From Adviser Guide: Succession Planning
Q: How can I spot potential?
You have to look at the people and their aspirations.
Challenge your people and their knowledge by investing in a career structure or employee staff incentive scheme.
Tim Parsons, business transition director of Succession Advisory Services, said he had found that if bosses offered people incentives or opportunities – such as an opportunity to dip their toes into new career paths, those with talent will jump at the chance while those with little potential, will ignore it.
Keith Richards, distribution and development director of Tenet, said natural talent shines through but there can often be a lot of hidden talent that needs to be developed.
Performance management and an appraisal system will enable managers to identify talented individuals as well as ensure the right people are in the right role for their skill set, he said.
He said: “Succession planning involves targeting employees for future career advancement and this helps to retain talented individuals.”