Loading...

Succession Planning & Talent Management

Succession planning and Talent Management are two integrated processes and not isolated. Talent Management is now a common umbrella term for the attraction, identification and development of people with potential.

Succession Planning & Talent Management

While Succession Planning programs are designed with a specific focus, Talent Management is a strategic process results in lower employee turnover and higher employee engagement.

Succession planning and Talent Management are two integrated processes and not isolated. Talent Management is now a common umbrella term for the attraction, identification and development of people with potential. Identifying High Potential (HIPO) candidates early in the Succession Planning process and proactively arranging appropriate learning and development platform is one possible solution to this pain point.


WHY TALENT MANAGEMENT

It’s been observed that few businesses consider Succession Planning and Talent Management is only meant for senior leadership teams. To the contrary, the businesses should be doing a risk profiling of critical key positions and implement talent management and succession planning practices for a robust talent pipeline. A key aspect is planning and then facilitating tailored skill development plan for identified individuals to prepare them for the future. Talent management should also check that agreed development actions are taking place, link appropriately with the way jobs are actually filled, and influence wider workforce planning and resourcing strategies.

Talent Development is a key in the current scenario of tight talent markets and competitive times and strengthening talent has a direct impact on the bottom line results consequently contributing to the organizational growth.



Talent Development

Everything that is done to recruit, develop, retain, reward and recognize to make employee perform better is a part of Talent Management.

Before implementing Talent Management process, the business must understand if it needs to:

  • Improve business performance
  • Attract & retain top talent
  • Increase employee performance
  • Enhance employee motivation & engagement
  • Regularly cover critical job roles

Succession Planning Process

Succession planning would include the following steps:

  • Review the Business structure and undertake Risk profiling of key critical job roles/positions for smooth operations
  • Identification of HIPOs (high potential employees)
  • Scope of planning by creating assessment centers, leadership development programs and competency model
  • Creation of talent pool based on strategic strength of the business
  • Take an inventory of the talent and conduct talent reviews with a linkage to talent development.

We would then be providing business recommendations based on the identified gaps through the GAP analysis process

Talent Management Process

Talent Management may include the following elements:

    Plan
  • Understand the long and short term business strategy
  • Identify the current & future business needs and higher level priorities or goals of the business and understand the requirement

  • Attract
  • Create a brand value proposition “Employer of Choice” or “Best Paymaster”
  • Recruit the right talent while considering the short-term and long-term growth strategy of the business.

  • Develop
  • Implement Corporate learning & development module. Believe in your employees potential and imbibe a culture of learning in the business
  • Competency model is crucial to develop talent for Succession Planning.
  • Adopt a measurable method of Performance Management to assess the performance objectively

  • Retain
  • Develop culture of Employee Engagement through clearly structured reviews aligned with Personal Development Plans (PDPs).
  • Align the Compensation & Benefit strategy with the market to remain competitive and achieve a lower employee turnover

Our Office

OpenMind Management Consultancy Inc.
Surrey BC, V3T 0G6
CANADA

Phone : (778) 636-6411

Client’s enquiries : info@open-mind.ca
Candidate’s enquiries: careers@open-mind.ca