Finding, Keeping and Developing Sourcing and Supply Chain Professionals: Top Executives Discuss Best Practices in Talent Management
Each quarter, the Best Practices Xchange (BPX) (www.bestpracticesxchange.com) hosts a gathering of some the brightest and most innovative minds in the strategic sourcing and supply chain discipline. The most recent meeting held October 6, 2006 was extraordinary as it covered a subject rarely discussed in sourcing / supply chain circles: talent.
(PRWEB) October 13, 2006 -- Each quarter, the Best Practices Xchange (BPX) (www.bestpracticesxchange.com) hosts a gathering of some the brightest and most innovative minds in the strategic sourcing and supply chain discipline. The most recent meeting held October 6, 2006 was extraordinary as it covered a subject rarely discussed in sourcing / supply chain circles: talent. Between the expert speakers and attendee commentary, members heard:
| | - the results of an exclusive study on talent, retention and other HR forces affecting sourcing and supply chain organizations and their leaders
- how two different parts of a major insurance firm have identified the critical ‘soft’ skills that spell success in sourcing
- how leading sourcing and supply chain organizations drive “materially” more savings with their sourcing and supply chain teams and also pay “materially” more for these people
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“This was, by far, the best meeting of BPX,” said the Chief Procurement Officer of a member organization. “Recruiting, training, and retaining top performers is critical to my organization. BPX is the best venue to hear and see the concepts and goals for World Class organizations and to hear their experiences in the real world to reach that level of attainment.”
In the highly interactive discussions this event triggered, attendees discussed the constant struggle to find the right sourcing / supply chain personnel, provide them with the right type of skill and knowledge acquisition programs, offer them career development opportunities and implement creative compensation programs to retain and motivate them. These areas of Strategic Sourcing and Supply Chain have only recently been accorded the kind of importance they deserve; therefore, the body of knowledge and experience around talent management in sourcing and supply chain is not as deep as the areas of sales, finance or operations.
The Group had an opportunity to hear from four diverse and senior speakers.
Kathleen Cortez, VP Claims, Cost Containment and Sourcing and Craig Meadors, VP Enterprise Procurement jointly discussed Strategic Sourcing Talent and Recruiting for CNA Insurance’s sourcing organizations for direct and indirect spending as it relates to the profile of employees sought, recruiting tactics, skills required, and the issues and challenges associated with training, development, and career planning for their respective groups.
Jason Busch, Founder and Managing Director of Azul Partners and publisher of spendmatters.com (www.spendmatters.com) led a discussion on the Evolution of the Spend Management Talent Game - where it was ten years ago, where it is today and where it is going in the future. Jason also discussed the symptoms companies can spot when their talent and skills have not evolved to the level where they need to be.
Lastly, Anne Kohler, EVP & COO of The Mpower Group presented and led the discussion surrounding the findings of an exclusive, members only Talent Management Best Practice Benchmark Diagnostic. The presentations, discussion, and the opportunity to benchmark with other leading sourcing / supply chain organizations is the reason the members take time out of their hectic schedules to meet on a quarterly basis.
The members-only Talent Management Best Practice Benchmark Diagnostic explored four (4) key areas: Recruiting, Training, Career Development, and Compensation. The diagnostic was delivered through a short questionnaire that explored 20 key performance traits covering each of the four domains. A number of key findings from the survey were uncovered;
| | - It appears that skills (change management, selling, consulting skills, etc.) beyond traditional sourcing / supply chain process skills are highly sought after as 69% of our respondents look for these skills often/always when recruiting.
- In many cases (46.2%) training programs are supported by a well-defined competency model.
- About half the respondents (nearly 50%) are expected to play the business partner role within their organization, where the role is valued and supported by senior management.
- In 46% of the respondent organizations, compensation plans are used to drive the appropriate behavior – rewarded not just for “what” is accomplished but also for “how” work is accomplished.
- Only 23% of the respondents reward / compensate their professionals for acquiring new skills.
- In 46% of the responding organizations, sourcing / supply chain professionals are not compensated on par with other highly compensated groups.
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The next meeting for the Best Practices Xchange Council (BPX) will be scheduled for the first quarter of 2007.
Customary with every BPX meeting, one half of membership dues are allocated to support a designated charity. This quarter BPX supports the ongoing efforts of a domestic violence agency.
About Best Practices Xchange (BPX):
BPX is a members-only, peer-to-peer group with a charter to provide thought leadership, advanced solutions and networking opportunities to group members. The group meets quarterly.
BPX addresses major Global Strategic Sourcing and Supply Chain Management challenges such as:
| | - Building world-class Sourcing and Supply Chain Management Organizations
- Supplier Relationship Management (SRM) and Governance
- Low Cost Country Sourcing
- Integration of Technology into Supply Chain processes
- Integration of 6 Sigma and Strategic Sourcing
- Managing IT Outsourcing Arrangements
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The Best Practices Xchange (www.bestpracticesxchange.com) is one of the most prestigious and influential executive groups in the Sourcing and Supply Chain world. These Strategic Sourcing and Supply Chain executives represent many top corporations. Collectively, these firms generate over $225 billion in sales, employ over 1.0 million people and enjoy worldwide operations. These executives meet each quarter to discuss the challenges faced by supply chain and sourcing industry leaders.
Representative Member Companies include:
| | - Discover Financial
- Exelon Corporation
- FMC Technologies
- John Deere
- McDonald’s Corporation
- State Farm
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If you would like more information on The Best Practices Xchange (BPX) or to apply for membership, please contact Glenn Kwiatkowski at The Mpower Group, 630-268-8963.
Media Inquiries for BPX should be addressed to:
Dalip K. Raheja
President and CEO
The Mpower Group
(630)268-8963 (Office)
www.thempowergroup.com
About The Mpower Group:
The Mpower Group (“TMG”), a certified minority supplier, services Fortune 500 organizations globally, solving complex issues related to their supply chain and strategic sourcing operations including outsourcing and off shoring. TMG emphasizes world-class business practices related to strategy, process and technology that truly drive superior financial results for their clients. Dalip Raheja, the firm’s President and CEO, is nationally recognized for his thought-leadership and advanced strategic concepts in the areas of Strategic Sourcing and Supply Chain Management.
Contact Information:
Glenn Kwiatkowski
Director of Marketing
The Mpower Group
(630)268-8963 (Office)
www.thempowergroup.com
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