The following is a sidebar to the blog entry titled "Don't Mistake Replacement Planning for Succession Planning":
HR professionals admit that they need to better understand the potential talent within their organizations. By incorporating succession planning into the overall talent management process, organizations can eliminate duplication and streamline critical HR functions. A software-based talent management solution enables organizations to leverage all the information gained during the performance management process and quickly provide HR with insight into potential talent pool candidates. The end result is a better understanding of retention risks and workforce potential within a single process.
By including succession planning as part of the organization’s overall talent management process, organizations can take a staged approach, including the following steps:
• Understanding Workforce Potential and Areas of Retention Risk: this stage is complete after running an initial appraisal process. It is designed to help target high-potential employees and understand talent areas most at risk.
• Developing Internal Talent Pools: prepare talent succession for all areas of an organization - not just leadership. This allows the organization to more easily align workforce requirements to meet the needs of corporate vision. Define competencies and development plans around skill groups (pools), conduct talent assessments and close gaps.
• Easily Identify Successors: recruit from within a larger pool of developed employees, reduce succession risk – and retain talent