Shape the next leaders in your organization 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. A company needs to make sure its business is aligned around its strategy. In a recent study, Timothy Devinney, a professor of strategy at the University of Technology in Sydney, Australia, reported that only 29.3% of people can correctly pick the strategy statement of their own organization. Skilled workers only become top performers when their goals are aligned with business objectives and their energy is directed at the right targets.
People performance. The typical business that used performance management and appraisal software shows a reduction of low performers, while the percentage of high performers in the company goes up. A good HR solution should include functionality to plan and track employee training and development. Acquiring new skills can improve worker performance, as well as boost employee engagement.
You will be able to measure the impact of good succession planning in three ways:
1. Cost savings: The automation of manual processes saves time, and the increased focus on talent management reduces employee turnover.
2. Revenue growth: You will more easily identify the best internal candidates for open leadership jobs and position your company for success.
3. Improved employee productivity: Better talent management enables your organization to retain more high performers, thus improving productivity.