Workforce Analytics Academy Part VI: Talent Management
Author: Lois Melbourne, Co-founder and CEO of Aquire
Much of Talent Management can be summed up by paraphrasing Jim Collins in “Good To Great”. It’s about getting the right people on the bus and in the right seats on the bus. It is paramount that you build the right paths for your talent pool to ensure that critical roles in the company stay filled and filled with the right people. Here are two key metrics to help you get there:
Successor Pool Coverage:
How deep is your bench for critical roles? This is not just for succession planning in the highest levels of management. This is about replacement planning throughout the organization. Can you fill critical roles quickly with ready talent? What will be the cascading effect of these moves and are you prepared for outside searches where necessary? Monitoring your successor pool or employee bench strength mitigates the severe risks of changes in critical roles and puts you in a good position for long-term strategic goals.
Are you measuring your rate of internal hires and how many are promotions? Are you developing your people enough to move them up? Do you know the Time-to-Fill numbers if you hire externally? Do you know how long it takes you to fill the positions when there are internal candidates? Promotion rate gives you insight into how well you develop your talent and how prepared you are to deal with personnel changes.
These numbers will help you assess your risk of dangerous open positions. They will help you measure the effectiveness of your talent management initiatives. Are you building your talent so that they will be ready to move to the next level or into another positions? Are you prepared for change in your workforce even in the current structure of the organization? What happens if you add more products or services, will you have the bench strength to support the new initiatives?
Don’t guess or assume that the investments you have made in talent management tools, training or assessments are paying off. Measure them and make sure your workforce is prepared for today and for the future.