Talent pool based succession planning helps in creating a group of high performing employees who have the potential to absorb current business demands and develop their skills to assume greater responsibilities in the times ahead.
I have been born and raised amongst people who believed in the ideology of managing assets and future planning. They say, “It is always better to use available resources carefully, nurture them persistently to make them better and reap bigger fruits in the future.”
What if the same concept is applied on the business domains? Is it really necessary to prepare highly-talented employees and place them at organizations’ key positions to achieve success? Of course, yes!
Many of you reading this blog post would agree with me. Nobody knows what future holds for us, therefore succession planning is domineering at all times. To succeed in the strategic succession planning, there is always a need to calibrate employee’s skills, create talent pools and fill competency gaps.
Creating Talent Pool for an Effective Succession Plan and a Lot More…
- »The initial stage of creating talent pool starts with interviewing top performing employees to judge their knowledge, experience and skills.
- »The detailed list of critical tasks is created to find key competencies and understand them better.
- »Once this is done, it becomes easier to allocate right people to these competent job responsibilities and get the right jobs done by right people.
This simple approach helps in identifying three categories of people who can be nurtured to achieve ultimate business goals.
- High performers: Employees performing brilliantly in their current job roles.
- Potential employees: Employees with highest potential who need right guidance to improve their skills and expertise.
- Employees exemplifying company’s culture: Employees who understand organization’s culture and values should be treated as company asset.
How to Succeed in Succession Plan by Creating a Strong Talent Pool?
- Develop Resources: While creating talent pool, make sure you prepare employees to take bigger responsibilities and let them do well. It is essential to deepen their skills and knowledge for better business experiences. Give them the right training and coaching. To enrich their experience let them lead in their areas of expertise to gain exposure.
- Explore Possibilities: In succession planning, most of the employees are given opportunities to upgrade their skills and learn new things to meet competition. Allow them to develop skills at their own speed and let them explore the possibilities where they can excel.
- Evaluate Performance: While you evaluate employee’s performance in their current roles, also assess their career development to find out who is the best fit to fill competency gaps.
- Promote: Whenever there are important job opportunities in your organization, look out for responsible candidates in your talent pool and give them the chance to prove their caliber.
Talent management makes it easy to achieve excellence and make better business decisions. As talent pool-based succession planning gives better understanding of employee’s talent, businesses can well-organize their strategies to succeed and progress meritoriously!