.jpg)
Photo by krakenimages on Unsplash
An effective talent strategy is crucial to the long term success of your business, particularly when it comes to the executive team—but what exactly does that mean?
What is an executive talent strategy?
An executive talent strategy is your company’s approach to ensuring your leadership talent aligns with your goals and objectives. It involves periodic assessment of the existing team, during which you should examine any gaps, identify development needs, and make a plan to fill those needs as the company scales. In some cases, a succession plan is also included.
An executive talent strategy will help you hire and retain top leaders.
The talent strategy encompasses the hiring process as well, when you’ll turn your attention to attracting, identifying, and onboarding top talent. An established strategy will help you communicate your needs to candidates along with members of the hiring team, and it will contribute to a smoother hiring process. Finally, a good talent strategy should take retention into account, focusing on building a strong and inclusive culture.
An executive talent strategy will further your business goals.
If you have a plan to develop your business but lack a talent strategy, you’ll likely run into obstacles or find that you’re missing necessary leaders along the way. If, for example, you anticipate introducing a new product, you should consider whether you have product leaders who are equipped to lead the endeavor. If you’re hoping to reach a new audience but haven’t yet hired a skilled marketing executive, your plan may not be set up for success.
An executive talent strategy will allow you to prioritize effectively.
Most companies don’t have the luxury of filling every executive role at once, but this is where your talent strategy comes in. Having an established strategy will help your team identify which talent needs are most pressing for the business, allowing you to prioritize your needs according to your goals.
An executive talent strategy will promote your success.
Optimizing your talent strategy is more than a short-term boost to your leadership team; it’s an investment in the life of the business. Having the right people with the right skills in leadership roles at your organization will set your team up for long-term success. If you’re not sure where to start when it comes to creating your executive talent strategy, Bolster can help.
We’re reinventing executive search by combining the power of experienced recruiters with our intelligent sourcing platform. Built by entrepreneurs, for entrepreneurs, Bolster matches CEOs with transformational executives for full-time, fractional, and board roles—without the hassle of traditional talent sourcing. It’s smarter search done faster and with more confidence.
When you work with Bolster, our extraordinary team will work alongside you to make your search a success. We take the time to listen, understand, and respond to your needs, support you throughout your search, and offer our expertise as a resource.
Want to know more about what it’s like to work with us? Let us know what you’re looking for.