It’s costly to lose talent. Besides the backfill costs, there’s the lost productivity, confusion and disruption that can stymie the attainment of corporate goals. Most enterprises and their talent management systems fail to mitigate both qualitative and quantitative talent attrition because their career and succession planning efforts lack a framework for discussing important talent in a comprehensive, objective and transparent way.
When talent review sessions do occur, they’re usually quarterly, semiannually or yearly as part of the annual review process. These meetings often operate in a data vacuum, without the full talent management picture that decision-makers need at the time of the meeting. With few exceptions, key information – from employee profile and performance plans, evaluations, benchmarks, salary history, and career development and succession plans – isn’t in one place. Hence, it’s not at the talent review session team’s fingertips when they need it.
According to a report by Bersin & Associates and the Center for Creative Leadership, succession management is an immature process for most companies. The report determined that less than 12 percent of global corporations have truly integrated succession management programs. Meanwhile, a 2013 survey by PwC revealed that only 16 percent of CEOs state they get workforce data that is sufficient for succession planning needs.
Another questionable tactic is that most organizations only manage their top and bottom 10 or 20 percent. A recent research study conducted by Bersin by Deloitte revealed fewer than 33 percent of corporations have formal succession plans for anywhere but the very top levels. In such cases, organizations are not strategically managing talent throughout their workforces and risk losing medium- and low-potential high performers – in other words, their producers. Every organization needs producers to operate effectively.
Succession Planning Best Practices
Successful talent management and succession planning demands balance – a balance of information from your talent management systems and your corporate plan incorporated into one system. Here, the data you need for talent management and succession planning is collected, harmonized and analyzed with calibrated metrics to mitigate subjectivity and biases in corporate decisions.
Lumesse interactive talent conferences help to convene your organizational leaders to manage talent and attrition issues in a fluid, agile and time-respectful way. Cutting back on paper, phone calls, emails and time, the interactive talent conferences in Lumesse ETWeb™ deliver an efficient, best-practice succession management solution. Lumesse interactive talent conferences provide an easy-to-use, systemized way to strategically manage the career and succession planning requirements of your organization. They also capture the aspirational quotient of your people as part of the vision, through the integration of self-directed employee information and personal development plans.
The process looks something like this:
Your HR professional (the administrator) sets up an interactive talent conference with any talent information that shall be calibrated for selected “reviewees,” which are those employees to be discussed. Employee information, career aspirations, performance, competencies and more can be factored in. If a bit of evaluation information is missing, the administrator can request it with the push of a button.
The administrator gives the meeting a title, invites attendees from anywhere in the world, and then sets the time, subject and agenda. (Reviewees are discussed, but not present.) If a selected employee represents a flight risk, you can set up steps to re-engage this employee, and also get a visual and data-driven view across your organization of who could step up into the position.
The process fluidity and value of Lumesse interactive talent conferences continue by encouraging formalized action. The interactive talent conference fosters rapid, well-informed moves to quickly engage employees for healthy dialogue, learning and development needs, rotations, promotions, or raises.
Maybe engagement is an overused word, but the opposite is disengaged and disengaged individuals have a high retention risk; and their attitudes, regardless of their output, can negatively affect others. Using interactive talent conferences, decision-makers can work to engage their workforce from the leadership team, to the “rank and file,” which is a term that means “everyone else.” A best practice is to have such a conference more than once a year. The people in your workforce have skills to offer and getting the most out of existing talent in your workforce is more cost-effective than hiring new people.
According to PwC Saratoga’s 2013/2014 Human Capital Effectiveness Report, 68% of U.S. companies fill key roles within the organization from their internal succession talent pool.
Lumesse Interactive Talent Conferences
Lumesse ETWeb interactive talent conferences enable decision-makers at multinational organizations to meet in a focused and interactive setting. Executives and key managers have access to the talent management data they need to make the most informed decisions. ETWeb interactive talent conferences also provide attendees with all the visual tools they need to efficiently assess the performance and careers of various employees in a holistic way.
As an HR person, you can access one central place, one easy interface that allows you to combine ‘succession management data for positions’ with the talent information of individuals. This view gives insight into where employees have articulated they want to be, how well they fit for the position, while ensuring you have backups. It’s called career development and succession planning and you want all your decision-makers to see the full picture.
Download our white paper, “Foster ‘Success’ in Succession Management With Interactive Talent Conferences.” Discover how you can drive employee engagement and retention, while optimizing your workforce toward the fulfillment of organizational needs.