Companies that have led, in terms of growth, are ones that focus on developing talent. Of course, this isn’t done unintentionally since executives in these companies have already created a mechanism to find and develop talent.

Of course, the most important thing that executives should keep in mind is who they name as
manager as one wrong decision made by the person cannot be fixed.

In looking at companies that Gallup have partnered with, experts have identified five important aspect of a highly performing talent machine.

5 Important Elements of Companies with Highly-Performing Talent Machine

While hiring the right manager to handle it all is very important, there are other aspect that need to be considered as well.

Here are 5 important elements of a highly-performing talent machine:

1: A Working Succession Plan

A succession plan is usually one that ensures the survival of a company. Despite this, there are a number of companies that do not have one in place, one that’s dated or even reviewed in recent times. Others only consider this topic when the company is in crisis.

That said, replacement planning works only in the short-term, succession planning is dynamic and sustainable in the long term. In other words, the planning should be based on a pool of qualified leadership candidates.

One thing is for sure: this formalised plan should be one that is owned by both the CEO and the senior leadership team that is not only systematic, mathematical and documented.

Finally, ensure that you review the succession plan constantly and as regularly as possible.

2: Companies Have a Talent Pool Audit

If you don’t audit the talent pool in your company, it will be impossible to reach your mission and purpose. The reason for this is once you do this is because once you identify the right talent, you’ll know which managers to promote. Apart from this, you’ll also know which business units have sufficient talent and which ones need more.

Of course, this talent pool should align itself with a talent pool. Ideally speaking, this talent machine should have three candidates that are ready to fill a vacancy within the company.

3: Raising the bar in recruitment and hiring

While it is important to prepare a succession plan while auditing talent in your company, the
next step is to raise standards when it comes to hiring and recruiting too. If you focus on using language that discusses talent (instead of just job descriptions), high quality candidates apply to the company. Apart from this, objective and structured interviews can help with finding the right talent too. While hiring managers can spend more time with highly qualified candidates, getting these pre-hire assessments right can be fed quickly into an individualised onboarding and development plan.

4: Document breakthrough experiences from managers in companies

Given that it is vital to have a steady stream of potential managers in the pipeline, it is still
necessary to provide them with developmental experiences. But before that, you have to
interview those managers in your organisation that are successful as well as executive
stakeholders who could give you a picture as to whether the company is headed. What you take away from these interviews should be a set of experiences that will help the rapid development of high-potential managers and leaders and that has already helped those in managerial positions.

Some examples include international leadership assignments, having a mentor or
even managing people early in their careers. In doing so, also check which of these experiences have had the most impact on your company’s culture too.

5: Ongoing development, engagement and performance management

Not only should you tell people in no uncertain terms as to what they should be doing each
morning but also ensure that they are allocated to good managers. In fact, you should literally demand for the latter. Also, if you hire a person by telling them that they should build their career based on their strengths, then you should help them connect their strengths to their customer needs.

In Closing…

As soon as you hire the right management and put the right processes in place, you’ll quickly find a change in your company’s culture. Look at talent as your foundation and be as objective as possible with each decision you make in that regard. This will ensure the growth of your company for a number of years ahead.