Organizations need formal succession plans to be competitive in 2015. When a key employee leaves a company, many are forced to bring someone else who starts at the bottom of the curve. This means incurring the cost of hiring, the loss of productivity and the prolonged learning process of the new employee. Yes, the new person may have excellent skills and perspective from the outside, but in many cases, it will take years to realize those benefits.
In a recent survey conducted by Korn Ferry, only one third of senior-level executives responded that they were satisfied or very satisfied with their company’s succession management program, while less than one quarter reported that their organization had developed a strong pool of candidates ready to fill leadership positions. The study also finds that more than three-quarters of executives say their organization’s succession management programs only include the title of “vice president” and above.
The new integrated talent management paradigm expands the scrutiny of succession planning to the entire workforce. In this way, successors can be developed for all positions, not just the top tier. This is a daunting but necessary task to assure and sustain long-term corporate success. There’s significant risk when succession management programs don’t go deep enough into an organization. Talent derailment and the alienation of potential successors are the most significant outcomes of succession management failure. Unfortunately, many companies fail to align their talent programs. But, where is the disconnect between succession planning strategies and the concrete results that executives expect?
The new talent management process focuses more on pools of talent than on specific individuals. It takes a broad view of satisfying the need for the right mix of talent to implement today’s and tomorrow’s strategies. It is no longer about hiring the best person for a position now, but about hiring people who may qualify for key positions in the future. Such a broad focus necessitates a change in how data is collected and analyzed. Traditionally, companies have managed employee information in different departments or in HR silos using function-specific software. The new talent management process, however, requires the integration of all HR information to permit the development of complementary initiatives to help achieve business objectives.
Join us for the 3rd Annual Strategic Succession Planning Summit, where we will examine the importance integrating talent management to achieve effective succession planning and explore the multifaceted organizational benefits of creating a strong leadership pipeline. Industry experts will share their experiences within the areas of learning, workforce planning, HR strategy, leadership & executive development, data analytics, and leadership assessment and development that can drive increased productivity and business excellence in your organization
Network with Speaker Faculty and Event Participants including:
C-Suite Executives, CHRO, VP HR, SVP HR, COO, CFO, Director, Deputy Directors, Managers and Team Leaders with responsibilities in:
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