How Pareto's bench strength can help power your business transformation

Bench strength is an organisation’s ability to fill the boots of any employee that leaves. For example, companies demonstrate good bench strength if they have a replacement waiting in the wings, ready to come forward if someone resigns. 

Bench strength is a vital part of effective change management. Without it, your team could end up scrambling for a successor if an executive member of your company departs, which is both timely and costly.  

Investing in succession planning is crucial and our expertise in change management can help power your business transformation. We can help you to not only refine your transformation strategy but also to sustain valuable, reliable leadership over time.

Perks of Succession Planning 

Developing a business plan to increase bench strength is well worth the investment as it promotes company longevity, reduces turnover rates, and keeps top performers engaged.

Reduces Turnover Costs

By having backup candidates with the necessary skills, you economise the cost and time required for searching, hiring, and filling key positions when they open up. 

Promotes an Entrepreneurial Mindset

Investing in change management helps to maximise workforce potential. According to LinkedIn’s 2019 Workforce Learning Report, 94% of employees say that they would stay at a company longer if it simply invested in helping them to learn. 

Supporting internal development and leadership training pays off. By providing clear career pathways aligned to future growth opportunities, you can enhance employee engagement and, in turn, retention rates.  

Ensures Company Longevity

Sound change management can bolster the stability and growth of your organisation by ensuring you are always one step ahead. There’s no idling when someone departs; you’re ready to continue from where you left off. 

Keeps Current Leaders in Shape

Developing and promoting talent from within the organisation keeps leadership teams on their toes, encouraging them to stay on top of any skill gaps. 

Pareto Change Management 

According to a recent survey by Gartner, nearly 60% of HR leaders reported that building critical skills and competencies will be their number one priority in 2022. This was initiated by the so-called ‘Great Resignation’, where over 4.4 million UK workers left their jobs in 2021, leaving vacancies left, right and centre. Almost a quarter of UK workers are still actively planning to change jobs prompted by an unfortunate blend of burnout caused by the pandemic, and a lack of investment and support from employers. 

Investing in change management could help pacify workforce shifts, encourage valuable employees to commit to your organisation, and streamline future transitions between roles. 

How? Well, at Pareto, we believe that building a positive working culture and guaranteeing the lasting stability of future enterprises involves (a) investing in and preparing current employees for prospective positions and (b) keeping an eye on potential gaps that could require external resourcing. 

How can Pareto help with your business transformation?

Assess Your Current Organisational Line-Up

Your talent pipeline needs to align with your long-term business strategy. If change management plans fail to anticipate the leadership demands of evolving business priorities, it could lead to big bumps in the road ahead.

Pareto conducts a full audit of your business to uncover gaps and strengths and provide objective, actionable advice. This way, you can accelerate your business transformation by better understanding (a) what critical changes need to occur and (b) how to significantly improve the efficiency and profitability of your team.

Help You Hire Smart 

Once we’ve assessed the presence (or absence) of existing future leaders in-house, we can consider which roles require more training and which roles demand external candidates, allocated from our talent pool- the largest and best in the market. 

Concerning executive-level recruitment, we know how to reach candidates whose strengths, values, and vision align with an organisation’s culture and transformation strategy - and will flourish in the position in question.

Before any new arrivals take over the reins, we provide 6-weeks of intensive training. Our courses equip qualified candidates with all of the tools they need to be effective within your business environment, so when it’s time, they slot right in like the missing piece to your puzzle. Seamless. 

Provide Transformational Leadership Training 

81% of HR leaders quote lack of readiness as a top reason high-potential candidates cannot fill leadership positions. When leadership positions are left empty or are undertaken by ill-prepared candidates, the consequences can be dire. 

Given the right direction, everyone has the potential to be a leader. Our bespoke leadership training solutions target specific and pre-established KPIs. By upskilling your managers with these KPIs at the fore, you set the pace for future leaders and guarantee an engaged, positive culture for years to come. 

Furthermore, by coaching employees in understanding how to predict and manage any challenges concerning change, you arm them with the skillfulness and dexterity to confidently approach the highs and lows of business transformation. 

Investing in change management and bumping employees up their career ladders shows you value their presence in the company, boosting their trust and willingness to contribute to company success. It's a win-win. 

Looking to the Future 

Change management is not a one-stop-shop. Successful change management demands leaders continually assess new and potential outcomes, upskill in business practices, and reevaluate goals when required. 

So, do your next-generation employees have what it takes to move up the ladder? Or does your organisation have the necessary bench strength to sustain valuable, reliable leadership over time? Pareto helps organisations achieve long-term success through diverse management and leadership services tailored to their needs. Find out more about our change and transformation resources here.