Organizations today are facing several challenges, and talent management is one of the greatest. Attracting, developing, and retaining quality talent is more costly and has a greater impact on the bottom-line than ever before. Retiring baby-boomers, the expectations of Gen X and Gen Y employees and Millenials add up to a drastic shift in the way organizations are managing their talent.
One effective way to overcome these challenges is to implement a succession planning initiative. This proactive approach to ensuring future leadership talent offers many benefits. Studies have shown that organizations with succession planning programs have a higher retention rate of human capital and a reduction in recruitment and compensation costs.
Succession planning has to be more than matching employees with forecasted vacancies. Consideration must be made for the future direction of the organization as well as the direction of the employee’s intended career path. This ensures that the employee is engaged in the process, committed to the organization, and has a vested interest in the company’s success.
Coaching as a Resource
Executive career coaching can provide assistance with career management and employee development at the individual level. Using individual coaching and assessments, the coach will guide the employees through the selection of the career path within the organization that best matches their interests and abilities. Once a career path has been chosen, the coach will help the employee prepare for their next promotion.
The career coach can administer assessments to help the employee gain clarity in the areas of motivators, interests, values and strengths. The feedback obtained from the assessments is essential in creating a career management plan. During the coaching engagement, employees will compare this information along with their experience and education to key leadership positions and determine the strongest fit. This process ensures that employees are matched with the correct positions, reducing the possibility of employee disengagement and turnover at the executive level.
In addition to career pathing, an executive career coach will assist in the creation of development plans. The steps outlined in the development plan will be based on the information gathered during a gap analysis. Comparing the employee’s current level to the experience, skills, and education needed for the next promotion will give the coach and executive a clear picture of where to focus their coaching sessions. Execution of the development plan during the coaching engagement results in promotion readiness.