Does the spend of your L&D budget fulfil these two outcomes?
Create a pipeline of internal candidates who can be trained and developed to fill critical and specialist roles, and establish clear career paths for them.
Enable you to perform a cost-benefit analysis by comparing the total spend on leadership development and succession planning with the financial benefits realised through improved performance, reduced turnover, and cost savings from internal promotions.
If your L&D spend doesn’t deliver on either of these two outcomes then your annual budget is not being used to its maximum effect.
Most businesses that don’t have a coherent talent strategy, which has solid foundations and equally solid measurements, are simply pouring money down the drain.
How can I support you in making your talent strategy a success?
Once I’ve supported you in implementing your talent and succession strategy, we can ensure that you have the measurements in place to prove to your senior stakeholders that your budget spend has been successful.
These measures can include the following.
Tracking performance improvements of individuals in the succession pipeline. This includes metrics such as departmental performance and direct contributions to business goals and strategy.
Measuring the rate at which participants on your leadership development programmes are promoted to higher roles within your organisation.
Comparing the retention rates of employees involved in succession planning with the broader employee base.
Calculating the cost savings from internal promotions versus the costs associated with hiring external candidates for leadership positions. This includes recruitment fees, onboarding costs, and potential loss of productivity during the transition period.
Please contact me to discuss the next stage of your journey to success, and, maybe, we’ll get a chance to work together in person in the future.
When the time is right, and you're ready to work together to transform your Talent strategy, let’s set up a 45-minute discovery call to see if my approach is right for you.
