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Tom Peters The Talent 50 09.17.05. 1. People First!

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1 Tom Peters The Talent

2 1. People First!

3 When land was the productive asset, nations battled over it. The same is happening now for talented people. Stan Davis & Christopher Meyer, futureWEALTH

4 Talent! Tina Brown: The first thing to do is to hire enough talent that a critical mass of excitement starts to grow. Source: Business2.0

5 Whoops: Jack didnt have a vision!* *GE = Talent Machine (Ed Michaels)

6 Headhunter Excellence? (CEO Performance vs S&P 500) Korn Ferry/Tom Neff: +1.1% Heidrick & Struggles/ Gerry Roche: -5.2%

7 2. Soft Is Hard.

8 3. FUNDAMENTAL PREMISE: We Are in an Age of Talent/Creativity/ Intellectual-capital Added.

9 Human creativity is the ultimate economic resource. Richard Florida, The Rise of the Creative Class

10 Age of Agriculture Industrial Age Age of Information Intensification Age of Creation Intensification Source: Murikami Teruyasu, Nomura Research Institute

11 Agriculture Age (farmers) Industrial Age (factory workers) Information Age (knowledge workers) Conceptual Age (creators and empathizers) Source: Dan Pink, A Whole New Mind


13 The Dawn of the Creative Age Theres a whole new class of workers in the U.S. thats 38- million strong: the creative class. At its core are the scientists, engineers, architects, designers, educators, artists, musicians and entertainers whose economic function is to create new ideas, new technology, or new content. Also included are the creative professions of business and finance, law, healthcare and related fields, in which knowledge workers engage in complex problem solving that involves a great deal of independent judgment. Today the creative sector of the U.S. economy, broadly defined, employs more than 30% of the workforce (more than all of manufacturing) and accounts for more than half of all wage and salary income (some $2 trillion)almost as much as the manufacturing and service sectors together. Indeed, the United States has now entered what I call the Creative Age. Americas Looming Creativity Crisis/ Richard Florida/ HBR/10.04

14 U.S. Patent Office/Patents Granted Venezuela 15 …………… 29 Argentina 12 …………… 46 Mexico 35 ………… Brazil 30 …………… 88 South Korea 50 …………… 3,362 Source: Juan Enriquez/As the Future Catches You

15 My wife and I went to a [kindergarten] parent-teacher conference and were informed that our budding refrigerator artist, Christopher, would be receiving a grade of Unsatisfactory in art. We were shocked. How could any childlet alone our childreceive a poor grade in art at such a young age? His teacher informed us that he had refused to color within the lines, which was a state requirement for demonstrating grade-level motor skills. Jordan Ayan, AHA!

16 15 Leading Biz Schools Design/Core: 0 Design/Elective: 1 Creativity/Core: 0 Creativity/Elective: 4 Innovation/Core: 0 Innovation/Elective: 6 Source: DMI/Summer 2002 Research by Thomas Lockwood

17 4. Talent Excellence in Every Part of the Organization.

18 Wegmans: #1/100 Best Companies to Work for 84%: Grocery stores are all alike 46%: additional spend if customers have an emotional connection to a grocery store rather than are satisfied (Gallup) Going to Wegmans is not just shopping, its an event. Christopher Hoyt, grocery consultant You cannot separate their strategy as a retailer from their strategy as an employer. Darrell Rigby, Bain & Co.

19 5. P.O.T./ Pursuit Of Talent = OBSESSION.

20 The leaders of Great Groups love talent and know where to find it. They revel in the talent of others. Warren Bennis & Patricia Ward Biederman, Organizing Genius

21 PARCs Bob Taylor: Connoisseur of Talent

22 Les Wexner: From sweaters to people!

23 6. Talent Masters Understand Talents Intangibles.

24 Visibly energetic/ Passionate/ Enthusiastic … about everything. Engaging/ Inspires others. (Inspires the interviewer!) Loves messes & pressure. Impatient/ Action fanatic. A finisher. Exhibits: Fat WOW Project Portfolio. (Loves to talk about her work.) Smart. Curious/ Eclectic interests/ A little (or more) weird. Well-developed sense of humor/ Fun to be around. ****** No. 1 re bosses: Exceptional talent selection & development record. (Former co-workers: Did you visibly grow while working with X? / How has the department/team grown on a world-class scale during Xs tenure?)

