Over the past decade or so, a new C-suite position has begun to gain the support of company leadership as a way to ensure the appropriate focus on talent acquisition and management: the Chief Talent Officer (CTO).
While some companies still do not see the value of a CTO, an increasing number, including many private equity (PE) firms, have realized that without talented personnel to fill their open positions, their organizations will never reach their full potential or ambitious growth goals.
What Does a CTO Do?
The scope of a CTO position goes far beyond being in charge of the hiring process; it encompasses recruiting, succession planning, talent mapping, and other oversight responsibilities. In short, CTOs are tasked with creating and implementing a comprehensive talent management strategy so that the organization can leverage its talent for future growth.
CTOs work with the executive team and HR department, making sure that HR implements best practices for talent management and the executive team gives practical support to hiring teams in their search for the best possible talent for the organization.
CTOs for Private Equity Firms
Chief Talent Officer positions can be especially beneficial for PE firms as they are often tasked with staffing executive leadership positions for dozens of companies each year. CTOs in this role need to put talent in place to build teams that can achieve ambitious goals and grow the organization in a short window of time.
Many PE firms are finding that talent management strategy is one of the “first things” that must be in place if the process of turning an organization around is to work, so a CTO position is needed in order to provide needed leadership for talent management. Often, organizational culture change is most effective when it comes from the top; CTOs can provide the impetus for more effective talent management strategy, which in turn reverberates through the organization with benefits for overall productivity and profitability.
A Place For Thrive TRM
CTOs can use Thrive TRM as a valuable resource to help with talent management, from detailed candidate profiles to messaging features that can keep the entire team in the loop as searches progress. Thrive TRM automates facets of the hiring process and enables each part of a talent management strategy.
Accessible from a smartphone, tablet, and computer, Thrive TRM goes wherever you go and keeps track of recruiting and hiring efforts so that top talent does not fall through the tracks (or go to a competitor). No matter how many positions you are trying to fill, Thrive TRM can keep up with every step of the process and keep large amounts of data about each position straight.
Reporting features put all that data into an easily understandable format so you do not waste your time getting up to speed. Everything you need is in one place. Discover solutions for VC / PE firms that can streamline a CTO’s job and make it more effective.