Before we tell you why succession planning should be at the top of your priority list, let’s get the basics right. This article will cover the following topics:
Succession planning, as the name suggests, is about choosing the right successors for important roles in your organisation. This means finding successors with the right potential, skillset, qualifications and a good understanding of the position. In other words, succession planning is focused on creating a pipeline of talented employees who are capable of filling future key positions within the business.
There are many reasons why succession planning should be a key aspect of your workforce plan. Below are the top 3:
Having the foresight to develop the top talent you currently have, actively recruiting top talent and making sure you develop their skills is an important strategy.
The heart of the talent management process is identifying key roles. Map out ways to ensure your organisation has the right people with the right skills and experiences, in the right place at the right time.
Change is the only constant, organisations need to prepare for the next generation of leaders. The damage of losing organisational knowledge through ineffective role handover cannot be underestimated.
Creating a succession planning strategy is no easy task – click here to learn the 7 tips to create an effective plan!
1. Improving employee retention with leadership development
2. Identifying top performers and protecting key positions
3. Reducing costs (it’s more cost-effective compared to hiring and training)
4. Increasing the availability of capable individuals for management positions
5. increasing engagement as employees have a clear direction of their path within the organisation
As HR solutions providers, we know how painful it is to maintain succession plans in PowerPoint or spreadsheets. Traditionally, these plans are difficult to implement, often time consuming and out-of-date. There is an easier way! Navigo provides org charts that integrate into your HR system, automatically generating and maintaining an easy to use succession plan. Discover HR analytics that will help you to quickly identify your high performers and key positions. Here’s a little preview:
Succession Planning with OrgPlus Desktop
Want to learn more? Watch our free webinar, hosted by Andrew Rees, outlining the high-level strategy of building your own succession plan.