Talent Management Must Address a Retiring Generation
Utilizing the Predictive Index in Talent Management
For several years we’ve watched as thousands of Baby Boomers retire, and this pace will continue for another 10-plus years. Among those retiring are some of your top talent, which means talent management has to be a focus of your company in the years to come.
Success to Succession
Succession planning may need an overhaul at many organizations. This means placing a focus on looking for those individuals who are excellent candidates for leadership positions, and training them for those roles when they open up.
You can start by paying closer attention to employees who seem to want to take on more work and more responsibilities as these are the people who could turn into your next leaders. In some situations where you and the employee both know they’re on a management path, a formal commitment to stick with the company can be drawn up in exchange for promotions.
Postponing the Inevitable
If you need more time to seek out the people who replace your top talent, see if you can offer incentives to your older employees that will entice them to put off retirement for a while longer. This could include giving them better benefits, like improved healthcare and flexible work schedules. You can even keep them on as consultants after they’ve retired, calling on them from time to time to mine their knowledge in exchange for a stipend.
This is often a temporary or part-time arrangement, but use a little creativity and implement a program that allows your departing leaders a way to stay involved with the organization.
Transfer the Knowledge
Mentoring new employees is essential, particularly if they’re going to be part of the talent management program. Take your employees with the highest potential and put them with a mentor, most likely one that will be retiring soon, and let them pass down the skills and knowledge they’ve accrued over the years.
By shadowing leaders and taking part in the decision-making process, your young up-and-comers are going to gain immeasurable experiences.
Utilize the Predictive Index
To truly identify the people who will fill leadership roles, make the predictive index part of your talent management strategy. This is a scientifically proven method where applicants or current employees take a behavioral assessment test, which unlocks things about their workplace attributes that may not be readily apparent.
At PI Consulting Group, we’ve assisted many companies in identifying the talent they need to replace a retiring workforce. Contact us today and let’s talk about our method and how it will be a benefit to your organization.