Research consistently predicts considerable talent short falls in the next decade due to a massive exit of retiring Baby Boomers and a scarcity of qualified individuals to take their places. Not only are Gen X and Gen Y replacements too few in number and lacking in years of experience, they also possess different attitudes, expectations, and aptitudes that make managing this talent pool a challenge. Further, competition for talented employees will continue to grow fiercer as companies compete across traditional borders and employee attitudes about company loyalty evolve. In this era, talent and succession management can no longer simply entail having a training department or a list of potential replacements on file.
With these business challenges in mind, Performance Insight helps its clients align their talent/succession management plans with long-term, strategic business needs. Our approach is aimed at helping our clients attract, retain, develop, and deploy talent in a way that supports the organization vision, goals, and culture by providing insight into key leadership competencies and requirements for critical positions. We help our clients translate this insight into a comprehensive Talent Management Plan that maps out a series of organization structure and leadership changes required over a three-year period. This plan is embedded in a business rhythm that includes periodic talent reviews to identify high potentials, assess leadership gaps, ensure leadership continuity, and make strategic adjustments and refinements across time. This solution is often used in tandem with the coaching of key executives, high potentials, and individuals in critical roles in order to accelerate readiness for new and/or expanded roles.