Building Talent From Within

Over the next 18 years, 78 million working individuals will have the opportunity to retire.* This staggering statistic is forcing companies to take a closer look at the training, development and succession plans currently in place.

More companies are discovering that it costs significantly less, often up to 50%, to fill a position internally rather than to recruit from outside. This is due to a reduction in recruiting expenses and less time in the training and development process. Additionally, internal candidates tend to have more success than external hires.

Still, many of the mid and large–size companies come up against a brick wall when trying to find an internal replacement for a position. They do not have a functional way to determine when internal candidates have the right skills for an open job. In short, they have not developed a solid succession plan.

The good news is that there is a practical and efficient way to organize the talent within your organization. The first step is to track the skills and professional interests that current employee possess. The second step is to determine and document the skills and education required for each position within the company. Finally, involve and empower managers and employees to determine their desired career path and set goals for achieving the skills required.

Empowering employees with the ability to map career growth, set goals for how to attain a higher position, view the requirements needed for a rank, and giving them the ability to nominate themselves for a job can make the succession process run smoothly. Additionally, management should be involved in nominating employees for positions. All of these items will help you place the right candidates in the right jobs.

As experts in HR and HRIS, we realize that HR software is only a tool to help solve your succession planning issues. However, with a strong plan you can help your company develop a workforce that will take your business into the future.

To learn more about Spectrum’s HRIS and its Succession Planning tools visit www.spectrumhr.com or call 800/477-3287.