Play the Long Game in Talent Development
In today’s workplace, it’s not enough to simply manage your employees for the day to day. Your company needs to start investing now in talent development and succession planning to build a successful future.It’s an investment that comes at a challenging time for employers, as 10,000 Baby Boomers a day turn 65 and younger workers are increasingly less tethered to any one company.But the payoff is high. Organizations with a formalized succession management process have 50 percent lower turnover among high-performing employees, according to The Talent Management Factbook.Wondering how to get started? Here’s what I shared in a recent presentation for the Baton Rouge Chapter of the Association for Talent Development.
Map Out a Plan
To get a handle on people strategy and succession planning, start by identifying and addressing risks and needs for the future.Look at your business’ strategic goals, then think about the human resource implications of those goals. Assess your current career development culture and whether your current HR strategy supports those goals. Once that is defined, develop and implement gap-closing strategies, especially ones that go beyond just a one-time class or a program.
Assess Your Talent Pool
Once you understand your people needs, move on to assessing your talent pool, making sure to scout your teams for high-potential employees, whose impact on your business can be huge.Sometimes high-potential employees aren’t easy to spot. Consider the NFL as an example: Many college players have less-than-stellar Combine performances but end up being great (Odell Beckham Jr.). Others who are drafted with great promise end up being average or worse (JaMarcus Russell). Many leadership qualities do not emerge except over time and under fire. That’s why development experiences and visibility are the best way to develop emerging leaders.So, when you measure high-potentials, look deeply. Find employees who work well with others, deliver results, solve problems and are comfortable with change. Also, look for learning agility. It’s the single biggest differentiator between successful and unsuccessful executives.
Understand the True Impact
Creating an environment where leadership and careers can flourish is vital to succession planning.When done well, it makes a big difference. But you can’t do it alone. It has to live within your organization. Start playing the long game now.Success Labs is a leadership development and management consulting firm in Baton Rouge, Louisiana. For more than 25 years, our expert team of consultants has worked with hundreds of companies to explore their business potential and improve their company and cultural performance. Contact us to get proactive about your people strategy.
