What is your company's succession plan?

Posted by Christy Putnam on July 18, 2018 at 12:29 PM

what is your company's succession planIs your organization in a constant scramble when someone suddenly leaves the company?

Have you ever had a key employee leave that you thought would always be there to do the job?

Do you have a plan?

A succession plan, to be more specific.

“I know I have heard of that. But what is it, and why do I need one?” you may be asking. A succession plan is defined as “a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.” Succession planning is not just for large employers. It's critical for small ones, too. They benefit employees as well as employers.

According to Software Advice, 62% of employees say they would be significantly more engaged if their company had a succession plan, and 94% of employers surveyed report that having a succession plan positively impacts employee engagement levels.

Succession planning takes commitment from leadership to develop and guide the next level of talent, in order to make sure they have the training, resources, attitude, and skills to be successful. If this is not a shared commitment, the plan will likely not succeed.

The first step is to identify future talent to fill-in and/or replace current critical employees. Make sure and talk with employees. Understand their future ambitions and the skills you may not be aware of. Sometimes there are just no current employees that are a right fit to fill an advanced position. In these situations, you will want to keep the development of a succession plan in mind when hiring. Recruitment is a good time to fill open gaps at multiple levels with a single candidate. After identifying employees who might lead your organization into the future, determine any training needs required by the plan. Be consistent, and keep the employee involved. Vacations and leaves for current leaders are good times to trust the employees you are developing to jump in and try out the job.

Not sure how to get started with your succession plan? We can help. People Savvy HCM is a unified platform that will increase visibility to employee readiness and potential. The People Savvy HCM Succession Planning Tools Fact Sheet will give you a sneak peek into how advanced, cloud-based software can help you build and maintain your talent pools. After all, it’s never too early to create a plan!

Topics: Human Capital Management, Human Resources, HR Policies

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