When one of your key employees is about to leave, your immediate instinct might be to find a quick replacement. After all, it’s a logical first step, seeing as work can pile up and bog down other employees when certain roles aren’t filled in a timely manner. But through all of the talent scouting, interviews, and other processes to help decide who will meet this vacancy, the truth of the matter is that you’re still likely to come up short.
The absence of an effective succession plan in your business can have unforeseen consequences. Here are some of the common mistakes organizations make in succession planning.
Career pathing and succession planning are common terminologies within talent management but the difference in their application and the separate benefits of each can be misunderstood and overlooked. In the majority of cases, employers prioritize succession planning, assuming that career pathing will somehow ‘fit’ naturally into it.
But high performing organizations require both.
When it comes to performance, candor carries the day, says Jack Welch, famed ex-CEO of GE. If you perform well on your review, you get a raise. If you perform poorly, you get yanked. This frank approach was the inspiration for GE’s annual review system, often called “rank and yank” for being so systematic, and oftentimes, brutal.
Earlier this year Apple CEO Tim Cook stressed the importance of succession planning as a priority for his organization. In the face of an unprecedented skills crisis, employers must follow his lead to thrive.
Assessing candidates and employees objectively based on skills not only helps companies fill positions to achieve business results, it extends fairness in the workplace that can end gender, diversity and inclusion, and pay equity gaps. Setting aside bias with a purely objective, data-driven comparison of skills helps everyone.
The talent shortage shows no sign of abating. New research from IBM Smarter Workforce Institute found that over half (51%) of all HR professionals say they are struggling to fill open jobs some of the time and over one third (35%) state they ‘very often or always’ experience difficulty filling positions.
What makes a performance management model most effective? Incorporating continuous feedback. That isn’t news. But understanding how to successfully incorporate continuous feedback into an updated performance management model is.
Today’s employees want plenty of opportunities for growth. Learn how mentoring can help drive performance and help achieve the goals they’ve set.
Improving employee engagement is a critical challenge that companies face but with the right processes in place the results are achievable. In this infographic, join the expedition of Mission: Employee Engagement and learn how to launch a successful career pathing initiative as quickly and efficiently as possible. Prepare for launch!