A new approach to talent acquisition and retention strategies is a must for insurance companies to address the talent crisis. Read this blog to learn more.
Every January sees a rise in the number of people looking for a new job and this year is expected to continue that trend. 2018 saw American employees leaving their jobs in record numbers and employers struggling to attract and retain talent. Is 2019 the year to introduce career pathing to your business to prevent a talent exodus?
Succession planning and career pathing are often thought as two separate processes that serve different purposes. However, when aligned, both employees and the company can benefit from the goals of each. View this infographic to learn How Succession Planning and Career Pathing Work Together.
There’s no substitute to taking the time and care to develop individuals on their path to career success. By taking a few career pathing steps, you can strengthen employee engagement and your organization’s overall outlook.
Technology is driving relentless change that is impacting talent management strategies. Ongoing communication and feedback with employees is an integral part of this change and essential to retain talent and boost engagement. But too many businesses continue with the traditional approach to performance management which holds your talent back.
Finding the right talent to fill business critical roles is becoming more difficult across all industries as unemployment rates hit record lows. To meet future skills needs, organizations are focusing on developing their internal talent through succession planning.
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.