Succession Planning and Talent Management are processes that were historically only conducted for the top few percent of employees in an organisation. With the advent of new technology and methods, it is now possible to conduct these processes for the entire workforce. It has become possible to do so quickly and with benefits for the whole organisation, each line manager, the HR department and every employee. This paper outlines the methods, outcomes and benefits of this new approach, which is well adopted by leading organisations.
Employees typically constitute 60% of the organisation’s operating costs. In a business or organisation supply sense, employees are more difficult to source, have longer lead times for replacement, cost more than ever before and have a very high total replacement cost. Intellectual capital loss is often not considered as a direct cost but it will have an increasing impact on organisations as the world’s major economies transition from the industrial age to the services age (knowledge workers).
In most organisations however there is little consideration for the cost of replacement, training, induction, time taken for the employee to get up to speed (be 100% productive in their new role). Most organisations have little or no infrastructure, systems or procedures to deal with the costs of employee turnover.
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