25 Q: If it were your $50K [lifes savings] and my $50K, what sort of Waiters would we look for? A: Enthusiasts!

26 7. HR Is Cool.

27 Chicago: HRMAC

28 support function / cost center / bureaucratic drag or …

29 Are you Rock Stars of the Age of Talent

30 HR doesnt tend to hire a lot of independent thinkers or people who stand up as moral compasses. Garold Markle, former Shell Offshore HR Exec (FC/08.05)

31 8. HR Sits at The Head Table.

32 DD$21M

33 9. Re-name HR.

34 Talent Department

35 People Department Center for Talent Excellence Seriously Cool People Who Recruit & Develop Seriously Cool People Etc.

36 H.R. to H.E.D. ??? H uman E nablement D epartment

37 10. There Is an HR Strategy/ HR Vision

38 Our Mission To develop and manage talent; to apply that talent, throughout the world, for the benefit of clients; to do so in partnership; to do so with profit. WPP

39 Omnicom very simply is about talent. Its about the acquisition of talent, providing the atmosphere so talent is attracted to it. John Wren

40 Whats your companys … EVP? Employee Value Proposition, per Ed Michaels et al., The War for Talent; IBP/Internal Brand Promise per TP

41 EVP = Challenge, professional growth, respect, satisfaction, opportunity, reward Source: Ed Michaels et al., The War for Talent

42 11. Acquire for Talent!

43 Omnicom's acquisitions: not for size per se; buying talent; deepen a relationship with a client. Source: Advertising Age

44 12. There Is a FORMAL Recruitment Strategy.

45 Cirque du Soleil!

46 Cirque du Soleil: Talent (12 full-time scouts, database of 20,000). R&D (40% of profits; 2X avg corp). Controls (shows are profit centers; partners like Disney offset costs; $100M on $500M). Scarcity builds buzz/brand (1 new show per year. People tell me were leaving money on the table by not duplicating our shows. Theyre right. Daniel Lamarre, president). Source: The Phantasmagoria Factory/Business 2.0/

47 13. There Is a FORMAL Leadership Development Strategy.

48 14. There is a World Class Leadership Development CENTER.

49 Crotonville!* *No B-schools!

50 DD: 0 to 60mph in a flash (months)

51 Getting to WOW Through Mastery of … The Sales 25. [PPT is here.]here

52 Getting Things Done: The Power & Implementation 34. [PPT is here.]here

53 Presentation Excellence: The PresX56 [PPT is here.]here

54 The Interviewing Excellence: The IntX31 [PPT is here.]here

55 15. There Is a FORMAL STRATEGIC HR Review Process.

56 16. The Top100, and Every Units Top10, Are Consciously Managed.

57 In most companies, the Talent Review Process is a farce. At GE, Jack Welch and his two top HR people visit each division for a day. They review the top 20 to 50 people by name. They talk about Talent Pool strengthening issues. The Talent Review Process is a contact sport at GE; it has the intensity and the importance of the budget process at most companies. Ed Michaels

58 17. People/ Talent Reviews Are the FIRST Reviews.

59 18. HR Strategy = BUSINESS Strategy.

60 19. Make it a Cause Worth Signing Up For.

61 G.H.: Create a cause, not a business.

62 20. Unleash Their Full Potential!

63 Organizing Genius / Warren Bennis and Patricia Ward Biederman Groups become great only when everyone in them, leaders and members alike, is free to do his or her absolute best. The best thing a leader can do for a Great Group is to allow its members to discover their greatness.

64 Yes!!!!!!!!!!!!!!!!! free to do his or her absolute best … allow its members to discover their greatness.

65 Firms will not manage the careers of their employees. They will provide opportunities to enable the employee to develop identity and adaptability and thus be in charge of his or her own career. Tim Hall et al., The New Protean Career Contract

66 RE/MAX: A Life Success Company Source: Everybody Wins, Phil Harkins & Keith Hollihan

67 Agent-centric: Youre not in the real estate business anymore; youre in the real estate agent business! Source: Everybody Wins, Phil Harkins & Keith Hollihan

68 Ye gads: Thomas Stanley has not only found no correlation between success in school and an ability to accumulate wealth, hes actually found a negative correlation. It seems that school-related evaluations are poor predictors of economic success, Stanley concluded. What did predict success was a willingness to take risks. Yet the success-failure standards of most schools penalized risk takers. Most educational systems reward those who play it safe. As a result, those who do well in school find it hard to take risks later on. Richard Farson & Ralph Keyes, Whoever Makes the Most Mistakes Wins

69 21. Set Sky High Standards.

