How Succession Planning Boosts Employee Retention Rates
LG Health relies on the 70/20/10 formula for professional development supported by Harvard Business Publishing. According to the formula, 70 percent of talent building is based on experience. Examples of how to develop this include employees taking on expanded roles within their current departments or being assigned interim positions in different departments to develop the skills necessary to become effective leaders.
Twenty percent of development involves feedback, such as coaching or mentoring; and 10 percent of the development process should ideally come from personal learning, including online courses, lectures and reading.
Other development techniques LG Health employs include learning groups called leadership development cohorts, an MBA program developed for physicians and hospital administration at St. Joseph's University, and a Harvard executive education program for VP level employees and above.
Brady said that while they do follow the 70/20/10 guidelines, every employee's plan is "highly individualized" and tailored to each person's specific developmental needs. "We take a close look at the leaders we want to develop, and compare them to what will likely become available. Often, we develop projects with high-potential leaders in mind," said Brady.
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