Assessing talent readiness through succession planning
The long-term success of an organization requires identifying individuals with the potential and desire for advancement through succession planning. What happens when a position on your team becomes vacant? When an opening occurs, are you caught off guard? If so, you are left with a gap in your team because no one is ready to step into the role vacated. You can be left with unhappy customers. You will be left scrambling to find a replacement, and you may hire out of desperation. For the success of your business, in terms of revenue growth and customer satisfaction, it is essential to have a succession plan in place.
First thing in assessing talent readiness is to rank your employees.
- Review position essential to the business’ operations
- Review all staff job descriptions
- Rank you staff against the skills, behaviors, results, and competencies outlined in the above documents.
These rankings aren’t performance ratings; rather, they assist in determining developmental needs, identifying potential successors, evaluating overall position strengths, and assessing the overall strength and quality of your team.
After having assessed your team, you are ready to rate your talent readiness. Rating the talent readiness of your staff simply means identifying which employees are considered promotable, and determining when they will be ready.
One more important thing… having identified promotable staff, one thing you will need to do is rate the risk factor of losing these employees within twelve months using a scale of low, medium, or high. If the risk factor is high, consult with your immediate supervisor to identify opportunities to help ensure that top performers are ready for advancement.