How to Attract and Retain Top Talent by Aligning People Strategy with Business Strategy
Summary:
In this episode of the podcast, Dr. Jim welcomes Tami Rosen, the Chief People Officer of Pagaya, for an engaging talk live from HR Transform at the Wynn Resort in Las Vegas. The discussion delves into the integral relationship between HR leadership and company success, busting prevalent myths in the corporate sphere.
Tami Rosen outlines the critical fallacy that outstanding products and services are enough to draw people to a company, which she refers to as the "Field of Dreams strategy". Instead, she argues for the importance of aligning a solid people strategy with business objectives. The episode converges on the idea that companies should drive forward with an intrinsic motivating mission to spearhead growth and sustain high-performing teams. Rosen's insights offer a fresh perspective on cultivating a workplace environment where employees are connected to the overarching goals of the organization.
Key Takeaways:
* The "Field of Dreams strategy," which presumes that excellent products draw people to a company, is a myth that needs busting.
* The people strategy should be in lockstep with business strategy to foster high-performing and diverse teams.
* Intrinsic motivation tied to a company's mission is more powerful than extrinsic incentives for long-term employee engagement and performance.
* Aligning individual purpose with the company's mission can significantly enhance team effectiveness.
* Effective leadership must prioritize mission alignment for organizational success.
Chapters:
0:00:00
Introduction to the conversation with Tammy Rosen, Chief People Officer of Pagaya.
0:00:35
Tammy Rosen explains her role at Pagaya and the company's mission.
0:01:21
Tammy Rosen debunks the myth that great products and services alone will attract people to a company.
0:02:20
Dr. Jim and Tammy discuss the importance of mission alignment in driving employee motivation and engagement.
0:03:53
Tammy shares her contact information for further conversation.
Connect with Dr. Jim: linkedin.com/in/drjimk
Connect with CT: linkedin.com/in/cheetung
Connect with Tami Rosen: linkedin.com/in/tamirosen
Music Credit: winning elevation - Hot_Dope
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Transcript
Welcome.
Tami Rosen: Thank you. Thanks for having me today.
Dr. Jim: Yeah, I'm a super pumped to have this conversation. quick hitter conversation. We're going to be busting some myths, but before we get into the myth busting part of the conversation, why don't you tell everybody a little bit about the work that you do and what you're involved with at Pagaya?
Tami Rosen: Absolutely. So I am the chief people officer of Pagaya and I was the first C suite hired three years ago. And Pagaya is a B2B2C financial technology company that actually helps to give more financial opportunities to people. to more people more often. And we do this through innovating in our AI and data.
with from the lending side. [:Dr. Jim: That sounds super interesting. I think if we had more time, we could probably dig into that a little bit more because whenever I hear, Banking, finance, and AI.
I automatically have some negative things that pop up that I think are worth, we're talking about in a different conversation, but it's really cool work that you're doing . You're ready to bust some myths.
Tami Rosen: Sure.
Dr. Jim: All right. A lot of the conversations that we're having throughout this week with senior and executive people, leaders in HR has to do with leadership in HR myths that you just wish would die.
So what's yours?
Tami Rosen: The one I wish would die is that if you build great products and services, people will come. And I call this the field of dreams strategy. So obviously from the movie. And why I say that is because. People really believe that people will just join companies because of the amazing products and services.
people strategy aligned with [:Dr. Jim: There is a lot there that I can dig into, but I want to call out a couple of things and get a little bit more feedback from you. I totally agree with you on the product. Emphasis. I think that's misguided and I'm a go to market guy, so I totally get that. I think you should be obsessive about the problem that you solve, but you mentioned something that was interesting and that was mission.
And leading with mission as a way to really accelerate the organization and get people connected. Tell us a little bit more about why mission alignment is so critical.
u're going to put your heart [:And you're going to really try to achieve that. Through all the different resources you have and all the different experiences people bring to bear. And if people are driven by some of the extrinsic things, they're only going to be willing to meet that next threshold or that next milestone. And they're not really going to be in it for the longterm.
So when people care deeply about what you're trying to achieve, they're willing to go to the moon to get it done, right? Like they're willing to do anything.
Dr. Jim: Totally appreciate that. And especially the extrinsic versus intrinsic value and motivation piece of the conversation is really important.
The better job leaders can do when it comes to aligning purpose to each employee in the organization, the more effective you'll be in building a high performance team. So appreciate you sharing that bit of insight. I know we're just Scratching the surface of this if people want to continue the conversation what's the best way for them to get in touch with you?
Tami Rosen: Absolutely use LinkedIn or you can email me at Tammy dot Rosen at the guy a. com
im: Awesome stuff appreciate [:
