Too many companies overlook the importance of succession planning and the role talent development plays in not only ensuring your business keeps thriving during times of change but also in keeping employees happy within your organization.
Gone are the days when employees would only work for one or two companies during their working life. In fact, the latest research coming from the U.S. Department of Labor suggests the average person will change jobs approximately 12 times during their career.1 What this means for your business is that it’s likely you’ll be faced with top leaders leaving your company—sometimes with little notice. It’s imperative to have a pool of candidates that have been developing their leadership competencies so they can step into a new role and make a smooth transition with minimum disruption to the organization.
Talent development can also help improve job satisfaction, which in turn can help with employee retention. A recent workplace analysis from LinkedIn reported that 94% of those surveyed would stay at their job longer if the company invested in their development.2 Employees view talent development as a sign their employer values their contribution to the overall success of the business.
While succession planning and talent development are crucial, the process can be overwhelming if you don’t have the right tools to help identify and develop leadership candidates. LeaderNAVTM is proprietary leadership assessment software that identifies leadership competencies in candidates and comparatively ranks them. This allows the talent management team to easily decide where company resources would be best spent.
Envision Global Leadership is a trusted leadership assessment and development company with decades of experience. With our validated assessment tool, LeaderNAVTM, we’ve helped companies assess key leadership competencies within their organization and worked to develop and support their future leaders.
1 U.S. Department of Labor. “Number of jobs, labor market experience and earnings growth among Americans at 50: Results from a longitudinal survey.” Retrieved on March 5, 2019 from https://www.bls.gov/news.release/pdf/nlsoy.pdf
2 LinkedIn. “2018 workplace learning report.” Retrieved on March 5, 2019 from https://learning.linkedin.com/resources/workplace-learning-report-2018#