need of succession planning
DESCRIPTION
A systematic succession planning is a component of a good HR practice that provides a plan to manage the changes that will occur when a person on key position leaves the organization.TRANSCRIPT
Is your organization prepared for
a sudden exit of key employees?
Road to Succession
Planning
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Why Succession Planning?
Each Company has multiple stakeholders that includes – employees, customers, vendors, government,…
Companies rely on their employees to carry out their objectives and meet their customers needs.
If an employee on key role leaves, it becomes difficult for the organization to predictably meet its obligations to its stakeholders.
Therefore risk mitigation for critical positions (succession planning) should not be ignored by any business.
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A Scenario: Need of Succession Planning
Consider, a manager of a mid sized organization is given responsibility for hosting a major sales event.
The employee suddenly quits. The other employees knows very little about the initiative, its budgets, primary contact people, and all other relevant details
In such a scenario, it is very difficult to find the means to conduct the show and there is a high possibility that the organization decides to abandon the event.
It may have been helpful if the organization could identify the risk and preempt it in a timely manner by implementing a succession planning strategy.
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Identify the key positions in your company.
Perform a risk analysis and find out which positions need to be occupied always.
Identify the skills and competencies required for these key positions
Set clear expectations for crucial job roles.
Create development plans to develop employees in these key positions.
Identify risk management strategies and understand each job role and responsibility of employees in it.
Identify candidates from internal talent pool and train them to help develop the required skills.
OR
Hire new talent if a position needs to be filled immediately
Create and document your action plan with appropriate time lines.
Monitor periodically
Make necessary adjustments in the plans as required (such as identification of new key positions)
Identify multiple-stakeholders and keep them updated.
Implementing Succession Planning
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Succession planning ensures that employees are recruited or developed for each key role in the company.
Succession planning provides a plan to manage the risks that arise when a person on key position leaves the organization.
Succession planning ensures that qualified and motivated employees are trained and developed to take up new responsibilities
quickly.
With succession planning, an organization can demonstrate to its clients and stake holders that it is mature enough to provide
excellent service even in difficult times of transition.
High performers have a good idea about their growth opportunities across roles in the organization and are more willing to take
additional responsibilities
Benefits of Succession Planning
