A talent review is different than a typical performance review.
What is Talent Review?
A talent review asks business leaders to assess employees across the organization on performance and future potential. Completing a talent review helps companies uncover talent gaps and identify high potential employees. The insight you gain allows you to make strategic talent decisions and plan for your company’s future. In a talent review meeting, you will identify high performers who exhibit most of the needed traits and skills, while also pinpointing any gaps they need to close. The result? You know where to focus your coaching and development efforts.
The talent review is one of the most critical steps in the succession planning process because its outcomes will define a company’s future. Decisions made during the talent review will have a direct impact on the business, because the company will be trusting those candidates chosen to occupy key positions with the responsibility of maintaining business continuity while, at the same time, taking the company to its next level of execution. Similarly, those decisions will affect the careers and levels of engagement of those individuals who are either selected for inclusion in the succession plan, chosen to occupy key positions because of their readiness, or excluded from the succession plan altogether.
- Before the talent review meeting, the company must identify its talent gaps.
- Start with which key positions are more important for the business or which ones are more likely to be vacated shortly.
- Examine which positions, if left vacant, would have a greater negative impact on critical areas of the business.
- Notify participants as to which sources of information will be considered for the review, such as performance reviews, professional backgrounds, qualifications, customer feedback, and 360-degree assessments as they relate to their current and target positions.
- Evaluate your talent using advanced visualization (such as an interactive 9-box grid) to view tenure status, risk of leaving, and other performance factors
- Track progress of implemented talent development plans
- Place faculty and staff per ranking/assessment data into talent pools and succession slates, creating an internal pipeline of resources to fulfill potential talent gaps.
- Based on Organization goals, identify short- and long-term talent needs
- Generate Skill gap reports
- Rank and assess talent
- Place employees per ranking/assessment data into talent pools and succession slates, creating an internal pipeline of resources to fulfill potential talent gaps
- Can be used to view the representation of employees based on their gender, ethnicity, or age in the Leadership Roles