Part of developing an effective succession planning strategy involves measuring and monitoring the progress of succession management initiatives. One of the best ways to do so is with a dashboard. Dashboards provide talent "indicators" that provide you with the intelligence required to prioritize action items and make decisions. To provide the most value, dashboards must have both visual indicators, such as which high potential employees are also flight risks as well as be able to display relevant metrics associated with talent objectives including:- Headcounts
- # of Vacant Positions
- Turnover
- Time to Fill Key Positions
- Cost per Hire
- Retiring Employees
How do Dashboards Help with Succession Planning? - Measure and Monitor Succession Plans: Where our organization’s succession plans are today and where we need to be in the future. If I am planning a global expansion in 10 countries by 2010, do I have the resources required to fill those key positions in local areas?
- Simple, personalized views: Dashboards can be tailored to a user’s specific needs, based on their role in the organization i.e. HR vs. Execs. vs. Managers vs. regular employees.
- Real time data: Having a real-time view of your talent and succession plans is essential. With real-time, actionable talent information, organizations can take corrective measures and positively impact business outcomes.
- Identify high priorities: Specific indicators can help you to be alerted to information that is relevant to you, so you can prioritize accordingly and take action.
Organizations can visualize problem areas with dashboards; however, alone they do not provide enough information. It is important for organizations to use dashboards to also gauge the meaning of the measurement and allow the ability to drill down further to fully understand underlying factors. For example, simply showing a high turnover rate for key positions is important, but it is also important to indicate to the user why this is occurring.
As business objectives and succession planning strategies change, dashboards must evolve to ensure relevant talent metrics and key performance indicators (KPIs) are being measured. Through quick access to real-time, actionable talent information, organizations can effectively measure, monitor and execute their succession planning strategies.
