Succession Planning Begins with a Full Talent Pipeline

by Dave Brookmire
May 2009

The impending “Brain Drain” of Traditionalists and Boomers set to retire poses very important business continuity issues for all organizations. There are certain key leadership positions in every company - from c-level executives to critical staff managers - about which any CEO would say, "we simply can't live without that person." The best way to ensure you never have to test that statement is to build a leadership pipeline worthy of your succession plan.

Best practices for the talent pipeline:

• Build a solid foundation: A well-primed pipeline is strategically oriented, as well as tactically equipped. Consider the context in which your emerging leaders will function. Talent development should be tied to the organization's future business plans and growth expectations. It should focus on strategic needs, not simply volume fulfillment.
• Rapid progression: It is key to have milestones in place to keep the Gen Y’s and X’s with the company.  There are ways to engineer jobs to ensure there is on-going learning and forward momentum to keep your younger high potential around for the planned succession.
• Formalize and publicize: As companies grow and become more sophisticated, it becomes more difficult for leaders to identify and develop high-potential talent. A talent development pipeline should be apparent to high-potentials and rigorous enough to meet future needs.
• Develop leaders through assignments: The pipeline should offer opportunities to develop leadership skills, not only assess and judge leadership potential. Once a high potential is identified, look for ways to stretch and development them.
• Create a dynamic knowledge management system: Develop a system that captures the intellectual assets for pending retirees and methods to retain and transfer these valuable assets.