the organization. They teach people how to make better decisions and illustrate where people should be focusing their time and attention. Good leaders are master storytellers. Influential leaders craft stories to make essential points that his or her followers will always remember. If you want to shape a great culture, be a grand storyteller.

3. Culture is also about experiences.
Good leaders know that healthy cultures develop when people not only hear about the values of the organization but experience them firsthand. Every CEO and leader should focus on becoming their company’s chief experience officer. Experiences create memorable moments that employees will remember for years.

4. Culture is about sacrifice.
Leaders inspire their people to give more than they think possible. They challenge their employees. They ask employees to sacrifice for the greater good. It is the leader’s job to remind followers that there is always a bigger why. Every leader must examine if they have created a more prominent call to their people so that the people understand the value of their sacrifice.

5. Culture is about community.
Companies today consist of different people from different backgrounds with different skills. In spite of their differences, great leaders call people to work together in unity. Leaders of great cultures role model humility and service. Servant leaders model an example of thoughtfulness. Great cultures call people to serve each other, and employees see themselves not as individuals but as a team. Don’t sabotage your culture by only rewarding individual effort. Learn to reward both individuals and groups for company breakthroughs.

6. Culture is about commitment.
Great cultures are built by a team’s commitment. Leaders who are striving to develop a thriving culture should consider what commitment they want from their people, and ask them to commit to that greater cause.

Today, we may never be a leader who changes the world, but we can change our world by changing our culture. When leaders follow these core principles, they begin their journey of building a great culture and a thriving business.

Source: Forbes | https://www.forbes.com/sites/forbescoachescouncil/2018/06/06/six-steps-to-building-a-thriving-company-culture/?sh=6303e8f62c20

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Author: Dr. Awele Ohaegbu

Digital learning is knowledge that is enabled, facilitated, or mediated through technology for enhanced skills, training, and development (CIPD, 2021). It can be classified into formal, informal, and blended learning. Formal digital learning refers to the delivery of formal courses, usually for a fee. Informal digital learning is linked to knowledge sharing to support informal learning. Blended or supported learning is a combination of both formal and informal methods.

The COVID-19 pandemic spiralled a sharp switch with quicker adaptation to digital learning, as well as new technologies to support digital content such as micro-learning, user-generated content, and curated content. Other driving factors for digital learning growth include technological advances such as virtual reality-based learning, increased learner familiarity, and improved access to high-speed broadband. The disruption and recession caused by the pandemic have led to resourcing considerations of cheaper, faster, and shorter development courses for employees.

Furthermore, a prevalent requirement for employees’ upskilling due to organisational and technological changes has contributed to digital learning growth. Digital learning can also be perceived as an enabler of self-paced study patterns, giving it an edge over traditional classroom methods. According to Malhotra (2021), factors influencing knowledge interactions such as expert-based trust, organisational culture maintenance, employee autonomy management, and adequate feedback must be fully considered in virtual learning settings.

In summary, effective digital learning can be achieved through two key parameters: meaningful learning and mindful learning. Mindful learning entails the balance between interpersonal collaboration and technological mediation, while meaningful learning includes creativity, immersive teaching, and impactful engagement.

References

CIPD. (2021). Digital learning in a post-Covid-19 economy: A literature review. London: Chartered Institute of Personnel and Development.

Malhotra, A. (2021). The post-pandemic future of work. Journal of Management, 47(5), 1091-1012. DOI: 10.1177/01492063211000435

According to research published by Harvard Professors Robert Kaplan and David Norton (2008), the rate of strategy execution failure in businesses ranges from as high as 60% to 90%. Many organisations will fall short of their goals, especially when there are disruptions in the business environment within which they operate.

However, there are opportunities to set self apart and lead organisations to success, through execution acceleration and moving from a reactive to a proactive approach. The following pillars should be in place to successfully implement your plans; a clear strategic vision, the right people and culture, accountability and enterprise performance reporting.

A Clear Strategic Vision

“If you do not know where you are going, you might end up someplace else.” —Yogi Berra

Properly articulating a vision is vital for any business, particularly in a fast-paced and rapidly evolving sector. A poorly crafted and unclear vision statement will most likely lead to poor execution. Hence, a vivid vision is critical to successfully executing the strategic plan. The vision statement should clearly define unique values, success definition, and destination. It must achieve strong human connections within the organisation in order to be assured of its successful execution.

One way of getting your employees on board with the vision is to deploy The Visualisation Approach. This process entails the use of stories and visual comprehension modes to achieve a deeper connection to the vision. This approach increases group internalisation and follow-through by explicitly connecting the strategic intent to the desired execution outcomes.

Do you need to activate your vision or strategy? You can book a free consultation with us.

The Right People and Culture

“44% rank aligning the implementation of strategy to company culture as the toughest challenge.” – Cascade (2020)

Better execution starts with successfully activating strategy into the culture, yet most organisations do not usually see the line between culture and strategy execution. Even where they do, they are unable to achieve the desired impact on execution. In truth, the successful execution of a strategy ultimately depends on individual members, especially key managers. Therefore, aligning strategy with learning and internalization, managing, measuring, and rewarding people is critical to effective strategy execution. Today’s management must put strategy activation, a strong company culture, employee competence, and experience as a priority. Otherwise, the consequences will be reflected in the strategy’s execution.

