Focusing on leadership talent transmission and succession management leads to lower attrition and continuity in business when senior leaders call it a day.
One of the most significant changes that have taken place in most organizations in the last few years is the rise in the number of young leaders in the age group of 30 to 40 years. And the need for these young leaders is nowhere close to being met.
Leadership Development In An Organization
A lot of top management executives are nearing the end of their tenure, and when they look back to see who will replace them, there is often no clear answer.
There is intense competition for young talent, and when human capital is not managed carefully and effectively, there are always greener pastures elsewhere.
One of the most effective ways of dealing with this issue is to mentor and develop internal talent – young people who have been in the organization, are loyal and are familiar with internal processes.
This focus on talent transmission and succession management leads to continuity in important positions when senior leaders call it a day.
There are some important phases involved in talent transmission and succession management. But, first, it is very important to take stock of which positions require succession management, what skills are required and how many people are required to be groomed.
Identifying Talent Needs
This is of critical importance as, without this, the whole exercise becomes haphazard and very often futile.
While identifying talent needs, it is critical to differentiate competencies required for different roles – is it a direct client-facing role? Or is it a role which involves a lot of analytical skill?
Also, is the role at an executive level or at a mid-managerial level? Different roles require different types of skills – while some require a greater level of creative potential, others require strong analytical abilities.
Performance And Skills Assessment
The next phase involves the assessment of performance and skills. To be able to function effectively in a position of higher responsibility, an individual needs to have a certain set of skills.
There are several ways in which his or her performance and potential can be gauged to see how well he or she will fit into a particular role.
These methods include the manager’s evaluation of performance, 360-degree surveys, and objective tests of the individual’s potential.
This stage of talent data gathering ensures that the candidates chosen have suitable profiles, and are capable of taking on more responsibility.
Once all the data is obtained, performance mapping needs to be carried out to determine if the candidate is ready and if there are any gap areas.
After the mapping is done, and a candidate has been identified as a potential leader to be groomed, the process doesn’t stop here.
The individual’s skills need to be developed and shaped according to the type of role that he or she is being groomed for.
Through well-defined training programs, workshops, executive coaching and mentoring sessions and on-the-job experience, the candidate goes through an all-round development program and becomes confident.
A well-defined Talent Transmission and Succession Management program helps the organization focus on future needs and challenges, and groom internal talent to become competent leaders.
The internal focus gives the organization a strategic advantage to move towards growth and success.