Succession Planning

Most CEO’s will tell you that one of their biggest challenges is people. A good manager knows that key to his/her success is the team beneath them. Ensuring that an organisation has planned for its future in terms of key resources should be a priority, but unfortunately one of things that often gets put in the “to do later” basket.

Succession planning provides existing outstanding employees with a career plan which ultimately could lead to a stronger retention rate. In a previous article I talked about the 11 factors that lead people to leave an organisation, and limited career growth is often in the top five reasons, particularly with younger staff. The identification, development and strategic application of key people over time will undoubtedly assist your business to retain and grow strong resources.

A Talent Pool Development Program should consist of:

? Developing a statement with objectives for your talent pool.

? Assessing current and future position requirements and developing a competency model for staff.

? Appraising capability within the organisation. Identify those positions that would create a huge issue for the business should the person leave, and make sure that someone is partnered with that person to learn as much as they can to minimise intellectual property losses

? Identify high performing candidates and have a set out development/career plan in place for them. Make sure you understand their drivers and career desires. Make sure your plan for them is clearly communicated to them.

? Regularly assess the plan and any flight risks within the business to minimise risk

In the short term, a business should consider adequate staffing levels to meet current needs, as well as identifying any staff members who are underutilized or represent untapped potential. Alternatively, who in your team is over-committed and in need of assistance? Who is ready for promotion now or in the near future? In the long term, a business should analyse staff needed to execute their 3 and 5 year goals.

Implementing systematic succession planning requires long term organisational change, and a greater commitment to a more strategic view of talent, rather than short term and sometimes panic driven efforts to fill vacancies as they occur. Organisations that do this will benefit and retain a competitive edge when skill shortages are again present.

If you want one year of prosperity, grow grain.

If you want ten years of prosperity, grow trees.

If you want one hundred years of prosperity, grow people.

Chinese Proverb