A consistently applied talent management and succession planning process will pay massive dividends to your company over time. I have seen situations in which companies have discarded these practices during economic downturns. Talent management can become a lesser priority as there may be a greater supply of talented people in the market and retention may be less of a concern as employees stay with the devil they know versus the devil they do not know.

There are risks in dropping this strategic activity.

• Even in a downturn, and sometimes especially in a downturn, there are appealing opportunities available for top performers as companies weed out lesser performers and uplift their overall bench strength. You may lose your best people to your competitors.
• When the market improves, your talented employees will, as always, be the most marketable. You may also lose executives and senior leaders who delayed retirement or job moves because of the economy. As a result, you can emerge from a downturn and discover that (a) you have fewer available successors for top roles and (b) the successors are three to four years away from being ready as you deferred developmental activities.
• Finally, when you turn your talent management activities on and off, you inadvertently send the message that you do not hold yourselves accountable for sustaining strategic priorities, and that ambitious employees may not have the career possibilities they are seeking.

How are you managing your talent? Are you planning for the future, or reacting to the current market?

My clients accelerate their results – increasing profitability, leadership performance, innovation, and accountability. I would love to discuss how I might help you and your executive team plan for the future. Contact me today.

Originally published in Feet to the Fire: How to Exemplify and Create the Accountability that Creates Great Companies. Get your copy today on Amazon!

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© 2019 Lorraine A. Moore. All rights reserved. Permission granted to excerpt or reprint with attribution.