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How do you balance internal and external talent sources for your succession plan?

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Succession planning is a vital process for any organization that depends on the skills and knowledge of its key employees. How do you ensure that you have a pipeline of qualified and motivated candidates to fill the roles of your current and future leaders? How do you balance the benefits and challenges of hiring from within and outside your organization? In this article, we will explore some strategies and best practices for finding the right mix of internal and external talent sources for your succession plan.

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1 Assess your current talent pool

The first step in developing a balanced succession plan is to evaluate the strengths and gaps of your existing workforce. You need to identify the critical roles and competencies that drive your business performance and goals, and then assess how well your current employees match those requirements. You can use tools such as performance reviews, 360-degree feedback, personality tests, and career development plans to measure and enhance your employees' skills, potential, and aspirations. This will help you create a talent inventory that shows who is ready, willing, and able to take on more responsibility or a different role in the future.

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Virginia Robbins

Change Management || Strategic Advisor || Domain Expert || Project Management || Financial Services
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While employees are responsible for their careers, if your firm hasn't placed the training and mentorship programs in place, don't be surprised if your current talent pool comes up short. If your assessment of your current talent pool leaves you with few choices, a serious look at your training programs, the structure and incentives to attend training, needs to be done. If you want to ensure that the best and brightest of your talent pool advance, make sure that your training, mentorship and career advancement programs are tailored to your talent pool and their unique requirements.

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2 Develop your internal talent

The next step is to invest in developing your internal talent and preparing them for leadership positions. This can include providing coaching, mentoring, training, and feedback to help them grow and learn. You can also offer them opportunities to take on new projects, tasks, or assignments that challenge them and expose them to different aspects of your business. By developing your internal talent, you can build loyalty, engagement, and retention among your employees, as well as foster a culture of learning and innovation. You can also save time and money by reducing the need for external recruitment and training.

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Virginia Robbins

Change Management || Strategic Advisor || Domain Expert || Project Management || Financial Services
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For development offerings to be effective, the offerings need to fit the needs and expectations of your team and fit within your culture. Development offerings need to be incorporated into your incentives so that those providing the service - such as mentorship are rewarded as well as those being mentored. Work with HR or an HR advisor to ensure that development offerings are made equally available to all eligible employees. Be aware that non-work life circumstances may make it more difficult for some employees to participate in one type of program (such as an afterhours program) than others (such as workday classes). As career development becomes part of your culture, your internal talent pool will grow to be very large.

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3 Source external talent

However, developing your internal talent does not mean that you should ignore external talent sources. Sometimes, you may need to bring in fresh perspectives, skills, or experiences that are not available or sufficient within your organization. You may also face situations where you have to replace a key employee quickly or fill a new role that requires specialized expertise. In these cases, you need to have a strategy for sourcing external talent that aligns with your business needs and values. You can use various channels, such as referrals, networking, social media, job boards, or agencies, to attract and recruit qualified candidates. You can also use screening methods, such as interviews, assessments, or simulations, to evaluate their fit and potential.

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4 Integrate internal and external talent

The final step in balancing internal and external talent sources for your succession plan is to integrate them effectively into your organization. You need to ensure that both types of talent are aligned with your vision, mission, and culture, and that they have the support and resources they need to succeed. You also need to foster collaboration, communication, and trust among your employees, regardless of their origin or tenure. You can use orientation programs, team-building activities, feedback sessions, or recognition systems to help them feel welcome, valued, and engaged. By integrating internal and external talent, you can create a diverse and dynamic workforce that can adapt and thrive in a changing environment.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Deb Spunaugle

Retired Management Program Analyst at Dept Of The Army
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One issue - choosing outside candidates for advancement/senior positions sometimes sends the message that internal candidates are insufficiently valued. Helps if outside candidates are known and are highly valued in the community.

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How do you balance internal and external talent sources for your succession plan?

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3

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1 Assess your current talent pool

2 Develop your internal talent

3 Source external talent

4 Integrate internal and external talent

5 Here’s what else to consider

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