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Derive double advantage from fast tracking plans Derive double advantage...
Conventional employee development follows a protracted route that can last forever. But, to suit today’s ever-changing and global atmosphere, many complex and dynamic organisations are introducing the concept of ‘fast-tracking’ employees with potential.
Herein, a formalised programme is tailored to suit few select participants who are recognised to have upper level talent, thus expediting their development. Departing from standard employee training, fast-track programmes provide a clear, visible and accelerated development path within a condensed time frame. The intensive and fast-paced efforts maximise development and groom individuals with high potential for bigger things.
Such fast track training not only creates talent for succession planning, but also helps attract, recruit and retain the best talent. Moreover, this selective approach has become an integral part of contemporary management development procedures.
Fast tracking also emerges, as a good business strategy as it meets employees’ needs for job satisfaction, career development and personal growth, thus paving the way for successful, rewarding and satisfying careers.
Here’s a look at how to enhance your existing talent pool with fast-track programmes:
Need for speed
Blindly employing a fast-track programme without assessing the organisational needs is sure to miss the mark. It is imperative to explicitly define the gap between the performance required and the actual levels, so as to understand the immediate and long-term skills needed for success. Then, determine whether the development needs to be speeded up or not. If required, create a sound ‘fast-track’ process that is linked with specific objectives and benefits as well as aligned with corporate strategy and company culture.
Also, take employees’ needs, values and career aspirations into view to ensure that accelerated development is the right choice for them.
Pick and choose
The efficacy of a fast-track programme hinges on the quality of the participants. Therefore, it is essential to identify employee potential and choose only those people who can and will assume higher roles. To narrow down to the best candidates, establish certain eligibility attributes like qualifications, skills, work experience, tenure and track record in the organisation along with other subjective parameters like ambition, talent, competitiveness, team spirit, creativity, and vision depending on the requirements. Employees who display these fundamental abilities to succeed should be picked early in their careers and placed on the fast track right away. Most companies also rely on a combination of certain tests like skill assessment, psychometric examination, performance appraisal and 360-degree feedback in conjunction with managers’ recommendations to select those high performers who will be suitable for the required roles. Whatever the selection process, it should be consistent and non-discriminatory. Also, set certain limits on the number of people who will be effectively and efficiently developed. Or else, as a top consultant puts it, “Your fast track becomes the everyday local train service, making stops at each station, packed with riders who are biding their time, and not driving the business forward!” While there is no need to keep a lid on which employees are being fast-tracked, do not neglect the rest of the staff either.
The development experience
Outline the areas for growth after carefully understanding the participants’ specific skills and competencies that need to be developed. Then, design effective developmental methods to achieve the objectives. Some approaches include:
Job rotations: Fast-track employees are put through frequent, pre-defined lateral movements at a fast rate in order to expose them to different job experiences. While the best mix depends on organisational strategy and needs, common scenarios include sales, finance, HR and research with some international assignments thrown in for a good measure. The cross-functional perspective orients participants to various aspects of the business, thus providing a macro view of the organisation, its business environment and strategy.
Temporary assignments: These comprise of specific development opportunities not commonly available to the rank-and-file. Candidates are given short-term challenging work with specific problems like interacting extensively with customers, learning about new products, negotiating agreements, installing new processes, managing employees and other issues facing the organisation. The test is to demonstrate a certain level of expertise even while undergoing the stress, pressures and difficulties.
Mentoring: Fast-track candidates can work under senior members of the management team to absorb insights and lessons from their vast experience. While mentors help in highlighting important organisational perspectives, external coaches can be called on to provide specific functional guidance and feedback on overall effectiveness. Besides this, mentors and coaches also serve as a guide in enhancing self-awareness.
Skills training: Augment participants’ job-specific knowledge and abilities through in-house seminars and short courses that are tailored to address their requirements.
Developing diverse skills with formal education will broaden their perspective to include leadership, strategy, change, diversity and team building.
Apart from regularly monitoring candidates’ performance to ensure that they scale high expectations, management should also provide ongoing organisational support and growth opportunities. Only then, can organisations have the right skills in the right place at the right time for performing well in all business conditions.
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PAYAL CHANANIA
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