Succession Planning Strategy
Every type of company can benefit from a succession planning strategy. The succession planning process allows you to cultivate talent from within and proactively search out new talent that will benefit the company in leadership roles. In essence, your succession planning framework keeps talent in your organization and cultivates them for higher management and executive positions. This creates a culture where employees know that there is growth potential within the company, making employment far more satisfying.
Many smaller companies feel like succession planning is a complicated process that they don’t need to cultivate. Instead of using a succession planning model to cultivate talent on an ongoing basis, they may simply use an exit strategy model. This is geared to replace outgoing leadership and is often used in entrepreneurship and smaller businesses where decisions need to be made about the business’ future after the founder retires. In smaller companies, the succession planning model is fairly simple. Often there are decisions made about the running of the company once the owner retires and the executive positions may be the only ones clearly defined in these exit plans. Exit strategies are an entirely different process and the truth is that succession planning can be a great benefit to smaller enterprises because it helps develop a structure for employees to grow within.
What Is Succession Planning?
Succession planning is a way to manage the talent within your organization and to actively recruit talent to fill positions in the short term, as well as the future. This organized method of hiring and employee management gives your company a structure to fill open positions. It also looks at your organization as a whole and seeks ways to locate talent that will be able to fulfill the roles in your company in the future.
When you look at hiring in this proactive way, you’re setting goals that allow you to cultivate a culture of engagement with your current and future staff. Using leadership succession planning methods, a company can identify future leaders from within their staff and provide mentorship and learning opportunities to help cultivate the skills they need for future success. For the organization, it means that their future leaders will be trained in methods that align with the culture and purpose of the company. For staff, it means that there is room to grow and succeed within the organization, making the career trajectory within the company far more enticing.
Employees are assessed for their individual skills and their own internal objectives. To foster growth within the company, succession planning benchmarks are developed to help management and HR assess progress and create opportunities for future success for team members, as well as to accurately place talent in positions where they can excel and contribute to the organization.
Succession Planning Template
A succession planning template helps your organization understand all of the roles within the company. You can use the template to help identify the different positions, the hard and soft skills necessary to succeed in each role, and the talent you have in house which may fit each position. Your succession planning template should be used as the foundation for your succession plan.
Succession planning examples can help you map your strategy to develop a cohesive plan that works for your organization. Your strategy will often be unique to your own company, culture, benchmarks, and goals. The general objective is to identify all of the roles in your company and develop an organized way to assess your talent pool to fill these roles currently and to develop talent to fill roles in the future.
A succession plan example might include both options to develop internal talent and to open hiring to outside talent for specific positions. Your plan would include processes for both options. This makes filling positions a more efficient process and more likely to yield successful internal and external staff placement.
Succession planning helps you guard against scenarios where you may have a high turnover rate in staff which impedes productivity. Future leadership is cultivated over a long period so that they’re more fully trained for the position.
Succession Planning Software
Succession planning software can be used to launch a more productive succession plan. Software is the most efficient method for succession planning because it includes succession planning tools that make the process far easier. Your succession planning team can keep track of all of the information about various roles in your organization and each internal employee’s hard and soft skills.
Using the software options, your team can quickly identify the best candidates for open positions. It also allows them proactive tools to cultivate skills among employees to prepare them for advancement opportunities in the future. In this way, your current employees will benefit from opportunities that allow them to expand their skills and knowledge. Your organization will benefit because staff members are cultivated and trained proactively to ensure success when they are given positions of advanced responsibility.
Succession planning software allows you to organize all of the information necessary to develop a good succession planning strategy that works well for your company. You’ll be able to develop goals that align with the organization’s overall goals. The software includes helpful resources to lead team members so that they gather all of the information that will help make the most beneficial choices in hiring and advancement. Succession planning has a lot of moving parts and can be addressed in many different ways. The software provides a structure so that your team gathers hard data while still including information that can help in productively working with employee goals.
Your employees have their own goals and personal aspirations and it’s important that companies take these into consideration, as well. Employees who have room for career advancement and feel that they can contribute to the organization are more likely to feel satisfied in their position. This makes them more likely to work toward advancement and less likely to leave for better job opportunities.
There may be reasons to cultivate outside talent for certain positions. Some skills may be rare among staff or you may be hiring for a set department or position where there simply is no one among staff to fill those roles. Your software can help you easily assess the roles you need to fill and the talent you have internally that can successfully propel your company forward.