In today’s job market, an organization that is looking to grow and be consistently successful can’t just rely on attracting new talent, it needs to develop its own talent from within. This is why developing an internal talent pool is critical.
Who Should an Internal Talent Pool Consist Of?
An internal talent pool is a set of employees who have been identified for special training and development with the specific aim of having them take on more responsibility within the organization. They are often the best-performing employees with the most potential for growth, and are the employees that exhibit the most charismatic and effective leadership skills.
Creating an internal talent pool enables an organization to groom employees specifically for areas that align with its strengths and core values instead of simply filling positions in the hierarchy. A talent pool shifts an organization’s succession planning from an individual-based approach and orients it towards group-based thinking; communicating to a carefully selected group of employees that the future of the company lies in their hands as a collective instead of telling one employee that they will be promoted.
Internal talent pools are especially vital for organizations operating in nascent industries that are evolving so quickly that it’s impossible to predict what the market will look like a year from now, much less making a conventional 5-year forecast. This volatility makes the traditional individual-based succession planning strategy obsolete and turns the talent pool into a necessary tool for keeping up with a changing market.
Here are the four basic steps to developing a talent pool within your organization:
1. Identify the Necessary Skills
The first step is to review the current organizational strategies with the aim of identifying the core competencies needed to make those strategies come to fruition. While it’s true that these approaches may have to transform to fit prevailing market conditions, the underlying essential skills are likely to stay the same. They can include critical thinking, emotional intelligence, goal setting, creative problem solving, and conflict management.
2. Identify the Skills Gaps
The next step is to assess the company's current talent to understand where they fit in regard to the above-mentioned key skills and core competencies. This can be done using methods such as comprehensive performance reviews, 360-degree feedback and one-on-one employee interviews.
3. Bridge the Skills Gaps
Once the organization has identified and assessed the key attributes and capabilities necessary, the next step is to create regular activities that help employees consistently develop and improve these skills. Two of the most effective approaches are creating a management development program within your organization and/or pairing junior level employees with more skilled peers/mentors on the team.
4. Monitor and Adjust
Talent pools need to be monitored and optimized to allow for internal and external factors affecting the organization. Methodical adjustments to the organization’s talent pool should be made on a regular basis and be based on routine talent reviews and regular market research.
Talent Pools Are the Key to a Secure Future
Internal talent pools are vital to an organization’s health because the competition for talent is incredibly stiff in today’s business world. While hiring outside talent can be a great option, external recruiting can’t be relied upon to deliver 100% of the necessary talent, especially when it comes to succession planning.
Is your company prepared for the future? Do you have a talent pool being prepared today to lead your organization tomorrow? Let the professionals at ASB Resources show you how to groom future talent from within your organization and develop the necessary flexibility your company needs to meet whatever operational demands that may come its way. Schedule a chat with one of our experts today!