How many companies heed that statement when it comes to talent management and succession planning? As the economy shows signs of recovery, employees are reassessing their current jobs, and many are beginning to search for new opportunities.
It's time to ask whether your company is ready to replace high-potential talent. And according to a recent ASTD survey, probably not. While most companies cited the importance of having a succession plan, ASTD data finds that more than half of all organizations do not have a succession planning implementation strategy in place.
Succession planning has become a hot topic in companies because preparing high-potential employees for leadership roles in the future is imperative if a company wishes to sustain growth. A football team would never go into a game without a plan for how to beat the opponent. Why then would a company fail to create a plan for future leaders, especially with the complexities of the changing workforce?
It is incumbent on business leaders to identify key positions, critical knowledge and skills, and the talent needed to meet short- and long-term goals, as well as create a strategy for developing and advancing employees in the succession pipeline. Despite this demand, only 14 percent of companies surveyed by ASTD said that their organization's succession planning efforts were successful to a high or very high degree.
Are you equipped to implement a succession planning strategy at your organization? For workplace learning and performance professionals, who are often charged to lead organizational efforts to address succession needs, the future is bright. Succession planning is not just a topic of importance now; it will stay at the forefront of organizational goals because the costs to replace departing employees are skyrocketing.
Editor, ASTD Periodicals