Take a Page from the Private Equity Manual - Act Fast

The private equity buyout binge may be slowing due to the recent sub-prime credit crisis. Regardless, private equity deals teach a vital lesson for HR leadership of any company.

The lesson? Heed the need for speed.

Unless in the midst of an M&A-driven deal or dramatic competitive challenge, companies effect change incrementally. Private equity firms typically purchase underperforming companies and are charged with quickly turning them around. They do not have time for a measured approach to change. They quickly assess a company's talent and pare the deadwood, retain the stars and cast a wide net to procure top performers who will move the company forward.

Why move quickly? One word: competition.

Don't wait. HR leadership needs to challenge the organization to force rapid change. The global nature of the marketplace means companies must be nimble not only to survive, but also to thrive and grow. Good performance today can easily become underperformance tomorrow. In addition, most industries are experiencing a severe talent shortage across the board. Act too slowly and the best of the best will be working for your competitors or in other industries.

Therefore, the time is now for companies to identify and build the ' team of the future. ' Whether it's a single department or the entire company, here are some steps to take - now - to make these changes:

• Create a vision. What will your ' new co ' company look like? How will the change drive the business to be more successful? What are the talent needs?
• Create a change event. Build and follow an aggressive timeline for completion. If you are not willing to work quickly, change will occur too slowly to be significant.
• Secure additional resources. To find your ' team of the future, ' you will need additional resources for recruitment. You will also need champions within the company.
• Empower a project team. You can't ignore the business needs of today to create the business of tomorrow. A dedicated ' tiger team ' should be assembled to tackle this specific challenge without taking focus away from day-to-day operations.
• Set and hit deadlines. Define success. The sooner a framework is put into place, the quicker you will see results. Small restructures can be completed within months.

Look at your company's talent recruitment and acquisition needs through the private equity lens. You will see a need for aggressive, rapid change to improve performance and guarantee success for the future.

Making that investment - today - in talent acquisition will pay off in multiples tomorrow.