Why Focus on Succession?
Korn Ferry Talent Review is Korn Ferry’s proprietary approach to robust succession planning and succession management. The assessment and development of talent is a key strategy of any organization and is required to fulfill all other business strategies. Leaders and managers at all levels of the organization have an important responsibility to identify, develop, and retain talent. It’s especially important for boards who are under increasing pressure from shareholders demanding reassurance that a seamless transition will be achieved when there are changes at the top of the organization. Increased globalization continues to intensify the need for ready, able, and committed successors to step into the breach and hit the ground running. And, the rapid pace of technological change requires leaders to be more agile than ever before. The initial focus of the talent management process is the development of strategic leaders. These are the critical individuals who will grow the business and lead the organization into the future.
Korn Ferry Talent Review focuses on four critical talent components:
Organizational capabilityIdentify the mix of leader, people, and organizational capabilities and competencies that are mission critical to the future success of the organization.
Talent identificationEvaluate the talent you have against capabilities/competencies.
Talent sourcingAssess gaps and determine the ability to build or acquire talent to achieve strategic goals. While we refer to the talent sourcing strategy as a build versus buy strategy, keep in mind that you should also consider outsourcing or moving people from another area of the organization (borrowing) and eliminating talent when appropriate.
Talent managementManage the ongoing development/deployment of talent.