Succession planning is a key aspect of human resource management, and when done effectively; it enables your organisation to identify, develop and retain talent, which in turn prevents business interruption.
Succession planning is a process that ensures that you have adequate skills being developed within the organisation to move into more senior roles in your organisation. It is done to identify and develop new leaders and prepares employees to be well-equipped with the necessary skills and competencies so that when senior positions become available in the organisation, they’re able to meet the job description requirements.
Why Companies Don’t Get Succession Planning Right
There comes a time when positions become vacant within a company as a result of promotions, resignation, retirement, etc. However, as unavoidable as this may be; a lot of companies still don’t get succession planning right. This could be attributed to a number of factors which we explore below.
Lack Of A Tangible Succession Plan
If you want to get the best of something, a tangible plan is a perfect start. It informs how to tackle the how what and why. Your plan is very important in determining what you intend to achieve. An effective plan requires extensive research to guide you on how to go about, and what process to use. The plan must be aligned with the roles that you will need to fill.
To avoid disruption in your business and your company’s overall productivity, ensure that you have a comprehensive succession plan in place to help fill vacant positions with ease. For example, you can start by researching how other companies in the market are doing it, and then customize accordingly based on what works for you. Speak to experts in this field etc.
Lack Of An Integrated Systematic Approach
Lack of an integrated systematic approach within your organisation affects how you handle succession planning because you cannot track where you need to focus or not. Developing an integrated systematic approach enables you to check your plan’s progress.
Failure To Identify Potential Talent
Lack of a tangible plan affects the process to identify potential talent within your organisation because you failed to plan properly thus a ripple effect on other processes. Identify talent with leadership potential then look at critical roles to match them with. Your succession plan should be targeted at leveraging these two aspects.
Failure To Commit To A Succession Plan
Having a succession plan is one aspect but adhering to it is where most companies fail to get it right. You may have an impeccably detailed plan on paper and still fail to get succession management right; because you are not executing it effectively. In order to ensure that your execution is aligned with the plan, commit to regular reviews of your succession plan, update it should any changes occur and communicate it to relevant stakeholders. You can also reinforce it through other avenues such as performance management, training and development.
Final Thoughts On Succession Planning
To avoid business interruptions within your organisation during a critical time, you need to start preparing today by incorporating succession planning into your human resource strategy. Schedule regular follow-ups, keep reviewing your plan and make it work for you.
How is your company managing succession planning? We would be glad to hear your insights in the comment section.