One of the critical steps in Succession Planning is assessing your talent during a talent conversation, which I discuss in Chapter 8 of my book Replaceable, An Obsession with Succession.
In a new Forbes article Critical Thinking About Critical Roles by Tonushree Mondal, Ms. Mondal highlights the importance of identifying the “A” positions which require “A” players. Having a talent conversation early and often will allow a company to identify their high potentials and develop them to be ready for those “A” positions through stretch assignments, coaching, and training.
Readying your high potentials requires an investment in not only money, but your time. As a manager, you will need to be involved in the development planning process and the monitoring of your employee’s progress. It’s a dual commitment of you and your high potential.
Without this investment, you and your company are at risk of losing your high potentials, a risk in today’s business environment you can’t afford to take if you want to stay ahead of your competition.