Subject: GEA Newsletter

Newsletter #75
November 8, 2019
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Implementing a Succession Plan to Sustain Your Business

By Pete Tosh, Founder of The Focus Group

All Fortune 500 and small businesses need to ensure that they have the talent necessary to effectively lead their organizations in the future. The irony is that larger organizations with significant talent pools tend to have succession plans while smaller organizations don’t.

One of the most significant contributions leaders can make is ensuring their business’ continuity and sustainability - by having employees who are willing and capable of filling each key position with a plan for doing so when the need arises.

Not having a Succession Plan can be costly and sometimes disastrous. It’s expensive to recruit, interview, select, on-board and train a replacement - and significant opportunity costs are incurred when a key position is not being performed. While Succession Planning increases the levels of engagement and performance of A Players and High Potentials – the talent most needed in the future.

Employees Prize Leadership Training Above Other Learning

By Katherine Moody

Employees are most interested in management and leadership training, according to a new study from PayScale, followed by professional certification and technical skills training.

Diversity and inclusion training rated the lowest; only 2% of respondents ranked it the "most interesting" training an employer could offer. Interpersonal skills training also ranked low, as did employer-subsidized degree programs.

According to PayScale, men were more likely to seek out professional development to obtain a promotion, while women were more likely to seek out professional development to receive a pay raise.

Employee development programs have grown in popularity as a benefit because employees want them, various studies have shown — so much so that they may leave for a job that offers them. Seventy percent of staff surveyed in a recent Harris Poll said they'd be at least somewhat likely to leave their job and take another with an organization known for learning and development. But even employers that have such programs aren't necessarily safe; while 98% of employers surveyed had some kind of development program, 80% of employees said they were on their own to navigate their career development, according to the Harris Poll findings.

To this end, and as supported by the PayScale study, more employers are helping workers build career maps and use learning programs reach their goals. "Career sleepwalkers," as they are called by LinkedIn, could endanger an organization if an employer ignores them. Those who know they want to grow but don't know how — and who don't receive guidance — are more likely to feel dissatisfaction with their job and ultimately are more likely to leave.

Management and leadership training, in particular, may be asked after by workers. A majority of managers polled by West Monroe Partners last year said they had no management training and many felt overwhelmed by their tasks. Employers may be able to boost retention by offering training of this type and by making clear they value that type of learning.

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