Definition
Fast Tracking is a strategic approach in human resource management where certain employees, identified for their exceptional qualities and potential, are given opportunities for rapid career advancement. These employees, often referred to as “fast trackers,” may be provided with midcareer training programs, mentor assignments, and other development resources that are not available to all employees. The main goal is to prepare these selected individuals for high-level positions within a shorter time frame compared to the traditional career advancement paths.
Examples
- Leadership Development Programs: A company might enroll high-potential employees in a leadership development program designed to prepare them for senior management roles within three to five years.
- Fast Track MBA Programs: Organizations might sponsor employees with exceptional performance records for fast-track MBA programs to accelerate their readiness for executive roles.
- Rotational Assignments: Fast trackers might be assigned to various departments or branches of an organization to gain a broad understanding of different operational areas in a short period.
Frequently Asked Questions (FAQs)
What criteria are used to select fast trackers?
Selection typically involves performance evaluations, leadership potential assessments, and recommendations from senior management.
Is fast tracking beneficial for all organizations?
It can be highly beneficial, particularly for organizations seeking to build a strong leadership pipeline and retain top talent. However, it needs careful planning and clear communication to avoid feelings of favoritism or resentment among other employees.
How does fast tracking differ from regular career advancement?
Fast tracking involves a more structured and accelerated development process compared to the conventional career advancement route, often including exclusive training, mentoring, and cross-functional assignments.
Are there any downsides to fast tracking?
Possible downsides include increased pressure on the fast-tracked employees and potential morale issues among their peers who might feel overlooked.
How common is fast tracking in the corporate world?
It varies by industry and company size, but many large corporations and those in fast-paced industries use fast tracking to ensure they have a ready pool of leaders.
- Succession Planning: The process of identifying and developing new leaders who can replace old leaders when they leave or retire.
- Employee Development: Ongoing education and skill-building activities aimed at improving employees’ performance and advancing their careers.
- Performance Management: Processes and systems designed to manage and improve employee performance.
- Leadership Pipeline: A structured pathway an organization uses to ensure the continuous supply of capable and trained leaders.
Online References
Suggested Books for Further Studies
- “The Talent Masters: Why Smart Leaders Put People Before Numbers” by Bill Conaty and Ram Charan
- “First, Break All the Rules: What the World’s Greatest Managers Do Differently” by Marcus Buckingham and Curt Coffman
- “Leaders Eat Last: Why Some Teams Pull Together and Others Don’t” by Simon Sinek
- “The Leadership Pipeline: How to Build the Leadership Powered Company” by Ram Charan
Fundamentals of Fast Tracking: Management Basics Quiz
### Fast tracking in a company typically involves which of the following?
- [ ] Promoting all employees at an equal pace.
- [ ] Allowing employees to select their own career path without guidance.
- [x] Identifying and advancing employees with exceptional qualities rapidly.
- [ ] Dependent solely on employee's years in the company.
> **Explanation:** Fast tracking focuses on selecting and rapidly advancing those employees who exhibit exceptional qualities and leadership potential.
### What is one main goal of fast tracking?
- [ ] To ensure fairness in promotions.
- [x] To prepare selected individuals for high-level positions within a shorter time frame.
- [ ] To provide basic operational training to all employees.
- [ ] To facilitate early retirement.
> **Explanation:** The main goal of fast tracking is to prepare selected high-potential individuals for leadership roles swiftly.
### Which of the following is often a component of a fast tracking program?
- [ ] Uniform training for all employees.
- [ ] Job swaps with competitors.
- [ ] Unsupervised project assignments.
- [x] Mentoring by senior management.
> **Explanation:** Mentoring by senior management is a typical component, providing guidance and knowledge essential for rapid advancement.
### Can fast tracking create potential downsides for other employees?
- [x] Yes, it can create feelings of favoritism or resentment.
- [ ] No, it only has positive effects on workplace morale.
- [ ] No, because all employees benefit equally.
- [ ] Yes, it may cause legal issues.
> **Explanation:** Fast tracking can sometimes lead to negative morale among employees who feel overlooked.
### Who usually identifies the employees that will be fast-tracked?
- [ ] Any employee can volunteer themselves.
- [ ] It is decided by a random selection process.
- [x] Management typically identifies potential fast trackers.
- [ ] Peers nominate the potential fast trackers.
> **Explanation:** Management usually identifies employees for fast tracking based on performance evaluations and leadership potential assessments.
### Which of the following is a key benefit of fast tracking?
- [ ] It saves on daily operational costs.
- [ ] It reduces the need for external hiring.
- [x] It helps build a strong leadership pipeline.
- [ ] It equalizes career growth opportunities.
> **Explanation:** One of the key benefits of fast tracking is building a strong leadership pipeline within the organization.
### Fast tracking is least likely to involve which of the following?
- [ ] Cross-functional assignments.
- [ ] Exclusive training programs.
- [ ] Highly structured career development plans.
- [x] Random promotions without performance reviews.
> **Explanation:** Fast tracking involves structured development, not random promotion without thorough performance evaluation.
### What kind of employees does a fast tracking program typically target?
- [ ] All new hires
- [x] High-potential employees with leadership qualities
- [ ] Employees nearing retirement
- [ ] Employees with the longest tenure
> **Explanation:** Fast tracking programs mainly target high-potential employees who display leadership qualities and the potential for rapid advancement.
### Fast tracking most directly contributes to which aspect of HR strategy?
- [ ] Wage negotiation
- [ ] Talent acquisition
- [x] Succession planning
- [ ] Employee termination
> **Explanation:** Fast tracking is closely tied to succession planning, ensuring that there's a pipeline of ready leaders.
### What is a common feature of fast track MBA programs provided by corporations?
- [ ] They are solely online.
- [ ] They are free for all employees.
- [ ] They replace having any work responsibilities.
- [x] They aim to speed up readiness for executive roles.
> **Explanation:** Fast track MBA programs are designed to accelerate an employee’s readiness for executive and high-level management roles.
Thank you for exploring the concept of Fast Tracking with us. Delve into these questions to test your understanding and continue your journey towards mastering workforce development and management strategies!