70 From 1, 2 or youre out [JW] to …Best Talent in each industry segment to build best proprietary intangibles [EM] Source: Ed Michaels, War for Talent

71 22. Enlist Everyone in Challenge Century21.

72 If there is nothing very special about your work, no matter how hard you apply yourself you wont get noticed, and that increasingly means you wont get paid much either. Michael Goldhaber, Wired

73 Distinct … or … Extinct

74 New Work SurvivalKit Mastery! (Best/Absurdly Good at Something!) 2. Manage to Legacy (All Work = Memorable/Braggable WOW Projects!) 3. A USP/Unique Selling Proposition (R.POV8: Remarkable Point of View … captured in 8 or less words) 4. Rolodex Obsession (From vertical/hierarchy/suck up loyalty to horizontal/colleague/mate loyalty) 5. Entrepreneurial Instinct (A sleepless … Eye for Opportunity! E.g.: Small Opp for Independent Action beats faceless part of Monster Project) 6. CEO/Leader/Businessperson/Closer (CEO, Me Inc. Period! 24/7!) 7. Master of Improv (Play a dozen parts simultaneously, from Chief Strategist to Chief Toilet Scrubber) 8. Sense of Humor (A willingness to Screw Up & Move On) 9. Comfortable with Your Skin (Bring interesting you to work!) 10. Intense Appetite for Technology (E.g.: How Cool-Active is your Web site? Do you Blog?) 11. Embrace Marketing (Your own CSO/Chief Storytelling Officer) 12. Passion for Renewal (Your own CLO/Chief Learning Officer) 13. Execution Excellence! (Show up on time! Leave last!)

75 23. Pursue the Best!

76 Differentiation is all about being extreme, rewarding the best and weeding out the ineffective. … You build strong teams by treating individuals differently. Just look at the way baseball teams pay 20-game winning pitchers and 40-plus homerun hitters. Jack Welch

77 best person in the world Arthur Blank

78 Did We Say Talent Matters? The top software developers are more productive than average software developers not by a factor of 10X or 100X, or even 1,000X, but 10,000X. Nathan Myhrvold, former Chief Scientist, Microsoft


80 24. Up or Out.

81 We believe companies can increase their market cap 50 percent in 3 years. Steve Macadam at Georgia- Pacific changed 20 of his 40 box plant managers to put more talented, higher paid managers in charge. He increased profitability from $25 million to $80 million in 2 years. Ed Michaels, War for Talent

82 25. Ensure that the Review Process Has INTEGRITY.

83 25 = 100* * But what do I do thats more important than developing people? I dont do the damn work. They do.

84 26. Pay Up!

85 Top performing companies are two to four times more likely than the rest to pay what it takes to prevent losing top performers. Ed Michaels, War for Talent ( )

86 Costco *$17/hour (42% above Sams); very good health plan; low t/o, low shrinkage *Low margins (When I started, Sears, Roebuck was the Costco of the country, but they allowed someone to come in under themJim Sinegal) Source: How Costco Became the Anti-Wal*Mart/NYT/

87 27. Training I: Train! Train! Train!

88 26.3

89 3 Weeks in May Training & Prep: 187 Work: 41 (Other: 17)

90 1% vs. 367%

91 Divas do it. Violinists do it. Sprinters do it. Golfers do it. Pilots do it. Soldiers do it. Surgeons do it. Cops do it. Astronauts do it. Why dont businesspeople do it?

92 Knowledge becomes obsolete incredibly fast. The continuing professional education of adults is the No. 1 industry in the next 30 years … mostly on line. Peter Drucker, Business 2.0

93 Edward Jones Training Machine* 146 hours/employee/year New hires: 4X avg. 3.8% of payroll * #1, The 100 Best Companies To Work For/Fortune/

94 28. Training II: 100% Business People.

