Organizations today are facing several challenges and talent management is one of the greatest. According to a poll conducted by OI Partners, Inc., the number one challenge facing the HR profession is leadership development and succession planning. Attracting, developing, and retaining quality talent is more costly and has a greater impact on the bottom-line than ever before. Retiring baby-boomers, the expectations of Gen X and Gen Y employees, and the new definition of long-term employment add up to a drastic shift in the way organizations are managing their talent.
One effective way to overcome these challenges is to implement a succession planning initiative. This proactive approach to ensuring future leadership talent offers many benefits. Studies have shown that organizations with succession planning programs have a higher retention rate of human capital and a reduction in recruitment and compensation costs.
Succession planning has to be more than matching employees with forecasted vacancies. Consideration must be made for the future direction of the organization as well as the direction of the employees intended career path. This ensures that the employee is...
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