09. SUCCESSION PLANNING

 

Figure 1 : Succession planning 

WHAT IS SUCCESSION PLANNING

Succession planning is the process of identifying the critical positions within the organization and developing action plans for individuals to assume those positions. Taking a holistic view of current and future goals, this type of preparation ensures that you have the right people in the right jobs today and in the years to come. It’s about identifying top performers and potential leaders and mentoring and developing them so they can advance in the organization and move into top-level roles.

A succession plan identifies future staffing needs and the people with the skills and potential to perform in these future roles.

 
Figure 2 : Benefits of Succession planning

 

THE BENEFITS OF SUCCESSION PLANNING

Filling the talent pipeline with trained people can benefit a business in many ways;

  •     Decrease hiring expenses  
  •     Reduce time to hire and recruitment
  •    Key knowledge and expertise can be transferred & Support continuous workflow 
  •     Promote engagement and retention 
  •     Have higher performance 
  •     Plan and prepare for retirements & unexpected departures
  •   Allows high-potential and performing employees to have a clear career path in the organization.
  •    It will help to grow existing talent, boost engagement, and save money on hiring external senior employees and executives.
  •   A succession plan presents a structured approach to preparing a new generation of leaders to steer your organization forward.

 

Figure 3: Create Succession Plan 


HOW TO CREATE A SUCCESSION PLAN



1. Identify critical and vulnerable positions in need of successors

The first step in a succession plan is to identify the key positions within the organization that are critical for its continued success. Sometimes these positions are leadership roles. Sometimes, they’re mid-level. No matter what the title is, you should identify roles where the operation, strategy, and decision-making of the organization would be dramatically affected if they were to be suddenly empty.


2. Develop a profile of each position and Define succession criteria

Once you have critical roles identified, it’s time to establish the succession criteria. These criteria act as your benchmark for evaluating the readiness of candidates to fill your roles. 

3. Complete a talent assessment & Nominate successors from the qualified positions

Your succession plan will require you to assess your talent pool within the organization to identify potential successors. This assessment includes evaluating employees' performance, potential, and readiness to take on higher-level responsibilities. This is where your criteria comes into play. 

4. Implement talent development, training to prepare them for the role

This usually involves creating a personalized development plan for your candidates to enhance their skills, knowledge, and competencies required for future leadership roles.


5. Scale your mentoring, coaching, and Manage individual talent development plans

Remember, talent development is never a one-and-done investment. Be sure to provide mentoring, coaching, and regular one-on-one opportunities to your potential successors. Ongoing development is an integral part of your succession plan.

6. Review and monitor your succession plan

Regularly reviewing and monitoring the progress of the succession plan is crucial. This usually involves tracking the development and performance of potential successors, evaluating their readiness for advancement, and making adjustments to the plan as needed. 

7. Develop your knowledge transfer process & ensure they are preparing for their potential new role

Once your successor is identified and ready to assume a critical role, your succession plan should include a clear, standardized transition process.

8. Continuously update your plan over time

Just like any successful HR initiative, a successful succession plan requires continuous evaluation and refinement. Remember - a great succession plan isn’t made on the fly and succession planning offers an incredible opportunity to boost talent growth and development from within your existing employee base.

 

Figure 4: Succession Planing video 


CONCLUSION

Effective succession planning is important to ensure critical roles are always filled and your business continues to run smoothly. A vigorous succession plan will also help to nurture the most promising talent and provide them with clear career paths, which will boost your engagement and retention efforts. It is vital to have a succession plan for your key positions, be proactive approach and start planning for the unforeseeable future.

 


REFERENCE

https://hr.uw.edu/pod/organizational-excellence-and-development/organizations/succession-planning/

https://www.aihr.com/blog/succession-planning/

https://www.hibob.com/hr-glossary/succession-planning/

https://www.quantumworkplace.com/future-of-work/the-importance-of-succession-planning

 

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