So why run these programs?
Here are some factors which may help you consider the impact (and ROI) of systematically working with the pipeline of leaders and talents in your organisation.
Engagement: High program satisfaction levels positively affect job engagement levels.
Job Impact: Programs have a positive impact on perceived job performance and job impact.
Future Skills for Leaders: Research shows the top priority for HR leaders in 2020 and again in 2021 is future ready business critical skills.
Turnover: Avoid the direct & indirect costs of voluntary turnover, which are much higher than many would expect – especially for good leaders.
Promotion: Dedicated talent management & progress programs can double or even triple talent promotion rates.
Turnover: Well-managed talents & talent progress programs can halve talent turnover rates.
Future Leadership Bench: Research shows the second priority for HR leaders in 2020 and again in 2021 is ensuring a strong leadership bench.
Performance: Organisations with fast ‘talent to value’ progress in 2018 were more than twice as likely to outperform their competitors.
I hope this helped a little and added some value to your reflection and planning.