H. Pierson provides a powerful tool for aligning the culture, energies, and talent of your employees towards achieving your organization’s strategic objectives. Our Strategy Activation and Cascading Solutions close the gap in strategy development. Download our brochure.

“The ability to make good decisions regarding people represents one of the last reliable sources of competitive advantage since very few organizations are very good at it.”—Peter Drucker

Accountability and Enterprise Performance Reporting

Who in the organisation is responsible for tracking the progress of specific strategic initiatives?
How do you ensure updates are on time and accurate?
Frequently, strategic initiatives fail because no one is held accountable for their progress. When a team or multiple individuals are the “owners” of an initiative, there is no one clear-cut accountable party.

The accountability and reporting process can be broken into data collection, data analysis and reports. Data collection is the process of collating information from disparate places into one system, to enable your analysis and decision-making with as much information as possible. Data analysis entails the examination of data to learn more about the story, with the use of data visualisation to increase comprehension through charts, grids, colour-coded icons, heat maps, dashboards etc. It helps to identify what is on and off-target, as well as what is needed to adapt into existing plans based on emerging observations. Reports help to distribute findings so that team(s) can review and discuss them for decision-making purposes.

Enterprise Performance Reporting is essentially about organising performance data, so that grey areas can be quickly identified within the execution process, track improvements, and ultimately foster accountability and execution success.

Through our 30+ years of experience working with clients across multiple sectors, we know what it takes to overcome challenges in the execution of your corporate strategies. This is achieved by fully deploying our proprietary tools and techniques that drive firm-wide strategy execution.

Author: H.Pierson’s Strategy Team

References

Kaplan, R.S., & Norton, D.P. (2008). The Execution Premium: Linking Strategy to Operations for Competitive Advantage. Massachusetts: Harvard Business Press

Team, C. (2020, March 13). 51 Strategy Statistics and 3 Key Lessons to Help You Succeed. Retrieved from Cascade: https://www.cascade.app/blog/51-strategy-statistics

Thiru, T. (2020, February 19). How to Bridge the Gap between Vision and Execution. Retrieved from Forbes: https://www.forbes.com/sites/forbestechcouncil/2020/02/19/how-to-bridge-the-gap-between-vision-and-execution/?sh=24f6e5e63548

“Dispirited, unmotivated, unappreciated workers cannot compete in a highly competitive world, to win in the marketplace you must first win in the workplace” Stephen. R. Covey

Employee engagement is fast becoming a prominent success factor in the current highly competitive marketplace. High and appropriate levels of engagements are important elements for the retention of talent, fostering employee loyalty, and improving employee motivation and organisational performance. Because employees’ engagement needs vary, taking a one-size-fits-all approach to employee experience will often mean you are not able to effectively identify and address issues that may be crucial, to the detriment and risk of employee productivity, and retention. Employee engagement strategies are best streamlined along the employee life cycle of onboarding, initial development, ongoing development, retention, and separation.

Onboarding (0 – 3months) is the process of integrating a new hire into an organisation, its vision, mission, core values, structure, and culture. It involves making available necessary support for the new hire to be productive, as simple as car park notice for employees, or how to access and retrieve stored documents. Onboarding is often interchanged or mixed with orientation. While Orientation is important for completing routine processes and paperwork, onboarding is a comprehensive process involving management and other employees which sometimes can last more than three (3) months. If properly implemented, it is an effective employee engagement strategy capable of positively impacting employee retention within the organisation and new hire’s productivity. However excited people are to start a new job, there will be concerns about meeting the expectations of their bosses, fitting in with other team members, and figuring out how their job will contribute to the success of the organization. Onboarding is a prime opportunity for employers to assist new hires with their concerns, and ensure they settle in easily.

Initial Development (3-24months) entails new employees establishing themselves in the organisation. Their focus shifts from developing the skills required to mastering their job functions. This creates a perfect time to speak with employees about their career ambitions and outline a clear growth plan. Initial Development is all about investing in your employees, which will ensure that people are able to meet the demands of their job and excel in the long term. For aspirants into more senior positions, it’s a way to provide the skills and training that will set them up for future success. Various and relevant developmental programs, as well as well-articulated mentorship programs, are usually impactful. Investing in employees is beyond building future assets for the organisation. Asides from helping employees to achieve their personal and professional ambitions, there will be a higher commitment on the job as well as loyalty to the organisation from the employee.

Ongoing Development and Retention (24 months & above) is about helping employees to develop the skills to master their job role, Ongoing Development and keeping employees engaged. By the time employees have reached this phase, reasonable investment would have been channelled into their progress, to have become key knowledge-holders within their function. Employees that have been retained this long, are a valuable pool of talent for leadership positions. They have market expertise, along with an intimate understanding of how the organisation works, its systems, culture, and people.

