Succession Planning ensures that you have employees prepared for the roles, should any of your key employees leave or move up in the business. This process is where an organisation ensures that employees are recruited and developed to fill each key role within the company. As a business you have to ensure that you will never have a key role open for which another employee is not prepared. This is also significant as you develop strengths and skills within your organisation.
Succession planning process is one of the most significant HR strategies in an organisation because it ensures the longevity of the organisation and helps the business become dynamic and versatile in it’s approach to deal with change. Succession planning can also help management identify future leaders. When each employee is put on a training program for each position, it becomes easier to see the larger picture and know where the company’s gaps and opportunities are, and where key skills fit in. There are several reasons companies have succession plans, but one of the top reasons is the possibility of unplanned changes.
To develop a succesful plan the team must review and assess all suitable employees qualifications, development needs and strengths in their current organisation. This needs to be researched thoroughly to provide a baseline from which to evaluate future success or failures. After the initial review, ongoing evaluation is key to identify any alterations that need to be made. This enables the business to capitalise on changes to the business environment. It is important to know the number of employees or candidates that are “ready now” or “nearly there” so that with minimal training, they can assume leadership in a shorter period of time in comparison to others, therefore coping with the loss of key players efficiently and quickly.
There are many long term benefits for a business to implement succession planning. The company is prepared and able to cope with the immediate loss of valuable and strong key employees and also enabling its employees to be continually trained and developed. This will provide an ongoing supply of well trained, broadly experienced and well-motivated people who are able tot step into key positions as and when needed, often at short notice. It also defines the career paths of candidates which enable to the company to recruit and more importantly retain a better level of people.