Philip S. Renaud II, MS, CPCU
Executive Director, The Risk Institute
The Ohio State University Fisher College of Business
On May 12, 2016, The Risk Institute at The Ohio State University Fisher College of Business held, as the final session of its 2015-2016 Executive Education series, The Talent War: Managing the Talent Pipeline and Succession Planning. The session was very well attended with participants from a cross section of industry sectors.
All industry sectors from retail to manufacturing regularly face the challenge of recruiting, selecting, on-boarding developing and maximizing talent. More and more sectors are reporting significant challenges in recruiting and retaining good talent.
Whether caused by rapid advances in technology and skills, changing workplace perceptions of millennials, or pending retirement of the “boomer” generation, businesses are facing a new and complicated set of dynamics
Session leaders, Anthony J. Rucci (The Ohio State University Fisher College of Business), Levi Segal, (Aon Hewitt) and Yvonne Kalucis (MXD Group) collaborated to provide insights into understanding the changing, complex alignment of talent management to general business strategy. The session emphasized how to proactively use risk management to balance the risks related to talent management in order to meet business goals and enhance business performance.
Professor Rucci’s presentation included very interesting points on:
- The intangible value chain (predicting performance risk with intangibles)
- Employee “commitment” as a key risk indicator
- CEO challenges and strategic talent management
- Organization capabilities risk measurement and audit
Professor Rucci was followed by Levi Segal, who spoke on Strategic Performance Management: Can You Afford to NOT Get This Right? Segal raised some thought provoking questions that included:
- Are you competing for top talent with more industries than before?
- Are we incenting the right behavior?
- How much economic value do high performers add versus the rest?
- Are you ready to manage and pay for performance in an age of less pay, decreased flexibility and greater regulation?
Finally, Yvonne Kalucis presented on Strategic Talent from the practitioner perspective. The presentation highlighted unique characteristics of strategic positions within an organization. Defining characteristics of strategic positions typically are:
- Usually <20% of organization
- Hold disproportionate importance to a company’s ability to execute its strategy
- Wide variability in the quality of the work displayed among team members in the position
The session provided thought provoking ideas and advanced The Risk Institute’s unique role in uniting industry thought leaders, academics and highly respected practitioners in an ongoing dialog to advance the understanding and evolution of risk management. The Risk Institute’s conversation about risk management is open and collaborative with its relevance across all industries and its potential for competitiveness and growth.
For more information about upcoming events, our students, partners or research, visit our website: fisher.osu.edu/centers/risk.