Talent shortages will pose one of the greatest economic threats to businesses over the next 20 years. Yet, many organizations have not built out the career and succession planning infrastructure that will help mitigate the risks of talent shortages.
Career planning is the process of designing and implementing goals, plans and strategies to enable organization to satisfy employee needs while allowing individuals to achieve their career goals. Succession planning is the strategic and deliberate effort to develop competencies in potential employees through specific and targeted learning, job rotation and training in order to fill key positions. It’s an effort to ensure leadership continuity, business continuity and risk management.
Organization needs to become more strategic guardians of human capital. That means doing everything in your power to match the right people to the right jobs, ensure key positions have succession plans, and decrease the rate of voluntary turnover.