Is Your Talent Pipeline Full, Half Empty, or Totally Dry? Developing Internal and External Talent
- July 12, 2018
As healthcare organizations continue to deal with the increasing speed of change, one constant is the need to create sustainability within the organization. A critical component of stability and ongoing success is the talent level of the organization’s future leaders. It is vital, therefore, to develop a steady pipeline of capable employees to ensure you have the right people available to fill key positions. The formation and ongoing management of a talent pipeline is an investment in the long-term success of an organization and should be part of the strategic planning process.
Today’s competitive talent market requires organizations not only to consider the skills and experience they need to fill current roles but also to think strategically about the abilities and knowledge they will need in two to five years. Developing a successful talent pool to meet these needs may be the differentiator that allows an organization to thrive and prosper with a workforce that it hired and developed internally.
Organizations should include succession planning for all key positions as a regular part of their management meetings at least annually, if not quarterly. Talent pools can be useful in the succession planning process to determine those employees who are “ready” for key positions, and where there are gaps that need closing. This preparation allows organizations to fill critical positions as they become open and not “miss a beat” in meeting their strategic objectives. Conversely, organizations without the right people in leadership roles and lacking the skills to be promoted miss out on opportunities for growth, innovation, and successful completion of business objectives when key positions are filled unsuitably or vacant for extended periods.
So, how do you develop a strong talent pool of both internal and external candidates? And, what tips will help guide you to improve the current pipeline or create one that will add value to the organization? The future success of your entity may depend on the quality of your talent pipeline and succession planning process. So, is yours full or empty?