Replacing losses in organizational and leadership positions, whether planned or unplanned, is an essential part of your business growth. Succession planning is key to maintaining the performance of your business and involves some specific considerations and attention.
Talent management systems have moved from being a luxury to being a necessity. Talent management software does not replace talent management, but it helps your business with recruitment, performance management, succession planning, development and compensation management in a global market that is highly competitive with ever increasing talent connection.
A mentor is defined by Merriam-Webster as “someone who teaches or gives help and advice to a less experienced person” or “a trusted counselor or guide.” In a business environment, a mentoring program is one that pairs up professionals in a relationship to help develop the skills and knowledge of the less experienced person by information and practice sharing by the more experienced individual.
Why are mentoring programs so important? Because a successful mentoring program will help increase retention, reduce turnover costs, increase productivity, support the sharing of knowledge and best-practices, and harbor a “we” mentality, vs. the “me against them” that is sometimes evident in individuals in a corporate environment.
Did you know that as important as succession planning is, many companies are not fully vested in a proper succession planning strategy? Strange but true. Many companies either assume that their key people will never leave because they are so enamored with the organization, or that if they do leave they can be easily replaced. Such shortsightedness is somewhat surprising given the realities of today’s business environment. Here are some interesting facts uncovered in a recent industry survey of succession plans and the feelings of management towards such plans...
Talent management systems are wonderful tools that are used to help management and HR hire, train, compensate and manage key employees. These systems typically include strategic planning tools to insure that HR needs are in line with the overall goals of the company, and to make sure that top performers are hired, groomed and retained. Although talent management systems have many benefits, they sometimes have challenges that should be addressed.