You may be tired of hearing about this, but our businesses and communities are going through a transition of generations. In Charlotte, NC, we hear about this a lot, but the fact is companies need to be not only aware of this transition, but making preparations for this transition. The biggest generation, Baby Boomers, is now more serious than ever about seeking a time for retirement, as well as how each will define this stage of life. Different from their parents, most are looking for some focused, useful, and rewarding way to utilize the rest of their lives.
What does this generation shift have to do with talent management? Since most senior-level executives/decision makers are Baby Boomers (or older), who are preparing to exit in the near future, their organizations/companies should already have a succession plan, supported by an effective talent management program, where designated individuals have been selected, trained and coached for stepping into these decision-making roles.
Without an effective talent management program, those employees filling these leadership roles won’t be properly prepared for their heavy responsibilities. In turn, without strong, strategic leaders, an organization or business could easily fail and fall apart. Credible and wise decision makers are a must for a business to succeed.
Talent management is a process, which includes examining and/or correcting the accuracy of each leadership job description before recruiting and screening for an appropriate replacement. Even then some lapses of skills, experience, etc. will usually exist, which is why training and coaching is needed to ensure a well-prepared leadership replacement.
This process should begin a substantial amount of time before the replacement is needed. Specific coaching and training should be scheduled to build each skill, capability, and experience upon one another. An executive coach should oversee this growth process, keeping in mind all traits and competencies needed to be a successful leader. The talent management process assures that each key executive will be prepared to lead the organization to a successful future.
OI Global Partners are experts in transitions and coaching. You are encouraged to talk with us about such needs.
Robyn Crigger is managing partner, OI Global Partners – Compass Career Management Solutions in Charlotte, NC.