Your biggest asset is the talent within your company, and in order for businesses to stay ahead of the curve and keep hold of this talent, succession and development planning is crucial.
Succession planning involves spotting future talent and creating development plans that see key talent be ready for leadership roles in the future, when done correctly, this minimizes any disruption if a key member of your team moves on. It’s an essential piece of the puzzle to keep your well-oiled machine running smoothly, so why don’t we pay closer attention to it? And how can we ensure that our succession plans are watertight?
2024 research by Azets Barometer found only 9% of businesses have succession plans fully integrated, while 6% have given it no thought at all, despite 30% of businesses showing a widespread acknowledgement of its importance. With a third of businesses recognizing it’s important, yet so few taking action, it begs the question as to whether this is down to the overwhelming task of succession planning and knowing where to begin.
The most successful companies are run by a diverse workforce, celebrating the differences between their employees and using their different skills, experiences and expertise to thrive. Businesses need to harness their diversity in the same way in order to build a robust succession plan.
Psychometric assessments are a science-backed, accurate way to predict who will thrive in each role. Within Thomas Assess, employees can take our High Potential Trait Indicator (HPTI) assessment, which measures their natural competitiveness, conscientiousness, ambiguity acceptance, adjustment, curiosity and risk Approach. These six traits have been proven to be key leadership qualities by psychologists.
By looking at an individual's Thomas Assess profile, not only can you immediately spot who has natural leadership abilities, but also who has the learning style, skills and work preferences to undertake different roles successfully. Perhaps you need someone analytical with a key eye for detail? Or somebody who is confident working on multiple projects and networking with new clients? This is just a small example of the insights Thomas Assess has.
Within Great Place to Work’s 2024 Learning and Development Report, their research showed that 85% of employees at the UK’s Best Workplaces for Development want to stay at their organization "for a long time", with further research from a LinkedIn report stating that over 90% of employees claim that they won’t leave their jobs if they are offered development opportunities.
So, your employees want to stay, but they also want to grow. The answer is simple: focused development programs. Within a Thomas Assess profile, an individual can clearly see where they need to grow in order to reach the next level. It’s all backed by our industry-leading science and offers everyone the next level of self-awareness about how they like to work and where they can improve.
It’s not just for your employees. When you give these insights to your managers, people leaders, leadership team and HR, you’re giving everyone in your business the tools to work better together, plan for the future and empower your biggest asset: your current workforce.
You have a great cohort of employees, and it’s what makes your company successful. Use people science to plan for a future that keeps it that way.
