We have all heard the hype on the baby boomers and the void they will leave in the workforce. In addition, the growing skills gap and talent shortage leave many organizations concerned about the future. This very concern has fueled a talent war as companies compete for highly skilled executives and superior performers to fill the void.
You don’t have to take shelter yet. Succession planning is your best defense if you seize the opportunity to let your best lead the future before it’s too late.
Succession planning isn’t about replacing the CEO. It is an ongoing process of identifying and developing your current employees so they are ready to acquire key roles when the need arises. Knowing the career goals, behavioral strengths, motivators and personal skills of employees will help you identify the next company executive. Then, implement a leadership development program where your leaders of today are coaching and molding the leaders of tomorrow. Investing in your dedicated employees is a cost effective approach that will avoid the inflated market for top executives and yield long-term results. Succession planning can also lead to employee retention.
What is your long-term approach to battling the war for talent and having a talent management solution? Will you fight on the front-line, or build a succession planning strategy within?