Simple to state, difficult to execute
A group of talented professionals applying themselves in the right markets will yield great results. Could it be that simple? Yes, it is!
TALENT + MARKETS = RESULTS – Part 1 of 4
Oversimplification is an effective way to make a point. Simply stated does not mean simply executed. There are a myriad of activities, processes and issues that must be addressed to achieve success in each of the three component areas mentioned above. At IAG, we use Talent, Markets, and Results as the three “legs of the stool” in strategic planning, but also believe the formula above. The concept that talent applied to the right markets yields great results is one of our core tenets. Our hope is to convince our clients to focus on the first two components (Talent & Markets) and have them see that the third component mostly takes care of itself.
The scarcity of Talent at most levels of seniority in the A&E industry is almost a cliché. To remain competitive, a firm’s leadership and management needs to have a core focus on attracting, developing, and retaining talent. The talent component is all encompassing with regard to a firm’s staff and will directly involve multiple groups within the company. See Part 2 of 4 for a more detailed explanation of who’s involved and how the process must be embedded in the firm’s business culture.
In our first series of posts, IAG discussed driving the growth of revenue streams by cross selling, the pursuit process and acquiring targeted emerging clients. Just as with talent, we refer to Markets here in a much broader sense. Quality deliverables and the highest client service are an integral part of the markets component. Applying the talent to the markets is both an internal and external process that must be taught within the organization. Coaching and mentoring brings us back to talent development!
The third component seems to be the most measured, reported, and analyzed of the three components. Technical teams love talking about Results. But think about this, do your teams spend time reviewing results pertaining to turn over rates or sales hit rates? Or do we spend almost all of our time reviewing financial results? To really see the great results and have a sustainable firm, we must assess an expanded definition of results.