L. F. McManus Company, Inc.
6. Management Inventory
Organizations often set about developing a strategic plan which sets the Mission and Objectives for the organization and forget to consider whether or not they have the depth of management and leadership talent they need to make this strategic plan happen.
In some ways, this is like a planning a military mission to achieve an objective without considering whether or not there are sufficient troops to make this happen, whether the troops are ready to take on this offensive, and whether they have the management and leadership talent needed to ensure that the mission will be successful.
A number of years ago, a large international bank spent just under a half-million dollars and a year developing a strategic plan for its organization. As part of this strategic plan, the bank spent a considerable amount of time and effort designing a new organizational structure so that its strategic plan would have the support systems needed for success.
As the bank started to implement its strategic plan, however, it began to realize that it did not have sufficient management and leadership talent to staff its new organizational design. It then had to take the time and assume the additional expense of adjusting the organization's structure and strategic plan so that it was realistic in view of its existing staff readiness and capability in the near term.
Organizations have often developed excellent inventories of their equipment, financial resources, buildings, and customer services. However, few firms have ever developed an inventory of the key "value creating" people in their organizations, upon whose performance rests the organization's success. When an organization is asked whether or not its business or strategic plan is realistic in terms of the capabilities and readiness of its present staff, the organization usually answers, "we think so." However, the reality is that many organizations lack an inventory of key individual staff members' potential and developmental needs for use in planning and for management succession opportunities.
In fact, as pointed out above, many organizations establish plans for growth without knowing whether or not they have the necessary kinds of talent in their staff to make it happen. Organizations are beginning to realize that to compete successfully in the twenty-first century, that their focus is going to have to shift from a primary emphasis on the immediate "bottom-line," to one that focuses on the "intellectual capital" in the firm.
Wall Street investors are now realizing that the "intellectual capital" of a firm may well exceed its tangible assets. What is going to make the competitive difference for firms, once their basic operational needs are in place is going to be the number of high potential people they can attract and hold. It is generally agreed that organizations that make an investment in their people now are going to be the ones that move ahead in the next decade.
The Management Inventory process helps an organization to answer five very important questions:
1. Is the organization sufficiently aware of the skills, talents and abilities of its people?
2. Is the organization currently utilizing the skills, talents, and abilities of its people in the best interest of
the individual and the firm?
3. What kinds of information does the organization have, other than current job performance, that will
enable it to develop a meaningful succession plan?
4. Based upon information developed from a Management Inventory, what specific educational program
does each key individual need?
5. What job/person information does the organization have, to counsel individuals in terms of positions
within the firm to which they can reasonably aspire? What "horizontal moves" might the individual need
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to make when "vertical growth" from his/her present assignment is not a foreseeable reality?
For more information on Management Inventory programs with the L. F. McManus Company, Inc., please use our e-mail address to contact us.