Implementing a proper Succession Planning
What is Succession Planning (SP)
Succession planning is the process by which an organization ensures that employees are hired and trained to perform all key roles within the company. The purpose of recruiting and developing employees is to fill or replace key positions when resigning, retiring, promoting, growing, expanding, and creating new positions.
Succession planning five-step process
Succession planning and management are an important part of the larger human resource planning process. It involves a comprehensive and systematic approach to identifying, developing, and retaining capable and skilled employees based on current and expected business goals.
Source: Business Jargons
Benefits of succession planning
Realizing the Leadership Gap - Identify the needs of future employees and develop their key skills and abilities to help current and future leaders effectively in the organization.
Ensuring business continuity - When key positions are vacant due to resignation, retirement, or promotion, the organization will not cease to exist.
Cultivating potential employees - Succession planning is important in cultivating and developing the capacity of the next possible successor
Helping to identify and resolve competency gaps – Helps to identify competency gaps among employees.
Reduce organizational costs - It reduces organizational costs by saving the time, money, and energy required to hire external employees.
Develop career paths - Assist the human resources department in formulating career development plans for capable employees.
Corporate Image - This will increase employee job satisfaction, thus improving
performance and productivity. Ultimately, this will improve the image of the
organization in the marketplace and attract a skilled workforce to the
organization.
Reduce employee turnover - Employees feel important and valuable because the organization is interested in their professional and personal development. Thus, it reduces the employee turnover rate and helps retain a capable workforce.
Motivate employees - Motivate employees to do everything possible to achieve the predetermined goals of the organization.
Conclusion
The survival, growth, and continued efficient existence of an organization require proper employee succession planning because passing the test in today's challenging business environment is vital. Effective succession planning provides enhanced and targeted employee development, increasing employee morale and engagement, increasing employee productivity, and accelerating the overall achievement of organizational goals.
References
Investopedia: What is succession planning [Online]
Available at: https://www.investopedia.com/terms/s/succession-planning.asp
Accessed [24.08.2021]
SHR: Engaging in Succession Planning
Available at: https://www.shrm.org/resourcesandtools/pages/engaginginsuccessionplanning.aspx
Accessed [24.08.2021]
Important topic ! Succession planning is a methodology for passing on positions of authority—regularly the responsibility for the organization to a worker or gathering of employees. Otherwise called "replacement planning," it guarantees that organizations keep on chugging along as expected after an organization's most notable individuals continue on to new freedoms, resign, or die. Succession planning can likewise give a liquidity occasion empowering the exchange of proprietorship in a going worry to rising employees.
ReplyDeleteSuccession planning is an important part of the talent management process. It provides a way to identify key roles, people with the right skills and positions that may need filling in a short space of time. It also provides a way to cut the costs of recruitment, enabling organisations to manage recruitment in-house.
ReplyDeleteThank you for your valuable comments Oshadha.
DeleteSuccession planning is an approach to track best performers in to leadership positions ( Attiah, 2015). When a leadership position become vacant, succession planning help to maintain continuity of leadership, which is essential for any organization to survive. Thankyou for sharing this interesting article Jackson.
ReplyDeleteThank you for your valuable comments Rukmali.
DeleteHi Jackson, Important topic to every organization.Also it is an important process for both employer and employee.Every organization need to have a succession plan together with their growth plan.Having a growth plan without a succession plan is like building a skyscraper and forgetting to add the elevator.
ReplyDeleteThank you for your valuable comments Wathsala.
Deletevery fantastic topic ! If your company wants a more diverse management force, consider that during your succession planning. Think about your leadership's most prevalent demographics and try to identify, promote and develop candidates outside that group. Team approach. No executive should be solely responsible for choosing a replacement.
ReplyDeleteImportant topic. Succession planning is tricky. It is the art of filling a future position. A tricky succession planning requires HR to sift through everyone in the company to find the right fit. The second reason why succession planning is difficult is that if the HR team chooses the wrong person, it will negatively impact the company in the long run. Nobody knows until it's too late. It is easier for the HR team to make the right choice without going into too much detail at the last minute if a company has ongoing succession planning for top positions.
ReplyDeleteThank you for your valuable comments Kanchana.
Delete