360-degree feedback is a tool, a method to develop an individual’s behaviour and performance. It utilises data received confidentially from those the employee work with to gain whether their performance fits in with the company’s overall visions. Data is feedback formed from online forms answering questions that address a wide range of competencies in the workplace based on a rating scale and written comments. 

At least 50%¹ of new leaders fail after assuming a new role. Incorrectly identifying high potentials is one of the reasons for this failure. Additionally, many companies face a significant shortage of quality talent. Therefore, their only resolution is to source high potentials externally.

High potential employees quitting can be extremely costly. Letting your talents know the company has laid out development programs to prepare them for more senior management roles is one of the most effective methods to mitigate the impact of talent loss. 

We have mentioned time and time again the importance of having leadership development programs in place. Moreover, a closely linked leadership development plan and business strategy can result in stronger, more agile companies.

High potential employees (HIPOs) are the most valuable assets in any organisation due to their outstanding performance, extensive knowledge, skills, and a great desire to succeed in more senior roles. In an ideal world, organisations will garner all of their HIPOs, then roll out their development programs to train and further develop these future leaders. The thing is, we do not live in that perfect world. 

In succession planning, individual performance and potential are two decisive criteria that need to be thoroughly studied. When a candidate is pinpointed for leadership bench strength, you are invited to assume that he embraces both high potential and performance.

In previous blogs, we have identified what the qualities of great leaders are - how to develop them is a whole other question. We will discuss the three phases both employees and managers have to go through to develop great leaders.

Succession planning is a process of preparation, not pre-selection. Organisation regardless of sizes can benefit from implementing a succession plan as it requires the managers, leaders, and HR professionals to conduct a comprehensive and ongoing evaluation on the competencies of every employee as well as taking in the organisational structure and organisation's goals. 

At the minimum, failing to plan a succession strategy could possibly hinder your conduct of day-to-day operations. Taking it to the extreme, the absence of competent leaders, when not appropriately and timely addressed, could wreak havoc on the business. This may result in it losing its standing in the ever-challenging market and eventually collapsing into oblivion.

Leadership at its core is still about mobilizing people in an organisation around common goals in order to achieve impactful results. Its foundation boils down to the basic skills used by any leaders in any organisation.