Synthesize the key characteristics of an effectively managed talent pool for leaders. Justify how you would initiate and maintain this talent pool of potential leaders.
Being prepared for change is one of the most obvious but often neglected undertakings in many organizations. In today’s business climate, organizations thrive or dive depending on how they handle critical transformations in their structure, services, business model etc.
Having the appropriate resources at your disposal is the first step to fostering positive change when bringing in new leadership. It requires contribution at all management levels. There should be a unanimous focus on building talent, tracking employee performance and identifying top candidates who are capable of handling more responsibilities. The goal is to have solid data that can help pinpoint the most promising employees. Once the high potential employees are identified, the next step is to groom
Step one for creating a solid management and leadership training program is having an established competency model describing the key functions of the role, and the skills that lead to exemplary performance. Next comes vision alignment. It’s critical to have employees on-board with the company’s vision, especially when retention is such a fundamental issue. Living the company’s vision helps managers and leaders promote and reinforce the vision with their staff and have it permeate day-to-day tasks and functions.
Finally, you should establish individual development plans to build on the employees’ talents. This involves identifying areas for improvement that can be developed and tracked over time as well as offering suggested reading materials, courses they can take to develop their skills, and more. HR and management can work together to determine the best way to help develop their departments’ future leaders.
To ensure that objectives are being met, both the employee and their manager should have goals to meet throughout this process. For instance, reward programs (like bonuses or vacation time upon completing objectives) can be offered to both parties to make sure that managers are as involved as the employees in the employees’ growth and success. It’s critical that executives and management work with HR on the on-going scouting and development of their top talents using a systematic process for developing management and leadership.
Discuss an approach to engagement research that would encompass the necessary components to your profession or industry. Itemize the areas that must be considered in the future talent pool and how one would design research that answers these questions.
Build a distinctive corporate culture: Companies should promote a strong work culture in which the goals and values of managers are aligned across all work sections. Companies that build a culture of mutual respect by keeping success stories alive will not only keep their existing employees engaged but also they baptize the new incoming employees with this contagious spirit of work culture.
The work doesn’t end once a talent pool has been created. On some level, the work has just begun. Employees who are part of a talent pool should have personal development plans in place. This allows them to maintain their current skills at a high level and develop new skills that will help them in the future. A schedule should be put in place to regularly review and revise an employee’s development plan.
In addition, the company needs to regularly evaluate their talent pool criteria. This includes future staffing needs, current and future competencies, as well as the employee composition of the talent pool. Business dynamics are changing constantly and the talent pool needs to keep current with the workplace.
If businesses want to be successful long-term, they not only need capable employees today but in the future. While some staffing needs can be solved with recruiting talent from the outside, it only makes good business sense to invest in current hi-potential and hi-performing employees. Talent pools offer the flexibility to manage talent with the changes and growth of the business.