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The Talent Pool Has No Deep End

Guest post by: David Liddell

Article Overview: Have you identified successors in the executive positions within your company? Read some statistics and ideas on what to look for and access the talent pool within your company.

The Talent Pool Has No Deep End

"Only 26 percent of companies say they have successors identified for the majority of their executive positions" according to the 2009 Talent Management Factbook. This statistic may be alarming to some of you. I know it is for me. Working with companies of all sizes there is clear evidence to suggest it will become increasingly difficult to fill key leadership positions. Because it does not feel like an urgent issue it is easy to ignore but this is dangerous. It may occur in a sudden wave or sneak up on you incrementally but the result will be the same - you could find yourself, and the organization, ill equipped to meet your company's objectives and goals for future success.

This is compounded by the fact that the leadership talent pool is shrinking. The baby boomers have started to retire which will vacate many leadership positions and the existing pool to pull from has little or no leadership experience. You'll notice I did not use the term management experience - that was intentional.

The strength of leadership within your organization (I call it Core Leadership Capability) is an important competitive differentiator. Leaders set direction, inspire employees, help them grow in their positions, and set the tone for a high performing workplace. Great products and services alone do not guarantee success - it is the employees who make the difference.

6 Step to Leadership Succession Success

1. DETERMINE KEY POSITIONS AND WHEN THEY WILL BE AVAILABLE

2. DETERMINE INITIAL COMPETENCIES REQUIRED FOR EACH POSITION

3. PERFORM A COMPETENCY GAP ANALYSIS

4.DESIGN DEVELOPMENTAL OPPORTUNITIES FOR EACH SET OF COMPETENCIES

5.DEVELOP AND MAINTAIN A TALENT POOL

6.REASSESSAND TRACK OVERALL PROGRESSAND MAINTAIN A SKILLS INVENTORY

Some additional commentary from the research experts...

"Succession planning is critical to the long-term health of any organization. Yet, only 26 percent of companies say they have successors identified for the majority their executive positions. This figure is troubling, given the number of impending retirements within most companies. These organizations will likely find themselves responding reactively to changes in leadership, relying on the external market for succession candidates - or on ill-prepared internal candidates. In addition, a formalized succession management process helps an organization retain its best people. Companies with such a process have 50 percent lower turnover among high performers, who are more likely to be committed to a career with a company if they are being groomed for a future position. But even among companies that have identified succession candidates, the process is breaking down. Our research found that only 30 percent of companies said that identified successors typically fill their intended positions. This means that organizations need to evaluate how they identify and develop successors - as well as how they communicate with successors. Transparency in the communication process is key to avoid surprises or missteps when a vacancy occurs." (2009 Talent Management Factbook - May 2009)

Start today to avoid any surprises - you will thank me later.

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Article Tags: executive positions, Succession planning, successors, talent pool



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