95 29. Training III: 100% LEADERS.

96 I start with the premise that the function of leadership is to produce more leaders, not more followers. Ralph Nader

97 30. Training IV: Boss as Trainer- in-Chief.

98 Workout = 24 DPY in the Classroom

99 31. Open Communication: NO BARRIERS.

100 The organizations we created have become tyrants. They have taken control, holding us fettered, creating barriers that hinder rather than help our businesses. The lines that we drew on our neat organizational diagrams have turned into walls that no one can scale or penetrate or even peer over. Frank Lekanne Deprez & René Tissen, Zero Space: Moving Beyond Organizational Limits.

101 32. Respect!

102 It was much later that I realized Dads secret. He gained respect by giving it. He talked and listened to the fourth-grade kids in Spring Valley who shined shoes the same way he talked and listened to a bishop or a college president. He was seriously interested in who you were and what you had to say. Sara Lawrence-Lightfoot, Respect

103 What creates trust, in the end, is the leaders manifest respect for the followers. Jim OToole, Leading Change

104 33. Embrace the Whole Individual.

105 34. Build Places of Grace.

106 My favorite word is grace – whether its amazing grace, saving grace, grace under fire, Grace Kelly. How we live contributes to beauty – whether its how we treat other people or the environment. Celeste Cooper, designer

107 Rodales on Grace … elegance … charm … loveliness … poetry in motion … kindliness.. benevolence … benefaction … compassion … beauty

108 35. MBWA*: Visible Leadership! *Managing By Wandering Around

109 The first and greatest imperative of command is to be present in person. Those who impose risk must be seen to share it. John Keegan, The Mask of Command

110 36. Thank You!

111 The deepest human need is the need to be appreciated. William James

112 37. Promote for people skills. (THE REST IS DETAILS.)

113 33 Division Titles. 26 League Pennants. 14 World Series: Earl Weaver0. Tom Kelly0. Jim Leyland0. Walter Alston1AB. Tony LaRussa132 games, 6 seasons. Tommy LasordaP, 26 games. Sparky Anderson1 season.

114 When assessing candidates, the first thing I looked for was energy and enthusiasm for execution. Does she talk about the thrill of getting things done, the obstacles overcome, the role her people played or does she keep wandering back to strategy or philosophy? Larry Bossidy, Honeywell/AlliedSignal, in Execution

115 38. Honor Youth.

116 Why focus on these late teens and twenty- somethings? Because they are the first young who are both in a position to change the world, and are actually doing so. … For the first time in history, children are more comfortable, knowledgeable and literate than their parents about an innovation central to society. … The Internet has triggered the first industrial revolution in history to be led by the young. The Economist

117 39. Provide Early Leadership Assignments.

118 The WOW! Project.

119 Think BIG … Think DIFFERENT … Think COOL … Appropriate benchmark: earn a place in the history books … be able to say to your grandson/daughter, I was project manager of the Big Dig TP/Bentley magazine

120 Your Current Project? 1. Another days work/Pays the rent. 4. Of value. 7. Pretty Damn Cool/Definitely subversive. 10. WE AIM TO CHANGE THE WORLD. (Insane!/Insanely Great!/WOW!)

121 The Project 50

122 Create Sell Implement Exit Traditional 10% 0% 90% 0% Emphasis Our View 30% 30% 30% 10%

123 40. Create a FORMAL System of Mentoring.

124 W. L. Gore Quad/Graphics

125 41. Diversity!

126 Diversity defines the health and wealth of nations in a new century. Mighty is the mongrel. The hybrid is hip. The impure, the mélange, the adulterated, the blemished, the rough, the black-and-blue, the mix- and-match – these people are inheriting the earth. Mixing is the new norm. Mixing trumps isolation. It spawns creativity, nourishes the human spirit, spurs economic growth and empowers nations. G. Pascal Zachary, The Global Me: New Cosmopolitans and the Competitive Edge

127 CM Prof Richard Florida on Creative Capital: You cannot get a technologically innovative place unless its open to weirdness, eccentricity and difference. Source: New York Times/

