Did you know? 1 out of 5 Companies do not have Succession Plan, but at what Cost & Risk?
The business case for robust succession planning is evident regarding – streamlining turnover, employee development and promoting from within. The basic idea of succession management is to figure out:
- What do you need?
- What have you got and developed?
With unceasing assessment along the way.
The whole idea of succession planning is when, or if scenario transpires, you would not respond with anxiety and go into the crisis mode. In its place, there would be nearly a unified transition to the person (employee) who has been primed for years to step right into that role (position).
Why is it a good time to get serious about succession planning?
Today, we are breathing in a data-driven world which is continuously evolving, and no organization can presume that talent will permanently be available. Following are some of the reasons for this change:
==> The Rise of Globalism. The best talent has always had opportunities; today they have even more. You (employer) are no longer competing with the enterprise down the street for talent instead with organizations globally.
===> Demographic Shifts. Skills and leadership gaps exhibit ever-growing challenge as the baby boomers move into retirement. Additionally, the younger generation (Millennials or Gen X) either lack the required skills or middle and senior management lack to lead them.
==> The Changing Nature of Work. Over the past decade, the traditional ideas about “full-time employment” have been eradicated. In near future, expect to see more contingent and contract labor, retirees working part-time and job sharing. To attract and retain quality people in your organization, you need to show them what is in it for them.
==> Skills Mismatches & Shortages. Despite the fact high levels of unemployment globally, many job positions go unfilled. To compete for today’s highly specialized and demanding roles, Gen X often lacks the work experience and skills.
3 Essential Elements for Succession Planning Today
As the method for succession management has gone forward, it has become apparent that an effective program needs to be dynamic and ongoing, and must be allied with growth and additional talent initiatives.
There is also the comprehension that succession in today’s work world is a complicated process that requires technology to succeed.
# 1 Succession must be assimilated with additional talent initiatives
When it comes to succession, other areas of talent management (along career planning) provide significant information. To identifying and developing the successors, it is imperative for business leaders to know the common competencies of each role – behaviour, knowledge and skills.
Exploring the interdependence of succession on talent management
- Performance management offers insight into who your top performers are.
- Recruiting pinpoint a standard set of skills required to recognize and hire the right candidates.
- Career development delivers prospective successors with growth today to groom them for the future.
- Workforce planning supports plan for future talent requirements furthermore to focussing current succession scenarios.
- Talent profiles engage employees by assisting them to create skill rich profiles that describe, awards, hobbies, competencies, and interests.
- Workforce analytics connect the human capital data to business results to highlight the development needs and talent gaps.
# 2 Succession must be associated with career development campaigns
Career plans primarily to recognize the goals and ambitions of your employees. However, succession plans identify talent that can be nominated if essential. It is imperative that these plans must work together. Superlatively, supporting employees make headway towards their career goals will benefit to retain them.
Nevertheless, career planning is also crucial in mentoring recognized successors to make sure they are ready to step into their next big role.
# 3 Succession necessitates technology to succeed
Today’s data-driven work environment ask you to keep up the speed and complexity of changing conditions and stay one step ahead of the competition. Leverage the talent management technologies to hire, engage and retain the best employees in your organization.
How HR technology can help?
Search. You can find the talent across geographies and departments established on all-inclusive search criteria that include, location, skills, competencies, job codes, language spoken, education, department’s skills and so on. Subsequently, candidates found on such criteria are then assessed against the job requirements to find the best.
Predictive Modeling. It is a high time to use “What If” scenarios to predict– what may happen when employee transition or leave to another role. Even you can simulate the domino effect of what transpires when succession plan is put in use.
Calibration. Effortlessly recognise the top performers and ensure accurate ratings, objective of talent across departments and groups. Identifying those employees will give you a massive benefit towards achieving your critical business goals.
Reporting. By extending succession planning throughout the organization empowering your managers to get constant access to up-to-date information about employees who are potential succession candidates.
In addition to talent and succession management solutions, deploying that solution in the cloud (SaaS model) means it is up and running speedily. With frequent updates, cloud infrastructure and a low cost of ownership CareerBuilder India (Talentstream Technologies) lets you focus hiring the talent before the competition.