How can succession planning impact your employee retention and employee engagement? We explored this important topic on November 8 at an exclusive Advanced Resources' Thought Leadership Event. Today we're sharing the key takeaways from this engaging session.
This Thought Leadership Event was facilitated by Brian Brooke, Managing Director of Advanced Resources’ Workforce Solutions division. We asked Brian to tell us about it.
Tell us about the topic & why you thought it was important for your audience?
Our Thought Leadership Event this past May was “Retaining Top Talent.” During our Q&A event for that session, almost every question from the audience related to succession planning. While moderating that Q&A, I knew then what our next Thought Leadership event would be.
What do you think are the two most important takeaways on this topic?First, we have all seen too often how the departure of a key employee can negatively impact morale and operations much more than necessary. We highlighted two stats during the event:
- 62% of employees surveyed say they would be “significantly more engaged” at work if their company had a succession plan
- 94% of employees surveyed report that having a succession plan positively impacts their employees’ engagement levels
What was the buzz among the audience and what were their most pressing questions?
As always, there were many questions about the value of succession planning to millennials. Additionally, many attendees had interest in succession planning beyond the C-suite. In this market, employers and employees need to be on the same page with employee satisfaction and engagement. Small disconnects can create larger issues, resulting in higher turnover.
What do you see as the outlook for hiring and talent in 2019 in your space? What advice do you have for companies who need hard-to-find talent?
At some point, we will hit a recession. Many experts target that for 2020; when the recession hits the job market and unemployment rate will also be affected. With that said, 2019 should continue to be a very candidate-driven market with a continuation of the fierce battle for top talent. My suggestion to companies in this talent war is to build a relationship with an experienced recruiter! Recruiters nurture relationships with passive candidates that you won’t find available on job boards.
If a recruiter is not feasible, constantly monitor your brand, culture, and the value proposition you offer to candidates in comparison to what other companies offer. The top talent in the marketplace needs to know that they are valued and that they are joining a company that is - and will continue to be - a leader in employee engagement.
On the flip side, what advice do you have for professionals seeking new opportunities in 2019?
First, remember that the “grass isn’t always greener.” Over the last couple of years, we have seen many candidates who were enticed to a new job for the wrong reasons. Shortly after starting their new job, they realized they had made a mistake. Also, every job seeker should do research on potential companies and their cultures. Above all else, be planned and organized on the type of new opportunity you are looking for.
Will you be having more Thought Leadership Events? If so, where can readers find more info on future events?
Yes! You can find information on any future events on our website.