128 Where do good new ideas come from? Thats simple! From differences. Creativity comes from unlikely juxtapositions. The best way to maximize differences is to mix ages, cultures and disciplines. Nicholas Negroponte

129 Duh! We want our associate population to mirror our customer population at every level, from the executive suite all the way to the retail floor. In the marketplace, basically what I want to do is draw a concentric circle around every one of our 2,300 stores, and I want the assortment in that store to match the ethnicity of the neighborhood its in. Some neighborhoods are all Hispanic, so we can put in a full Hispanic format. Thats what Super Saver is. All the signage is in both languages. Theres a 100 percent Spanish-speaking staff in the store. Larry Johnston, CEO, Albertsons

130 42. WOMEN RULE.* *Duh.

131 AS LEADERS, WOMEN RULE: New Studies find that female managers outshine their male counterparts in almost every measure Title, Special Report, Business Week

132 American women possess leadership abilities that are particularly effective in todays organizations, yet their abilities remain undervalued and underutilized. In the future, what will distinguish one organization and one country from another will be its use of human resources. Today human resource utilization is not only a matter of social justice but a bottom-line issue. Judy Rosener, Americas Competitive Secret

133 Womens Strengths Match New Economy Imperatives: Link [rather than rank] workers; favor interactive-collaborative leadership style [empowerment beats top-down decision making]; sustain fruitful collaborations; comfortable with sharing information; see redistribution of power as victory, not surrender; favor multi-dimensional feedback; value technical & interpersonal skills, individual & group contributions equally; readily accept ambiguity; honor intuition as well as pure rationality; inherently flexible; appreciate cultural diversity. Source: Judy B. Rosener, Americas Competitive Secret

134 63 of 2,500 top earners in F500 8% Big 5 partners 14% partners at top 250 law firms 43% new med students; 26% med faculty; 7% deans Source: Susan Estrich, Sex and Power

135 U.S. G.B. E.U. Ja. M.Mgt. 41% 29% 18% 6% T.Mgt. 4% 3% 2% <1% Peak Partic. Age % Coll. Stud. 52% 50% 48% 26% Source: Judy Rosener, Americas Competitive Secret

136 Deloitte was doing a great job of hiring high- performing women; in fact, women often earned higher performance ratings than men in their first years with the firm. Yet the percentage of women decreased with step up the career ladder. … Most women werent leaving to raise families; they had weighed their options in Deloittes male- dominated culture and found them wanting. Many, dissatisfied with a culture they perceived as endemic to professional service firms, switched professions. Douglas McCracken, Winning the Talent War for Women [HBR]

137 The process of assigning plum accounts was largely unexamined. … Male partners made assumptions: I wouldnt put her on that kind of company because its a tough manufacturing environment. That client is difficult to deal with. Travel puts too much pressure on women. Douglas McCracken, Winning the Talent War for Women [HBR]

138 Goldsmith College research (UK): Gender stereotypes re-enforced. Men who extol successes rewarded, women not. Men who face interviewer head on upgraded; women who look at floor or use sidelong glances do better. Women who nod repeatedly do better, not men. Men who give long answers score well, women who give short answers do well. (College grads seeking jobs; HR interviewers2 M, 2F.) Source: The Observer/ London

139 The Core Argument 1. We are in a War for Talent. 2. The war will intensify. 3. Women are under-represented in our leadership ranks. 4. Women and men are different. 5. Womens strengths match the New Economys leadership needsto a striking degree. 6. Women are also the principal purchasers of goods and servicesretail and commercial. 7. Ergo, women are a large part of the answer to the War for Talent issue/opportunity.

140 43. Hire (& Protect!) Weird!

