Businesses and HR processes need to be streamlined to improve talent management
and to ensure consistency in succession planning across your company. It is also critical to understand that succession
planning strategies must evolve as corporate strategy and development needs
adjust to keep up with market changes. In order to identify key positions and
talent that are critical to business continuity, a flexible succession planning
strategy is fundamental.
Here are six steps you can take to help streamline succession
planning in your company.
1. Define what succession planning
means to your company
Before an organization can
strategically plan for succession, it must identify the long-term vision and
direction of the company. Succession planning must be connected to the
strategic business objectives and values of the organization.
2. Identify key positions and analyze
potential skill gaps
One of the best ways to begin talent planning is to pinpoint key
positions across the organization and to determine the current supply and
anticipated demand.
3. Identify high potentials and
talent pools
After identifying high potentials, key positions and roles that
require specific skills, you need to identify high potential talent to secure
as successors into these key positions in order to build a talent inventory.
4. Analyze talent data and determine
With a clear understanding of high potential talent and key
positions and responsibilities, management and HR
can identify existing talent gaps that could impede
delivery on corporate objectives. This analysis guides management in its efforts to fill the gaps
between the existing talent pool and the employee base required to compete and
drive revenue growth.
5. Execute succession strategies
Equipped with relevant information about the state of the
organization’s talent pool management and HR can implement succession planning initiatives to maximize individual
workers’ value to the enterprise. After
identifying a talented employee that could be named the successor for a key
position, organizations can strategically build a career development plan for
the individual in a way that moves their career forward.
6. Measure and monitor succession
plans and evaluate their effectiveness
Succession planning technologies make it possible to monitor
global talent management strategies and determine talent needs. By implementing
succession planning technologies, proactive HR departments are taking the
necessary steps to ensure the continuity and flow of talent through-out the
organization and achieve the long-term vision of their business.
Organizations that execute succession planning strategies
benefit from:
·
Alignment of the availability of appropriate resources within the company with business
strategy;
·
A single source of truth that provides visibility
and synchronizes into the succession planning process across the organization;
·
Improved business results such as revenue growth,
hiring/training cost reduction, productivity improvement and reduced downtime;
·
Competitive advantage of having a high-performing,
well-qualified workforce and talent pipeline.
·
Continuity of company culture through talent
retention.
Looking for succession planning software? Visit our website for more
information on Nakisa SuccessionPlanning.
