Succession Planning
What is succession Planning?
Succession planning is process of replacement planning in any organization. It is like assuming future roles and preparing talented employees for the same.
Business challenges are increasing day by day so it is significant for management to bring skilled employees for leadership role for running the business further.
Why succession program is so important.
Purpose of succession planning is to prepare the organization ready for the challenges of putting right leaders at the right place. If previous leaders leaves the organization due to transfer, promotion, retirement or death.
Safer for business- It is important to plan succession strategies for the organization because not discussing it may lead towards huge risk or loss when all of sudden organization would face dearth of leaders. Pre planning can save the organization in longer term.
Career Advancement- All the talented employees should know that there is a great growth for them in the future if they will work hard. Explaining the
Helpful for developing Training and Development structure- Once you start gauging employees skills you can find out where are the gaps need to fill with training.
Makes you alert for future- If incase any top lead leaves the organization because of any reason so due to succession planning there will be low risk.
Company's brand and identity- If someone will take immediate place for company’s bigger responsibilities than there is no harm of companies brand name or identity.
Best for longer period plans- If Company is having succession planning then you have better and longer goals, development plan.
steps and process for succession planning-
Identification of positions- Management need to identify the position and inform to HR, There could be urgent or later requirement of any positions. So HR should keep interacting with various department heads. Keep an eye on existing employees their skills and performances so that if possible they could be fit in difficult positions which may effect business if required.
Defining competencies- Sharing information during meetings by the leaders can help to understand the competencies required for specific position, what are the expectations who can meet them.
Finding potential employees- Once you know what are the competencies to look upon, you can start identifying employees, referring them to management on the basis of requirement. Preparing them for better successor with strategies like training and development.
Develop strategies- Strategies for training and development, knowledge transfer and experience sharing is developed and implemented for potential successor.
Evaluate Effectiveness- Whatever was executed how it helped the organization. Measure the effectiveness. To Ensure that all the key strategies has taken place, all the positions have been identified and covered under succession planning. All the successor has taken place susscessfully.
