Top Two Talent-related Concerns of Leaders of Knowledge Based Enterprises
A recent Society for Human Resource Management global survey discovered executives had concerns about two people-related challenges facing them by 2020.
1. Attracting the best people to their organization.
2. Retaining their top talent
Where to Begin?
The Talent Management Institute has developed an integrated, ten-element Total Talent Management System™ that is a full-cycle approach. Effective implementation of any strategy must begin with planning. In this case the cycle begins with workforce planning and ends with succession thus completing the loop.
Benefits of Succession Planning
Hiring from outside the organization may be part of a succession plan. However, in the current war for talent searching for the right talent can be costly and take considerable time compared to filling key positions from a talent pool of qualified internal candidates. Consider the following five benefits of having a succession plan in place:
1. Establishes a reputation for developing and promoting talent sends a powerful cultural message.
2. From a talent management/transformation perspective growing talent demonstrates that the company believes it is important to invest in its people.
3. Reduces anxiety of what to do if a company loses key people.
4. Can energize senior managers who become mentors who have frequent interaction with emerging leaders
5. Establishing a pool of emerging leaders can reduce the time required to be come ready for key positions.
Implementation The most effective succession plan evaluates key leadership and other essential positions to determine the primary accountabilities of the job and the talent requirements to accomplish them.
Then, create a talent pool by assessing current employees to define the job-talent fit. Implement a personal development plan to address the gaps to accelerate readiness which may include specific skills training and education, leadership development or broadened job exposure.
A highly effective succession plan is put in place and forgotten. They are reviewed at least annually to assess emerging talent and to all employees in the plan. Most importantly, senior management must be involved to provide support and sponsorship.
Free Executive Summary Report
Click on the following link to get access to the free report “Fully Engaged Top Talent: Key to Excellence for Knowledge-based Enterprises ” which includes information about the Total Talent Management System.