January 6, 2022 Talent Development & Succession Planning
Throughout the coming year, DB Latimore Professional Services Group will be hosting a virtual Leadership Development Conference featuring eight exclusive Leadership Labs. Each session is focused on creating a virtual space—for all levels of leadership—to learn, practice, and transfer management skills into effective leadership competencies.
Talent Development & Succession Planning
The first session, Talent Development and Succession Planning, will be facilitated by Jane Reindorf-Attoh, CEO of JT International Holdings. We will discuss in-depth the critical role succession plans play in mitigating risk to ensure the continued success of any organization, which requires thinking strategically about what your organization’s future needs will be in light of its strategic objectives and mapping a plan for how to develop your team to reach its goals. Despite its importance, succession planning is often delayed in most organizations, as leaders do not know where to begin.
What is Succession Planning?
Succession planning is defined as a strategy for identifying and developing future leaders of all levels within an organization. It assists existing leadership in preparing for all contingencies by preparing high-potential workers for advancement.
The DB Latimore interactive lab is scheduled for Wednesday, January 12, and is intended to help frontline leaders, supervisors, and HR practitioners understand succession planning, guide you through the creation of a succession plan for a position of your choice, and show you how to replicate the process throughout all levels of your organization. It will also provide you with the tools you need to:
- Gain executive support for succession planning
- Identify the critical roles in your organization
- Create success profiles for each critical role
- Tailor your approach to talent development
- Communicate your succession planning process across your organization
- Measure, monitor, and communicate success
What is Talent Development?
Talent development—or talent management—is a business strategy that helps retain exceptional and valuable employees, according to Human Resources Today. Since its main objective is to create a better workforce, every aspect of recruiting, hiring, and developing your employees is impacted positively. Talent management enables every worker to have a product and/or service affinity, which in turn empowers them to actively participate in the mission, or value proposition, of the organization.
Why Every Organization Needs a Succession Plan
When a leader leaves an organization, it can create confusion and fear, and even threaten the stability of the business. Creating, defining, and implementing a proper succession plan ahead of time gives your organization the opportunity to mitigate these challenges and ensure a smooth transition of leadership roles and responsibilities. By having a succession plan in place, companies will be able to:
- Allow leadership the space and time to focus on business goals
- Create clear communication and alignment within talent management
- Maintain board and shareholder transparency
- Give successors time to prepare
Want to Know More?
At DB Latimore Professional Services Group, we pride ourselves on our ability to couple context, capabilities, and coaching to create and develop transferable and actionable leadership competencies to create highly effective leaders.
If you are a frontline leader, supervisor, or HR practitioner and want to know more about succession planning and how it can help your organization, the DB Latimore virtual Talent Development and Succession Planning leadership lab is for you!