As companies grapple with social concerns like employee diversity and inclusion and income equality, they are also facing business transformations. Talent management is critical—and so is director oversight.
These days, the ability to attract, develop and retain the best talent has become a critical business differentiator. Corporate directors have traditionally focused their oversight of talent management on the C-suite, leaving oversight of the broader workforce to senior executives. But as attracting, developing and retaining the best talent has become an important business differentiator, boards must play a larger role in overseeing talent management.
Taking on a more substantive talent management oversight role isn’t easy. It requires boards to strike a balance between acting strategically to ensure the strength of the company without stepping into the role of management. To maintain a healthy balance, directors should be exploring three levels of leadership in their organizations:
While day-to-day development responsibilities should remain with management, directors need to ensure their company’s approach to talent supports the company’s long-term objectives. When boards and management teams prioritize investing time and resources in human capital development throughout the organization, they are more likely to win the talent wars while becoming more agile, innovative and productive.
Download our paper for a deeper dive into the board’s role in talent management. Within the paper you will find:
Sample C-suite readiness chart
Talent questions for directors to ask