Use of Talent Pools Delivers a Competitive Edge

Succession planning approaches that rely heavily on a traditional org-chart replacement methodology are narrow in scope, time-consuming to maintain and, ultimately ineffective. Business leaders must identify and adopt succession planning strategies and tools that effectively enable them to nurture a...

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Bibliographic Details
Published inExecutive's Tax & Management Report Vol. 73; no. 6; p. 4
Main Author Conrad, Sean
Format Trade Publication Article
LanguageEnglish
Published Riverwoods CCH INCORPORATED 01.06.2010
Subjects
Baby boomers
Career development planning
Employees
Executives
Leadership
Organizational change
Performance management
Strategic planning
Success
Succession planning
Talent management
United States > US
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Summary:Succession planning approaches that rely heavily on a traditional org-chart replacement methodology are narrow in scope, time-consuming to maintain and, ultimately ineffective. Business leaders must identify and adopt succession planning strategies and tools that effectively enable them to nurture and develop a pool of employees to draw from, while aligning efforts with the organization's strategic direction. Among those organizations that have successfully implemented and benefited from succession planning, the talent pool approach has emerged as the best practice to identify a larger number of employees for promotion. One approach is to ask managers to assess and nominate people. Another is to apply objective assessment methods, such as 360-degree multi-rater assessments, and performance appraisal history to identify individuals who may be developed for future responsibility. It is important to avoid a few myth-based pitfalls that can occur when performance management for talent pooling is not managed closely: 1. Success at one level will guarantee success at a higher level. 2. Bosses are always the best judges of who is appropriate for promotions. 3. Everyone wants a promotion.
ISSN:1098-1594