“Tactics for Talent Troubles” is the title that Chief Executive gave to an interview with Joe Herring. He’s the CEO of Covance, a $2.8 billion contract research organization. Here’s the money quote.
“Ultimately, Herring credits the program with not only reducing turnover to a much healthier range of between 7 and 10 percent but also transforming the company.”
Turnover dropped from over 20 percent while the company also grew revenues at around 15 percent per year. At that rate the company is doubling revenue every five years. And, just to make the challenge a little spicier, Covance needed to decrease costs and increase efficiency to remain competitive.
This was not a quick or an easy fix. You don’t just find a bunch of “great” people, get them on your bus, and drive a way to success. Herring began the process in 1999 when he was head of the pre-clinical trial part of Covance’s business.
Business transformation is never easy or quick. When George Hart used recruitment and training as the drivers to transform the Oakland Police Department the process began in the late 1970s. A decade later you could see results, but the full impact would take even longer.
Talent transformation takes time. It also takes courage and discipline.
Herring didn’t try to do it all himself or in-house. He went outside for experts who could help him do things right. Talent transformation initiatives don’t usually show results right away. You’re doing something that may be expensive and will certainly be uncomfortable and in the beginning there won’t be much to show for it.
If you want to use talent transformation to drive company transformation, get ready for a long haul. This kind of change takes time, and the expenses and cultural strains will show up well before the benefits.
