Shape the next leaders in your organisation with a talent management solution
Succession planning is a series of actions you can take to identify the next leaders of your business. With the right talent management solution, you can turn today's star performers into tomorrow's leaders. Such a solution should address:
Your business goals. Every company needs to make sure its business is aligned around its strategy. A recent study from the University of Technology in Sydney, Australia, reported that only 29.3% of people can correctly identify the strategy statement of their own organisation. Your people only become top performers when their goals are aligned with business objectives and their energy is directed at the right targets, so it's vitally important to make sure they know what these are.
Your people's performance. Businesses that use performance management and appraisal software typically show a reduction of low performers, while the percentage of high performers in the company goes up. A good HR solution should give you the capability to plan and track employee training and development. Acquiring new skills can improve your people's performance, as well as boost engagement.
You can measure the impact of good succession planning in the following three ways:
1. Cost savings: Automating manual processes saves time, and the increased focus on talent management reduces employee turnover.
2. Revenue growth: More easily identify the best internal candidates for open leadership jobs and position your company for success.
3. Increased productivity: Better talent management enables your organisation to retain more high performers, improving overall productivity.
Your workforce is changing. Change with it.
Identify tomorrow's business leaders
Natural leaders tend to have a restless energy that they are keen to put to good use, even if it’s outside of their role. Find out who is taking on additional responsibility on top of what’s in their job description. Maybe they're effectively doing more senior roles, or improving employee relations by running team building days and organising social events that help to build morale.
Spot the star performers
By understanding which areas of the business are performing well and which employees consistently work above and beyond the call of duty, you can ensure the professional development of those star performers.