Talent Management: Planning for the Future
Though the talent pool is filled with talented candidates competing for each job posted, the baby boomers are reaching retirement age. According to Pew Research, for the next 19 years, about 10,000 baby boomers will retire each day. With a huge segment of the population leaving their jobs behind, it's likely that most companies face some form of talent risk. In short, recruiting, hiring, and developing employees must outpace attrition rates or else your company could find itself with a lack of talent.
Fortunately, most companies can take proactive steps to prevent this from happening. It all begins with talent management. Three areas in particular should be focused on:
• Inventory Current Talent
• Develop Skills
• Succession Planning
Do you have a current, measurable talent inventory? Start with performance reviews, talent profiles, and assessments and gain an understanding of your company's readiness for the future based on the capabilities of your team. Keep an eye on positions filled by employees nearing the ends of their careers as it may take many years to groom a junior employee for the eventual position.
Helping employees develop professionally is crucial to talent management. While you may have a formal training program or learning management system in place, other employee development tools such as mentoring, skills building sessions, and job rotations should be included in your employee development plan.
Succession planning is vital no matter how large or small your organization may be. With aging baby boomers, the talent pool will predictably shrink over the next two decades. These future retirees will take with them decades of experience. With a good employee development program and succession plan in place, you can minimize the risk associated with mass retirement.
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