Talent Management is about identifying the right people for the right jobs at the right time – and then orchestrating the right moves to get them there! In addition, talent management should support your key people initiatives around getting the right people on the team, addressing lower performers and raising the accountability bar.
Talent Management should also link into a robust Succession and Development process that is designed to identify and develop future leaders within your business.
Succession planning is also about identifying critical roles within your organisation and mitigating any flight risks.
So how do you identify Hi-Potentials or Future Leaders?
These would-be employees within your organisation who have demonstrated high potential through results and leadership behaviours coupled with the ability to take on a senior management position within the next 1-5 years.
You would assess your Hi-potentials based on the following criteria;
- Actual quantifiable performance based on your set KPI’s
- Leadership competencies (Do they demonstrate these day to day or do they have the potential to?)
- Leadership behaviors (Do they live the mission and values of your organisation?
- What future roles are likely to be able to take on?
- What is their readiness to take on these roles? Is it 1-3 years or 10 years?
- What development is required?
How to identify your Critical Roles:
This is the process to determine roles within your organisation where there would be a significant impact if the current incumbent were to leave the organisation.
You would determine these roles based on;
- Reasons for critical risk identification
- Technical or specialist skills hard to replace
- Key relationships at risk
- Assess the individuals flight risk
- Develop a plan of action
Once you have identified your Hi-Performers and your critical roles the next step is to create development plans to ensure you are developing your next generation of leaders to address succession needs and you are creating a pipeline to ensure you have bench strength in your organisation to future proof your organisation.
Why is Development so important?
- It fosters a high-performance culture
- It encourages organisational growth as you up skill your workforce
- It promotes a positive rewarding work environment for employees
- It improves attraction and retention of high performing talent
How will a focus on development help your organisation?
The purpose of developing talent is to move your hi-potentials along the pipeline to increase “ready now” candidates for business-critical roles.
So, what are some common Development options?
- Experience (stretch assignments, secondments etc)
- Seeing what others do (correctly)
- Involvement in other work areas (cross functional project work)
- Cross-department assignment
- Adopting a positive role model (mentor)
- Coaching (direct or indirect manager)
- Project work
- Planned use of internal media (INTRANET)
- Involvement in the community
- Formal Training (internal or external)
So what are some other Key indicators of potential within your organisation?
You should be looking for the following in your people:
1) Performance / Achievement Record
2) Personal Motivation / Appetite for Responsibility
3) Professional Competence
4) Core Values & Mindset
5) Demonstrated Leadership
6) Intellectual Horsepower
7) Interpersonal Effectiveness
8) Organizational Abilities
9) Appetite for Self-Development / Continuous Learning
10) Learning Agility
* Potential is defined as individuals who are capable now and who can be developed to fill one or more key/critical jobs within one to five years.
If you are looking to put in place a Talent Management Strategy in your business then do not hesitate to contact HR gurus today.