When it comes to future-proofing your business as well as meeting or even exceeding targets, making sure that your talent management and succession planning strategy is as secure as possible can be crucial.
According to the US Bureau of Labor Statistics, approximately 50-60% of small businesses will fail within five years, further highlighting the importance of planning ahead in order to succeed.
In my experience, I have observed that when it comes to identifying, hiring and retaining top talent, your process must be inclusive of your long-term plans, in line with your specific company culture.
Does the candidate suit your plans for the future?
Hiring the best leaders is a process that should not be taken lightly. While it may appear a relatively simple task for those invested in the business, there needs to be a process in place where any future plans are considered and expressed to individual candidates.
A well-structured talent management plan will ensure that the candidate who secures the role is prepared for what’s ahead. If you are unable to outline how the business intends to operate in say the next five or ten years, then why should you expect a candidate to divulge what their plans are for the same period?
Does the candidate suit your company culture?
I cannot stress enough how important it is when constructing a talent management plan to ensure that you are surrounded by executives whose interests are in line with the same values as your business. Failure to do this can cause serious problems in the long run.
Say, for example, that your civil engineering business is actively taking steps to improve sustainability at all stages of operation. When it comes to finding leaders to guide the company into an era where sustainability is of the utmost importance; are your candidates prepared for what’s ahead? Can they lead your business into this new age?
Making the business more appealing to prospective candidates
It is easy to remember as an employer that the candidate is looking to impress the business, not the other way round. The best leaders, however, will be assessing the company itself, as well as what their plans are for both the immediate and long term future.
Businesses who incorporate their long term objectives as part of a talent management plan and express these to prospective candidates will inherently look more appealing and organised to the most talented individuals.
Here at Goodall Brazier, our dedicated consultants possess several years of experience in providing executive search services that help businesses build their ideal talent pool.
Future-proofing your business doesn’t have to be a laborious task for you or your fellow executives, especially when it comes to securing the best leaders. Maintaining a talent management plan that incorporates everything that the business seeks to achieve will give you the best opportunity to identify the right leaders in every sense.
Our strategy consultants are able to utilise their contacts to give you access to the best available global talent. For more information, get in touch with us today.