In this video interview, Combined Insurance SVP of Human Resources Barbara Halverson discusses aligning human capital strategy with a high growth business model.
Today’s business challenges—acquiring and retaining new customers; applying innovation to stay ahead of the competition; managing change; improving productivity, driving growth—point to a business environment that is more competitive and global than ever before.
As Combined Insurance Senior Vice President of Human Resources Barbara Halverson explains, the ability to effectively translate a high-growth business model into a customized human capital strategy offers a clear competitive advantage across every industry.
“High growth business models need to have a human capital strategy that is aligned with the culture and growth levers that you’ve determined for your organization.”
“For instance,” Halverson illustrates, “if your environment needs to be high in risk taking, then your culture needs to be aligned with risk taking. Further, every level of the organization should understand and be aligned to what those growth levers are.”
Halverson explains that the speed of marketplace change has outrun the ability of traditional HR planning to meet business needs and so, new strategies must place emphasis on flexibilty.
“Some of the unique drivers of a high growth businesss plan include pace of execution, the ability to change and pivot very quickly when the market gives you an opportunity and a high focus on results orientation.”
“At my organization, we say that we are 10 percent strategy and 90 percent execution. Risk taking, the concept of failure forward, enables mistakes that project your organization forward by learning lessons quickly, pivoting and capitalizing on opportunities.”
“Three important characteristics that align you with growth in your HR capital strategy is talent acquistion, talent management and organizational design.”
“Being able to find and retain the very best talent, who will help you drive your growth. Your growth is unique to your organization. It’s important to find talent who meets your growth.”
“Talent management strategies should also be unique to your growth. Being able to have talent who can pivot and be nimble, that you can move around the organization as opportunities present themselves is important.”
“And last, organizational design. The organization itself needs to be nimble, matrix oriented, and allow for pace of execution and decision making.”