Elearning! August - September

2013

Elearning! Magazine: Building Smarter Companies via Learning & Workplace Technologies.

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successionmanagement person leaves, and are linked to extensive development initiatives. Today's dynamic succession management strategies align with broader talent management initiatives and extend deeper into the organization. The critical business driver of succession management is talent continuity: motivating, developing and retaining employees to execute the company's long-term growth plans. A comprehensive succession management strategy answers the following questions: >> Do you have the right people with the right skills for today and tomorrow? >> Do you have the bench strength to reduce the risk of turnover in leadership or key positions? >> Are you ofering the right development to prepare high-potential employees for greater responsibility? >> Where are the skills and talent gaps in your workforce? Are you taking the right steps to address them? >> Are you providing your people with diverse cross-functional experiences and exposure to leaders across the company? >> Can you fnd and compare your candidate options quickly and easily when it's time to promote? Successful succession management must be comprehensive and integrated with your Succession management must be comprehensive and integrated with talent strategy. talent strategy. When you get it right, you can reduce your risk of sudden, unexpected turnover, because your due diligence allowed you to improve your talent insight, agility, mobility and retention. Broadening participation in succession management shows your employees that they have a future in your organization, a path to get there, and a reason to stay with you and give you their best. Employees know what's in it for them, and they value the ability to take charge of their own careers. WHY SUCCESSION MANAGEMENT NOW? Te world of work is changing, and no or- ganization can assume that essential talent will always be available. Tere are many reasons for this change, including: Demographic shifts: In many countries, leadership and skills gaps present an ever-growing challenge as the post-war generation moves into retirement. Younger generations either lack the sheer numbers or the necessary skills to fill the void. And in many emerging markets, the large number of ambitious young workers is offset by gaps in knowledge and skills, as well as the lack of middle and senior management to lead them. Skills shortages and mismatches: In spite of high levels of unemployment worldwide, many positions go unflled. Around the world, graduating students ofen lack the skills and work experience to compete for today's highly specialized roles. The rise of globalism: You're no longer competing with the company down the street for talent but with companies worldwide that scour the globe for talent. Workers no longer need to be on the same continent to collaborate with colleagues. Lack of engagement in the workforce: Your top performers aren't the only ones with options. Thirtyone percent of surveyed employees report they're not satisfied with their jobs. Assume that your employees are keeping their LinkedIn profiles up to date, that they're checking out the job boards, and that they're always on the lookout for their next opportunity. The changing nature of work: Traditional ideas about "full-time employment" have been obliterated over the past decade. If you haven't already, expect to see more contract and contingent labor, flex schedules, job sharing, retirees working part time, and other work arrangements that were unthinkable not that long ago. Further challenging the notion of "traditional careers" are the Generation X and Millennial populations, who carry high expectations for new and challenging work assignments. 1 2 3 4 5 KEY ELEMENTS A successful program needs to be ongoing and dynamic, and must be linked to development and other talent initiatives. It's a complex pro38 August / September 2013 Elearning!

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