Presentation on theme: "MARCH 20101 Talent Pool Succession Planning What Is It? Talent Pool Succession Planning is a business decision and process to understand, evaluate, and."— Presentation transcript:
MARCH Talent Pool Succession Planning What Is It? Talent Pool Succession Planning is a business decision and process to understand, evaluate, and prepare for future talent needs. It is typically an outcome of business Workforce Planning. –It often includes identification of “at-risk” talent pools and decisions about how to prepare for meeting current or future talent needs in these pools. –Usually, it is geared towards working now to develop internal talent to meet these future needs. –It differs from replacement planning in that the organization identifies and develops “pools of talent” from which to draw to meet future workforce needs. –It often benefits employees in providing focused development for employees. –Talent Pool Succession Planning benefits organizations by potentially minimizing future external recruitment costs (time and money), increasing employee retention, improving the ability to effectively meet organizational needs/changes, and improving the ability to take advantage of “windows of opportunity” to implement new programs quickly.
MARCH Talent Pool Succession Planning Key Components Identification of At-risk Talent Pools Identification of Key Knowledge and Competencies Identification of Potential Talent to Meet Future Needs Evaluation of “Gaps” between Current Measures and Necessary Future Measures Development of Identified Talent to Meet Future Needs Ongoing Review of Talent and Succession Planning Success Cycle of Talent Pool Succession Planning
MARCH Talent Pool Succession Planning Key Components Defined Identification of “At-risk” Talent Pools –Based upon the business Scenario Plan and Workforce Implications, where does the organization face talent concerns currently or in the future? –What are the specific concerns? They may be related to attrition, changing skill or competency needs, or new skill needs. –Can the organization group like roles together to create a “talent pool”? Examples may include Senior Leadership, Middle Leadership, Front- Line Leadership, Specialist, Operator, or other talent pools. Identification of Key Knowledge and Competencies –What are the key knowledge requirements and competencies necessary for success for each defined Talent Pool? –These will form the foundation for identification, measurement, and development to build overall bench- strength for these Talent Pools. –Surveys, focus groups, and interviews with successful incumbents and leadership can all be used to determine these success factors. –See sample Competencies and Knowledge tool on page 8. Phase I - Preparation
MARCH Talent Pool Succession Planning Key Components Defined Identification of Potential Talent to Meet Future Needs –What talent that may provide bench- strength for the identified future talent needs exists within the organization today? –Suggested identification methods include a mix of applications, nominations/references, and reviews of objective criteria such as historical performance trends, experience, etc. –Often, the senior leadership team will review the identified talent to calibrate applicants and make final selection decisions. –See sample Talent Pool Succession Planning Tracker on page 8. Evaluation of Gaps between Current and Future Measures –What gaps exist between the current state and desired future state for the selected applicants? –Review of criteria including past performance and assessment as compared to the identified knowledge, and competencies is important. Often, multi-rater feedback or 360 degree feedback is obtained. –After understanding the feedback, define the appropriate development opportunities. These opportunities may include a mix of coaching, training, education, job rotation, special projects, and/or “fill-in” opportunities. Participants are required to create, own, and work towards an individual development plan. Phase II - Execution
MARCH Talent Pool Succession Planning Key Components Defined Development of Identified Talent to Meet Future Needs –Regularly evaluate current participants to measure and ensure progress and readiness. –This evaluation may include regularly scheduled leadership reviews to monitor and measure ongoing performance and development progress. –Follow-up multi-rater or 360 degree feedback is sometimes used to measure participant development progress, too. –See sample Talent Pool Succession Planning Tracker on page 8. Ongoing Review of Talent and Succession Planning Success –Senior Leadership should understand the success of the overall succession planning process and make changes and adjust key competencies or factors as necessary. –Key measures of success may include participant promotion rates to identified talent pools (% of talent pool positions filled from participant group), turnover within participant group, and feedback from participants. Phase III - Evaluation
MARCH Talent Pool Succession Planning End Goal The end goal of the Talent Pool Succession Planning effort is to create internal bench-strength for the identified Talent Pools. –If succession planning efforts are successful, the organization will have a ready and qualified pool of applicants for positions as they become available. –The organization may post available positions, and succession planning participants and other applicants may apply for available positions and be evaluated per the business selection process.
MARCH Talent Pool Succession Planning Key Lessons and Hints Success in the current role does not automatically determine potential for success in a future role. Objective assessment, including review and discussion of candidates, is critical to the success of the succession planning effort. Do not automatically assume that everyone wants to be promoted. Ensure that a candidate is interested before proceeding with selection and development. Also, be sure to check in periodically to ensure that interest or ability to participate has not changed.
MARCH Talent Pool Succession Planning Sample Tools Tools –Common Competencies and KnowledgeCommon Competencies and Knowledge –Sample Applicant and Participant Tracking ToolSample Applicant and Participant Tracking Tool –Sample Individual Development PlanSample Individual Development Plan –Sample Coaching Program InformationSample Coaching Program Information