Your people can make or break your organization and your strategic plan
If your firm’s success hinged on one thing, you’d give it all the resources and attention it needed, right?
Maybe not.
In many organizations, the number one driver of strategy is often overlooked — and that’s the people who are tasked with executing the strategic plan created by executive leadership.
The people factor makes or breaks your ability to both sustain and grow your organization. Yet HR rarely has a seat in the boardroom, and employee feedback is often undervalued as a strategic tool.
Executing on your strategic plan and leveraging people data
In today’s fast-paced business world, understanding the needs and voices of people is not just beneficial — it’s essential.
By leveraging tools such as assessments, confidential surveys and 360 leadership reviews, you can gain invaluable insights directly from those who connect with clients daily. These tools serve as bridges, closing the gap between expectations set by the executive team and employee experiences. They ensure that your actions are not just based on assumptions but rather are informed by the real, lived experiences of your people.
Listening to your people through these methods is not merely about gathering feedback; it’s about fostering a culture of inclusivity, respect and continuous improvement. By aligning your business strategies with the insights gained from your workforce, you not only enhance your service offerings but also cultivate an environment where every voice is heard and valued.
This is the path to truly understanding and meeting the needs of your clients, powered by the collective intelligence and insights of your people.
So where do we begin?
1. Understand the current environment through the lens of your people
It’s important to understand what’s happening, what’s working and what’s not working from the employees’ perspective. Confidential, anonymous employee surveys can be a safe way for people to bring up issues they may not be comfortable sharing directly, or that haven’t made it to the ears that need to hear it.
Solicit feedback from the entire organization, and then look at the data without emotion. (Enlist an independent, third-party moderator to issue surveys or conduct interviews if it’s too hard to stay objective.) Often, employees will present areas of vulnerability and offer solutions. (And if you don’t listen to them, your competitors will.)
A lot of problems could be solved very quickly by asking employees for data. So, ask: How are we going to be successful?
2. Look at your strategic plan through the lenses of what and who
“What” refers to the work that needs to get done in order to meet and exceed strategic goals. “Who” refers to who is actually doing the work to meet and exceed those goals.
People plans need to align with strategy. There are some key elements to consider when you are trying to align a people strategy to the business strategy.
- Identify the work: Start by clearly defining the work that needs to be done. This includes understanding the tasks, projects and goals that are critical to achieving your strategic objectives.
- Define oversight and execution roles: Define and assign a champion. Specify who is responsible for overseeing the strategic plan and decouple them from those who will be executing it. This involves assigning clear roles and responsibilities to help ensure accountability.
- Determine needs for execution: Identify what is needed to execute the plan effectively. This could include additional people (hiring needs), new processes (to improve efficiency) and technology (tools to enhance productivity).
- Communicate the strategy: It’s crucial for employees at all levels to understand where the firm is heading and why changes are being made. This includes the reasons behind strategic decisions and how they contribute to the organization’s goals.
- Cascade the strategic plan: Finally, communicate and cascade the strategic plan down to all levels of the organization. This helps ensure that everyone is aligned with the strategic goals and understands their role in achieving them. And if that’s not possible, employees have a chance to speak up and explain why they may not be able to achieve their part.
By focusing on these structured steps, you integrate a comprehensive people strategy into your overall strategic plan, helping your organization become well-equipped to move forward successfully.
3. Institute leadership accountability
Leadership accountability plays a pivotal role in aligning organizational strategy with execution, and it starts with an assessment of those managing or leading people. Tools like 360 reviews are instrumental in this process, as they provide comprehensive feedback from a leader’s superiors, peers and direct reports, offering a well-rounded view of their strengths and areas for improvement.
To aid in both leadership development and succession planning, take these steps:
- Use leadership assessments: Using 360 reviews and other assessment tools helps identify the current capabilities of leaders and the areas where they need development. This holistic feedback mechanism is critical for personal and professional growth.
- Identify development needs: The insights gathered from these assessments allow organizations to tailor development programs and support mechanisms specifically to the needs of their leaders and executives. This proactive approach ensures leaders are well-equipped to navigate the challenges of their roles.
- Establish leadership competencies: Establishing a set of leadership competencies provides a clear benchmark for what is expected from leaders in the organization. This clarity helps in setting goals for current leaders and in identifying potential leaders who exhibit these competencies.
- Map to career paths: With leadership competencies defined, organizations can more effectively map individuals to career paths that align with their skills and aspirations, as well as the needs of the organization. This aids in succession planning, which, while complex, becomes less daunting when there’s a clear framework in place to identify and develop future leaders. Career pathing also motivates employees by showing them a clear path to leadership roles.
This structured approach to leadership development and accountability helps ensure leaders are not only assessed and developed but also aligned with the strategic goals of the organization. It demonstrates a commitment to growth, both for individuals and the organization, and reinforces the message that there are opportunities for advancement and leadership for those who are prepared to meet the challenges.
Leaders can model the way. Be humble enough to admit when you still have learning to do and stay curious. When leaders embrace learning and personal development, they encourage employees to do the same. Keeping an open mind makes it easier to accept necessary feedback — and more likely that employees will speak up.
How Wipfli can help
People make it happen. That’s why we help companies match their people and talent management strategies to their overall business goals. We make sure you have the right human resources, skills and people plans to support your ambitions. Explore how to build a high-performance financial services team with Wipfli.