Succession planning, although sometimes overlooked, is an essential part of any strategic HR policy. It is not a luxury, but rather a necessity in today’s rapidly changing job market. In this blog, we will delve into the meaning and importance of succession planning, what exactly it entails, and how you can implement it to improve the future-proofing of your organization.
What is succession planning?
Succession planning is a strategic process by which organizations prepare for future changes in leadership and management levels. It includes identifying, developing and retaining talent within the organization to ensure that qualified internal candidates are available to fill key positions when needed. The purpose of succession planning is to ensure business continuity, improve performance and prepare the organization for growth and change.
Why is succession planning important?
- Continuity: the sudden loss of a key leader can have devastating consequences for an organization. Succession planning ensures that there is a plan and qualified successors ready to fill the void and continue business operations.
- Talent development: the succession planning process focuses on developing employee skills and leadership qualities. This not only increases the availability of internal candidates, but also improves the performance of the team as a whole.
- Motivation and engagement: employees who know there are opportunities for growth and promotion within the organization are more motivated and engaged. This leads to a positive work environment and lower turnover.
- Cost savings: hiring and onboarding external candidates can be expensive. Succession planning minimizes these costs by preparing internal candidates for leadership roles.
How do you implement an effective succession planning process?
- Identify key positions: start by identifying the key positions within your organization. These are functions whose loss would have a significant impact.
- Assess current talents: evaluate the existing workforce to identify potential successors. Look at skills, accomplishments and leadership qualities.
- Develop talent: provides development opportunities and training to employees to improve their leadership skills. This may include mentoring, coaching and specific leadership training.
- Create a plan: create a concrete succession plan with clear goals and timelines. Make sure all stakeholders are aware of the plan and understand their role in it.
- Keep evaluating: the succession planning process is dynamic and should be regularly evaluated and updated to meet changing needs.
Learned allows you to implement effective succession planning in your organization
Our platform provides tools for identifying talent, tracking ambitions and connecting employees to internal opportunities. By integrating your own career framework into your performance management processes, you gather ongoing insights that shape your succession plans. Learn more about Learned and how we can help you shape succession planning.