Why does my business need a talent plan?
Top-performing companies have a formal talent-planning process. They engage in a comprehensive assortment of talent-planning initiatives and they encourage involvement in the talent-planning process by senior executives and topline executives.
But what exactly is talent planning and how does it link to a company’s goals? Most importantly, how does a company create and implement a successful talent planning strategy?
Talent planning includes having a strategy for positions in the company as it exists today, as well as plans for critical positions in the future.
Effective talent planning is tied to the success, profitability, and growth of a company.
If your company does not have a formal talent planning strategy, you are certainly not alone. But it is never too late to assess, recalibrate and up your talent-planning game. Identify your high-potential people, size up your current ‘bench strength’ of key players, and commit to implementing a comprehensive strategy.
Related reading: A Guide to Talent Planning for the Middle Market CEO