[WRE | ADVISOR]


through recruitment, keeps them through effective retention practices, and develops them through well- targeted talent development efforts. Companies that develop their up-and-coming leaders and create a healthy pipeline of talent benefit from:


• Improved retention of talented employees


• Reduced costs in external searches and faster decisions made to fill key positions


• Engaged employees who are encouraged by their career progress and new skills


• A positive corporate culture that encourages outside talent to seek employment with your company


Note that succession planning is not the same as replacement planning, which identifies one or two individuals who are ready and able to replace a person (normally in leadership) on short notice, such as in an emergency. Typically, this replacement is temporary. A replacement plan is a tactical, stop-gap measure, but it is not the same as a long-term and continual solution like succession planning.


• What is your talent strategy, and how does it support the business?


• What would you do if the CEO quit next week? • What are the roles that need to be actively managed,


and what are your plans for them?


• Who among your current employees do you identify as having potential for growth?


• What are the top three things you need to manage risk, as it relates to personnel?


Talented people are a major component of a company’s future success, and it is important to identify top talent at different levels: company contributors, middle management and leaders. Each position at these levels can be viewed as potential leaders, whether it is moving contributors to management, middle management to executive positions, or VPs and executives to the C-suite. Top talent should have fundamental competencies, including:


• Interpersonal Skills: Treats others with courtesy, sensitivity, and respect. Considers and responds appropriately to the needs and feelings of different people in different situations.


• Oral Communication: Makes clear and convincing oral presentations. Listens effectively; clarifies information as needed.


• Integrity/Honesty: Behaves in an honest, fair, and ethical manner. Shows consistency in words and actions. Models high standards of ethics.


• Written Communication: Writes in a clear, concise, organized, and convincing manner for the intended audience.


• Continual Learning: Assesses and recognizes own strengths and weaknesses; pursues self-development.


Having said that, every organization must have an emergency plan in place even if they’re working on something long-term. If your executive director or CEO must take an extended leave of absence; unexpectedly takes another job; or a natural disaster creates an inability to work, you will not have weeks or months to pull together a succession plan and process.


SUCCESSION PLANNING BASICS According to Beck-Howard, business owners should start seriously creating a succession plan about five years before they plan to step down. In advance of the plan, look at the needs of the company and how talent development can address them. Business owners and company leaders can start generating ideas for their plan by asking the following questions:


ATTRACTING NEW TALENT Not only are companies’ training and promoting early- and mid-career employees into management and leadership positions, but they are also challenged with recruiting and retaining the “best and brightest” Millennials. Millennials are a major force on today’s job market, and they bring with them unique perspectives that can make organizations successful. However, Millennials don’t intend to stay in their positions long, averaging 3.8 years at each job. To engage and retain this critical part of the workforce, companies must understand Millennials’ needs.


Although the workplace of the last several decades worked well for Baby Boomers, a similar work environment may be less attractive to Gen Xers and Millennials. Creating and maintaining productive and


16


JANUARY–FEBRUARY 2019


WIRE ROPE EXCHANGE


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