141 Are there enough weird people in the lab these days? V. Chmn., pharmaceutical house, to a lab director

142 The Cracked Ones Let in the Light Our business needs a massive transfusion of talent, and talent, I believe, is most likely to be found among non-conformists, dissenters and rebels. David Ogilvy

143 Deviants, Inc. Deviance tells the story of every mass market ever created. What starts out weird and dangerous becomes Americas next big corporate payday. So are you looking for the next mass market idea? Its out there … way out there. Source: Ryan Matthews & Watts Wacker, Fast Company (03.02)

144 Saviors-in-Waiting Disgruntled Customers Off-the-Scope Competitors Rogue Employees Fringe Suppliers Wayne Burkan, Wide Angle Vision: Beat the Competition by Focusing on Fringe Competitors, Lost Customers, and Rogue Employees

145 Why Do I love Freaks? (1) Because when Anything Interesting happens … it was a freak who did it. (Period.) (2) Freaks are fun. (Freaks are also a pain.) (Freaks are never boring.) (3) We need freaks. Especially in freaky times. (Hint: These are freaky times, for you & me & the CIA & the Army & Avon.) (4) A critical mass of freaks-in-our-midst automatically make us- who-are-not-so-freaky at least somewhat more freaky. (Which is a Good Thing in freaky timessee immediately above.) (5) Freaks are the only (ONLY) ones who succeedas in, make it into the history books. (6) Freaks keep us from falling into ruts. (If we listen to them.) (We seldom listen to them.) (Which is why most of usand our organizationsare in ruts. Make that chasms.)

146 44. Cherish Boldness!

147 No Wiggle Room! Incrementalism is innovations worst enemy. Nicholas Negroponte

148 45. We Are All Unique.

149 Beware Standardized Evals: One size NEVER fits all. One size fits one. Period.

150 48 Players = 48 Projects = 48 different success measures.

151 46. Bosses Win People Over.

152 WHAT AN IDIOT: Instead of employees being in the drivers seat, now were in the drivers seat.

153 PJ: Coaching is winning players over.

154 47. GOAL: Voyages of Mutual Discovery.

155 I am inalterably opposed to organization change, empowerment, motivation. The goal: to awaken the latent talent already within, by providing opportunities worthy of the individuals investment of her or his most precious resources … time and emotional commitment.

156 Leaders (Teachers) Do Not Transform People! Instead leaders (1) provide a context which is marked by (2) access to a luxuriant portfolio of meaningful opportunities (projects) which (3) allow people to fully (and safely, mostlycaveat: they dont engage unless theyre mad about something) express their innate curiosity and (4) engage in a vigorous discovery voyage (alone and in small teams, assisted by an extensive self-constructed network) by which those people (5) go to-create places they (and their mentors-teachers-leaders) had never dreamed existedand then the leaders (6) applaud like hell and stage photo-ops to commemorate the bravery of their followers explorations!

157 48. Foster Independence.

158 You must realize that how you invest your human capital matters as much as how you invest your financial capital. Its rate of return determines your future options. Take a job for what it teaches you, not for what it pays. Instead of a potential employer asking, Where do you see yourself in 5 years? youll ask, If I invest my mental assets with you for 5 years, how much will they appreciate? How much will my portfolio of career options grow? Stan Davis & Christopher Meyer, futureWEALTH

159 THE rise up and flee your cubicle STREET JOURNAL Adventures in Capitalism

160 THE I work for a company called Me STREET JOURNAL Adventures in Capitalism

161 Thriving in 24/7 (Sally Helgesen) START AT THE CORE. Nimbleness only possible if we locate our inner voice, take regular inventory of where we are. LEARN TO ZIGZAG. Think gigs. Think lifelong learning. Forget old loyalty. Work on optimism. CREATE OUR OWN WORK. Articulate your value. Integrate your passions. I.D. your market. Run your own business. WEAVE A STRONG WEB OF INCLUSION. Build your own support network. Master the art of looking people up.

162 49. Enthusiasm!

163 BZ: I am a … Dispenser of Enthusiasm!

164 A leader is a dealer in hope. Napoleon

165 New Economy Biz Degree Programs MBA (Master of Business Administration) MMM1 (Master of Metaphysical Management) MMM2 (Master of Metabolic Management) MGLF (Master of Great Leaps Forward) MTD (Master of Talent Development) W/M w GTD w/o C (Woman/Man Who Gets Things Done without Certificate) DE (Doctor of Enthusiasm)

166 50. Talent = Brand.

167 The Top 5 Revelations Better talent wins. Talent management is my job as leader. Talented leaders are looking for the moon and stars. Over-deliver on peoples dreams – they are volunteers. Pump talent in at all levels, from all conceivable sources, all the time. Source: Ed Michaels et al., The War for Talent

168 Brand = Talent.

169 !

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