American Management Association reports that only 28% of senior-level business professionals are confident their companies have "sufficient leadership depth and no significant gaps in management.”
Employee turnover is increasing as the economy improves, and this impacts company productivity, customer service, etc. In May of 2013, 2.2 million Americans voluntarily quit their jobs…meaning that the nation’s quit rate is 1.6% (Source: Wall Street Journal). If employees could find better, high-paying jobs, then even more would leave. Right Management reported that 84% of North American employees feel trapped in their jobs, and would prefer new positions elsewhere. Also, 38% believe they will be in a different job in 18 months…#1 reason they will leave is relationship with manager.
With an effective workforce planning practice, companies can identify future talent challenges. Going one step further, competency assessment analytics show trends against a company’s desired values and drivers. Once this is in place, succession planning ensures that companies build and maintain their critical talent pipelines. This talent strategy should be a part of discussing next year’s fiscal goals and subsequent requirements.
Is your talent strategy (workforce planning and succession planning) preparing your leadership pipeline?
