This is the last installment of a three-part series presenting you with our favorite quotes from 2015.
Read part 1 of this series - 7 Quotes About the Value of Ongoing Performance Management From 2015
Here's part 2! - 5 Quotes About Developing a Culture of Learning From 2015
If 'culture' was 2014's word of the year, I think we can crown 2015 as the year of 'ongoing performance management'. I know, I know - that's more than one word. But the concept of ongoing performance management and the death of annual performance reviews was a hot topic this year.
There was, however, an aspect of talent management that didn't exactly get its fair share of the spotlight: Succession planning.
We published our State of Succession Planning report in March in partnership with renowned succession planning experts Rothwell & Associates. More than 600 organizations worldwide participated in a survey comparing their strategies with established best practices. Participants were evaluated on four key succession planning program dimensions: Identification, Assessment, Development and Management.
Based on the scores in each of these four dimensions, the overall average succession planning score for all participants was an underwhelming 48 percent. This failing grade showed that most organizations are not doing enough to identify, assess, develop and manage talent to fill key positions.
Why succession planning matters
There are inevitable ups and downs in business. Good people will come and go. The corporate lattice has replaced the corporate ladder. That's why the practice of grooming employees for more senior roles, typically referred to as replacement planning, isn't enough. Just think about today's workforce, which has more generations working side-by-side than ever before, and you'll quickly figure out that there are different expectations on the path towards leadership positions.
Succession planning is smart business planning. It allows you to proactively develop people, rather than simply naming them as replacements. Succession planning is about making sure your organization can continue to grow and move forward.
Here are six of our favorite quotes about succession planning from 2015.
6 Quotes About the Importance of Succession Planning
Critical succession planning is connected throughout the talent management process, starting from recruiting and moving all the way to how employee performance is managed. It's important to have key competencies identified to recruit superstar employees, have processes in place to identify their potential for leadership, develop their knowledge and skills, and prepare them for career advancement or a promotion.
We hope you enjoyed our favorite quotes from 2015. As always, thanks for stopping by and checking out the Halogen TalentSpace blog. We look forward to seeing you in 2016!