Talent is the key
It might seem justifiable to postpone talent management discussions for your pricing and commercial teams during this crisis. But there is arguably no better time for organisations to get clear answers to the killer questions of pricing in a down turn and managing talent to create and execute strategy: What is your pricing strategy now? Where do you need your teams to pivot? Do they have the skills and capability to do it? What talent do you have now, and what talent are you missing? Does you resourcing plan address capability gaps and align with key pricing and commercial initiatives? In short, we need the right leaders to help create and drive growth. Without growth strategies our organisations, societies and countries cannot recover from this economic crisis. Answering these fundamental questions of talent and growth will be critical to the survival of many businesses and even entire industries. The top priority now is developing and executing a talent strategy that propels rather than hinders growth.
Our point of view
39% of HR leaders say they're harnessing the crisis to reshape and re-prioritise their company's talent agenda. That means c.60% do not see talent as a driver of economic growth. This is a mistake: COVID-19 may have disrupted talent management processes but it doesn’t need to stop them altogether. We need to learn how to adapt and respond to disruption as this new phase of very real and uncomfortable change is likely to last for at least 2 years. It's time to think about creating virtual talent experiences built to withstand COVID and any future crisis, so that you can support your business now and in the long term.
Q & A
How can we help you
In the face of unprecedented magnitude and a rapidly accelerating pace of disruption, leaders must not only have domain expertise, but also be resilient and adaptable. If your commercial executives and pricing leaders are defensive about pricing issues or are more comfortable reinforcing the status quo, then you need to take a fresh look at what’s required for success. Our research-based, predictive Success Profiles identify the vital leadership attributes needed for success. Taylor Wells HR Hub holds a library of Profiles for all dimensions of pricing and commercial roles. We can work with you to develop a customised profile for business transformations, specific pricing projects, commercial initiatives, system implementations, roles or levels within your commercial function. They will be aligned to your strategy, culture and business priorities.
Now is the perfect moment to observe what leaders do when they don’t know what to do. Seeing your leaders behave during times of change may have yielded some surprises and disappointments. Now is the time to re-assess them using updated criteria aligned to your new business priorities, through formal assessments and talent discussions. What are their skills and knowledge gaps? Can they take feedback? How quickly and willingly have they unified around a shared purpose? How willing are they to learn new skills? Are they good leaders? Do they care for their team? How easily have they been able to pivot: to change direction without losing momentum? As you accelerate through the turn, how capable will they be of energising a change-fatigued organisation using their expertise, style, positivity, and optimism?
We have adapted our world-class assessments and research-based talent reviews to be delivered online and virtually. Recent research by Taylor Wells proves that our online pricing and commercial assessments deliver comparable participant experience, predictive power, and developmental value for individuals and their organisations as face-to-face equivalents.
We have known for a while that high potentials think and behave differently. They can think through new and complex pricing problems and put options into action. They demonstrate the mental discipline to persevere and find solutions even when the problem is difficult or new. And at no time has this been clearer. Organisations need talent and leaders who have pricing expertise, learning agility and intellectual plasticity. They need people who know what they do when they don’t know what to do. We develop high potentials and leaders at every level to develop these pricing capabilities. We offer personalised coaching – delivered virtually – on assessment results and development actions; we also have tailored virtual learning experiences that are engaging for participants and effective at driving behaviour change.
Our research shows that next generation pricing leaders are very different to the finance based pricing managers of the past. But, when we looked at our database of pricing skills and leadership assessments we found that these new breed of pricing leaders are in very short supply. Less than a quarter of pricing leaders now are leaders of the future – leaving at least 70 percent in urgent need to develop future-ready skills. So, where do you start?
Technology, customers, competition and disruption has and will continue to change the nature of pricing work. Pricing leaders are now finding themselves in the biggest experiment of their careers. Now is the time to update your leadership development programs for pricing professionals to reflect this new reality. We can help you shift your program design using webinars, eLearning, and virtual classroom experiences to accelerate the development of key talent pools. Alternatively, we can work with you to build a completely bespoke development program to suit yours and the teams development needs.
Some companies default to reducing their recruitment activity during a crisis. But the reality is that acquiring top talent is as – if not more – important than ever, as companies need every competitive edge they can get to navigate the storm and prepare them for success in the post-outbreak era. We can identify and attract these unique leaders, assess for ideal organisational fit, and build appropriate frameworks for capability, assessment, compensation and retention.
While performance management is, and has been, the subject of lively debate for some time, there is still a lot of work to be done. Traditional systems aren’t agile enough for today’s mindset. They reward past performance while ignoring the future. And they spend too much time on a broken performance appraisal process and not enough time on fixing the process or performance improvement. Performance management is ripe for a change.
While keeping systems simple is important, simple does not mean rigid. Different teams will be engaged and motivated by different things. We will help you develop a good performance management system that can flex the emphasis placed on different elements of your commercial function, particularly on the strength of the link between pay, experience, capability and performance.
Most organisations don’t have their approach to ‘performance management’ for pricing and commercial teams figured out yet. While everyone seems to agree that performance should be recognised, the general feeling is that current systems to measure employee effectiveness, individual pricing capabilities and behaviours are not delivering.
We can help equip managers to do performance management for pricing team well. We can show you how to evaluate performance and helping pricing managers perform better. Organisations haven’t invested in making managers more capable at assessing pricing team performance and capability. We can help you establish an objective performance evaluation process that allows for continuous improvement and growth.
This crisis will end. And when it does, you’ll need the right people in the right place at the right time to hit the ground running. It might mean refreshing your definition of talent, especially if the crisis has exposed capability gaps or accelerated your digital pricing transformation. This also means staying close to your company’s workforce plan. Knowing that your organisation will need more pricing analysts or salespeople to support growth after the decline can help you start developing your employer value proposition messaging and building talent pools early. We can help you define the profile of people you need for the future, develop the right buy, build or inform strategy, and support you to deliver.
Pricing Insights at your fingertips
In our hands it’s more than just data. We use it to build the DNA of outstanding pricing leaders, effective organisations, high performance cultures and game-changing reward and teambuilding programmes. In your hands it can continue to inform smarter pricing and people decisions backed by more than 1 million data points, including:
– Over 7,000 thousand assessment results
– Hundreds of employee engagement survey responses
– Rewards data for thousands of employees across hundreds of organisations and UK, EU, USA, CH, SA, AF, ANZ.
Our thinking & approach
Talk to an expert
GET IN TOUCH
Questions? Call 02 9000 1115 To speak to a Taylor Wells representative or complete the form above.