By Rich Wellins, Ph.D.
I just came back from a trip to India that was partly devoted to a series of events we co-sponsored with the Conference Board.
The HR topic was risk management, which--at first--seemed a bit far-fetched for me. But, when you think about it, talent management should be integrally linked to business risk management. After all, we all keep saying that talent is often the key component to business success. Ironically, the title slide for the presentation was “Enterprise Risk Management and HR: Two Kingdoms Separate and Protected.”
Risk management in general is taking rewards and risks into consideration in key business decisions. Effective talent risk management can be defined as having the right people in place at the right time to drive current and future business growth.
The Conference Board data shows that only 50% of companies integrate human capital into their risk management and planning process. And, only one in three feels they are effective in managing talent risk.
Some of the key success factors reviewed by the Conference Board included:
- A formal process to bring talent strategy into risk planning.
- Your organization’s risk management team includes HR representatives.
- A chief risk officer who insists on making talent issues front and center.
All make sense to me. No talent, no business!
Rich Wellins is a Senior Vice President for Development Dimensions International (DDI).
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