Separation occurs when employees decide to move on from an organisation. For some, reasons will be unrelated to negative experiences, they may have thoroughly enjoyed their time, but personal reasons encouraged them to move on. On the flip side, there will be those that decide to leave because of certain issues within internal control. Regardless of the type of experiences employees may have, the separation phase is an opportunity to have a grasp on why people are leaving. If handled in the right way, it will help understand the reasons behind employee attrition. With adequate attention and support to exiting employees, organisations can build a pool of lifelong advocates and brand alumni, from which there can be mutual benefits in the future.

Employee engagement spans different touchpoints and diverse interactions. With a holistic view from employees’ entry up to their exit, organisations will have a better understanding and value for how their needs evolve. When an employee’s journey is broken down into clear stages, it makes it more practicable to identify the processes that need improvement, as well as the assignment of such responsibility with specific actions to different people. This enables greater positive employee experiences in multiple aspects at the same time.

Written By

Tosin Oluwatimilehin MNIM

Senior Consultant

Head, Human Resources Consulting

H. Pierson Associates Limited.

Are you considering developing a structured onboarding process, conducting an employee engagement survey, or improving the employee engagement framework? At H. Pierson we assist you with an iterative approach to your employee engagement, which aligns with the fluid nature of an individual employee’s journey within your organisation

The Central Bank of Nigeria (CBN), on the 5th of February 2021, instructed the identification of individuals and platforms engaged in cryptocurrency transactions with the aim of stopping its trade and facilitation. The CBN’s stance may be justifiable, as there was a growing risk and the perceived need to control what seemed like an off-the-radar path to escaping financial regulation through cryptocurrency transactions. This decision however sparked outrage, controversy and some setbacks for the rapidly growing financial technology sector, which is said to have attracted more than $600 million in foreign investment between 2014 and 2019.

In what was perceived as an attempt to cushion the crackdown, the e-naira was launched on the 25th of October 2021 as a Central Bank Digital Currency (CBDC), issued and regulated by the apex body and pegged to the value of the naira. Although a CBDC is not a cryptocurrency, it is best described as a crypto-asset or digital asset. So, within one year, the CBN clamped down on the country’s bustling cryptocurrency engagements, it also became the first African country to own a national digital currency.

Following this on May the 11th, 2022, the Securities and Exchange Commission (SEC) published rules on the issuance, offering and custody of digital assets on its website. The 54-page document targets sponsors, issuers, domestic and international platforms that facilitate digital asset transactions, including cryptocurrencies. In what seemed to be a coincidence, these new guidelines came immediately after the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva urged countries to look into the digital future and adopt public digital platforms to connect payment systems. She emphasised that even though the risk of fragmentation exists, it is worth exploring the idea of a platform that connects diverse forms of money for different categories of people in all countries.

With a gradual trend of corporations keeping cryptocurrencies as assets, even declaring the same on their balance sheets, it is clear that the mindset is tilting towards wider acceptance, despite sanctions to discourage full adoption. H. Pierson Associates commends SEC for its new guidelines that will strike the balance between regulatory standards and cryptocurrency operations in Nigeria. It is recommended that conventional financial institutions acquire the requisite knowledge to fully harness the benefit and opportunities of digital assets. This recommendation is imperative because, with a crypto-vibrant youthful population such as ours, liquid currency advocates can only gain fewer counterparts.

Dr. Awele Victoria Ohaegbu is a consultant with H. Pierson Associates Limited.

“The Covid-19 pandemic has triggered a change in the skills in demand for board members, a new study has found. According to the Director Sentiment Monitor research published by the Institute of Directors (IoD) in Ireland, almost a third of business leaders say the pandemic has altered required skillsets and expertise for their board. Among the skills expected to be in demand in the coming two years are environmental, social and governance (ESG), innovation, cyber security and digital expertise.

“The pandemic has impacted just about every business in Ireland – as it has the rest of society – and this movement in relation to requisite board members’ expertise and experience reflects this. So, while a majority (65 per cent) of our survey respondents says the requisite skills and experience on their primary board have not changed during the Covid-19 pandemic, a significant one third of the business leaders say they have changed,” said Maura Quinn, chief executive of the Institute of Directors in Ireland.

Awareness

“The shift certainly reflects a post-Covid heightened awareness of environmental, social and governance issues, but also sees innovation, cyber security and digital expertise as enhancing rather than replacing more ‘traditional’ competencies such as strategy, corporate governance and risk management.”

The majority which was 81% felt their boards had the range of skills and experience necessary to drive the business and mitigate significant risks.

Strategy, corporate governance, sales, marketing and business development remained the most common skills board members believed they brought, with innovation, cyber security and data protection among the less common skills.

However, ESG and innovation were among the top three skills that respondents said would be the most desired and needed over the next two years. Cyber security and digital skills rounded out the top five, with marketing, sales and business development skills dropping to sixth place. Business continuity planning also fell down the list of in-demand skills.

It is worth noting, too, that the crucial importance of strong business continuity planning expertise also came to the fore during the pandemic, and it served those organisations well that incorporated it into their boards’ strategic planning and risk management functions.”

Retrieved from https://www.irishtimes.com/business/companies/pandemic-triggers-change-in-in-demand-skills-for-board-members-1.4681090

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