Develop Procurement Bench Strength with These Tips
Chief procurement officers or CPOs develop procurement or sourcing bench strength for a number of reasons and one of them is to make sure that the sourcing team possesses the skills and experience required for the smooth functioning of the organization. Building procurement bench strength has several superb benefits. It helps to recognize the strong points, detect the weak points and pitfalls and identify the competencies and eventually, aids in bridging the gaps or balancing the paucity. Apart from these, it helps to boost employee engagement and retain valued employees. By developing procurement bench strength you can convey to your employees that the company gives them much importance.
So, in the introductory paragraph, it is clear that it makes absolute sense for a CPO to build procurement bench strength. But, how can you develop it appropriately? Here are some essential tips that may come to help in building sourcing bench strength.
- First and foremost, you need to have a sound understanding of the core capacities of your firm since the competitive edge of your set-up highly depends on those skills.
- Once you have gained a strong understanding of the capacities, you should start prioritizing them in accordance with their order of importance for the responsibilities of employees. In case the current job roles do not match well, you must update them without delay.
- The next step is to create a graph which will contain the competency gaps in all the departments of your company. This will help you determine how much attention you need to pay for the development of a particular department or an employee.
- Create a development plan for the employee or department in need of improvement.
- When you are building bench strength, it is advisable not to consider training courses as the only way of development. Employees require hands-on or practical experience in order to utilize their skills and knowledge. Otherwise, there is no point of imparting training courses. That is why it is significant to offer valuable opportunities to employees to apply their learning along with providing them all-inclusive training via online classes, coaching and mentoring. Employees should be permitted sufficient flexibility to make use of their knowledge on their own.
- While setting business objectives and assigning roles to employees, you need to ensure that the goals are achievable and the assigning of tasks to employees is appropriate. Discuss with your managers to know whether their teams can fulfill the goals.
- Follow a good and efficient employee appraisal system which can recognize your highly talented employees, employees with a consistent and impressive performance record and also those who are not so dedicated and proficient.
- Communicate with your employees and encourage them to voice their opinions. You need to provide your employees with career advancement opportunities. This enables to retain the most competent and hard-working staff.
With these basic essential steps, you can develop procurement bench strength efficiently. This will be a stepping stone to ensure the soaring success of your organization