Talent management and succession planning are subjects that are often avoided or tabled in the business world, taking a back seat to seemingly more pertinent things. The result of this inaction is having no plan at all and may lead to a business being caught in a jam when unexpected changes come about rapidly, such as a loss of a key leader or changes in market demands. EctoHR, Inc. has found that businesses that make this topic a priority have more seamless transitions when the time comes for a change in executive management or business ownership. Below are some recommendations to generate conversations and begin the talent management and succession planning process with your team:
- Start to have OPEN conversations – Simply generating open and honest conversations between business owners and executive management is a great way to get people thinking about their future with the Company. This will allow managers to express any interest in leading the company, thoughts on key employees who could make a lasting impact on the business, and concerns about those who may be on their way out.
- Plan for the future of your business – Whether you are planning to retire in five years or in 20, it is imperative to make sure your business can thrive once you have stepped out of the picture. Identify your key employees and top talent, and begin to think about what your business will look like in the near and distant future.
- Identify your top talent – Regardless of what talent management tool your Company decides to use, evaluate and confirm that you are retaining and developing your best employees, and decide what to do with those that are not performing to the standard.
- Put your plan on paper – It is much easier to visualize and plan for your Company’s future when things are written down. Record key items from your open conversations and brainstorming sessions, and put your succession plan on paper.
- Stick to the plan (and revise as necessary) – Review your plan with the executive team or Company ownership on a quarterly or semi-annual basis to ensure the Company is still on the right track, and do not be afraid to revise the plan when needed.
EctoHR has the tools and training to help with your talent management and succession planning needs! If you have questions or need some direction on how to get the process started, contact Colleen Richards via email at firstname.lastname@example.org or by phone at 810.534.0170.