The growth and success of an IT company depends largely upon its ability to utilize and retain its human resource. Any IT initiative, to prosper, must know how to identify its talent and must be able to retain them for a longer duration. High-potential employees must be identified and must be nurtured in due course giving them surplus opportunities and instructions on how to develop their careers, and at the same time keep contributing to the growth of the company. With the cut-throat competitive market, the retention of talent is quintessential for an organization and is detrimental for its growth. A comprehensive succession management program is hence necessary for an organization to help retain its valuable human resource; the people who can step into key roles as and when required. Statistically speaking, in a recent survey it was found out that on an average, an IT employee receives 34 job offers each week, while it was also found out that 81 percent of the workforce is open to new job invitations even after being happily employed. In such a scenario, it is the onus of the leader of the company to deploy strategic succession management. Here are 5 recommendations on deploying a successful succession management program-
1. Rigorous exhaustive program
Ensure that your succession management program has depth, and it reaches all levels of the organization, and not just the senior positions. Each employee of the organization must realize that there is an opportunity for growth within the company for them and that the value which they bring to the company is recognized and rewarded. A loud and clear message about the career paths and future opportunities must be given to the employees so that they can believe that there are growth prospects within the company and they don’t need to look for it outside. Each and every position of responsibility within the company must be treated with equal respect and hence, the succession management program must have sufficient depth.
2. Correct approach
An appropriate approach to implement your program is also critical. There can be two approaches therefore. One, can be to identify the key positions first and then the high performing individuals to fill up those posts. But then, that would violate the first rule, as mentioned above, because in that manner we would be identifying the top positions only and would work for those crucial positions only thereby creating a kind of disparity amongst the workforce. Hence, this approach must be avoided. The second approach, which involves recognizing and developing the potential employees first, and then filling them into the key positions, is much better. This approach would give a fair shot to everyone to compete for a position within the company. Then, the performing individuals can fill the posts depending upon their professional goals and company’s business needs. This method also helps in maximizing employees’ leadership skills.
3. Define your program criteria
On what criteria do you want to recognize the potential of your employees? What is it that your company requires? What qualities/skills are needed for each role? By defining such things clearly, it becomes easy for both, the organization as well as the employees to orient themselves accordingly. On one hand, the company now has clearly demarcated its requirements and has shown its employees what exactly it is looking for, and on the other hand, the employees now have a clear picture in their minds about the role which they’d have to fulfill and can decide accordingly based upon their own professional targets. Hence, it is a win-win situation for both the parties.
4. Effective communication
Lack of proper communication has often proved out to be the difference between a successful and an unsuccessful organization. Employees must know that they have been tagged as high potential employees, so that they themselves can realize their own worth within the company. Once they know that the work that they have been doing has been recognized by the company, and there are rewards on offer, it will work as a morale booster for them and they would work more efficiently. There has to be transparency within an organization, as in, the principles and the programs of the company as well as the requirements must be properly communicated amongst the employees. Once the workforce knows what exactly is required of them, they would align their work accordingly and adapt to the working conditions and prerequisites more effectively.
5. Proper reviews and changes
The needs of the market, as well as that of a business keep changing from day to day. Hence, the program must also change accordingly. New skills must be assessed and new roles must be identified if need be, so that the demands of the market are met appropriately. The requirements of the company may change according to the existing conditions. Hence, the changes must be properly implemented, and at the same time, they must be circulated among the employees so that they too can adapt to the change too.
Following these steps would definitely help an organization to identify, assess and nurture their human resource in an effective time bound manner and would prevent the departure of their high-potential employees.