Let's Talk About Talent

Last week, I came across two noteworthy pieces of information regarding talent that I believe are worth sharing. First, in their Q1 2023 Quarterly Report (https://www.fidelity.com/about-fidelity/our-company/quarterly-updates/quarterlyupdates-q1-2023), Fidelity revealed an awesome statistic: 8,200 of their associates experienced internal job mobility during that period. Considering Fidelity's status as a prominent financial services company with approximately 65,000 associates, this number is truly impressive. It aligns with their reputation as an employer of choice and their track record of promoting internal talent.

The second item I came across was a report from McKinsey (https://www.mckinsey.com/mgi/Our-Research/Performance-through-people-Transforming-human-capital-into-competitive-advantage) that provided empirical evidence supporting the notion that investing in people is not only the right thing to do but also drives competitive advantage. The report introduced the concept of "People + Performance Winners (P+P)" companies, which embody the finest qualities of both "Performance Driven Companies" and "People Focused Companies" as illustrated in the accompanying chart. These P+P Winners demonstrated better financial performance, greater resilience during economic fluctuations and times of crisis, and also excelled in attracting and retaining top-tier talent versus their peers.

The Fidelity statistic and McKinsey research provide validation for a belief I have long held and strongly advocated: Companies that invest in the development of their people, cultivate an inclusive work environment, and help employees connect their work with the company's vision, mission, and goals will experience heightened commitment, engagement, and financial performance, ultimately leading to greater loyalty. At its core, this discussion is about treating individuals the way we ourselves would like to be treated.

Placing people at the forefront necessitates a commitment from leaders and managers to lead by example, and companies of all sizes can take small but significant steps toward becoming more people focused. In a series of upcoming newsletters, I will delve into programs and tools that companies can readily and affordably implement to make a meaningful impact on the professional lives of their employees. I have personally witnessed the positive effects of well-executed initiatives on the development of people, and it is truly remarkable.

Wishing you a great weekend!

Marc Butler 富达 麦肯锡 Bill Schaninger, Ph.D. Dana Maor Olivia White Sven Smit Hamid H. Samandari Jonathan Woetzel Davis Carlin Kanmani Chockalingam Anu Madgavkar #talentdevelopment #wealthtech #wealthmanagement #talent #puttingpeoplefirst