Further, with talent pool-based succession planning, organizations are better able to get an ongoing snapshot of their workforces' potential and areas of retention risk while creating a larger pool of capable employees poised to take on leadership positions.
Capital District Physicians Health Plan (CDPHP) - an Albany-based, nonprofit, individual practice association HMO - introduced talent pool - based succession planning linked to its employee performance management to better address its strategic plans. With this approach, CDPHP can cultivate the necessary skills and competencies in high-potential employees by focusing on career and development planning.
The organization began the process by asking five questions to gauge which of their managers were at high risk to leave the organization and which were high potential. Of the organization's 100 managers, approximately 77 were rated as high potential. From there, three talent pools within management levels - entry, mid and executive - were identified. CDPHP is taking steps to reward the 77 high potentials by building a customized development plan for each manager.
As in the CDPHP example, by moving beyond the org-chart replacement methodology and working closely with high-potential leaders, talent managers can take development and succession planning to the next level. Organizations also are better equipped to manage retention risk and build employee loyalty.
For future leaders and the organizations that need them, opportunities that go beyond regular succession planning processes - such as highly individualized leadership training geared to their specific competencies or interests - will go a long way to build a robust, long-term talent pipeline.