” Succession Planning helps build the bench of strength of an organisation to ensure the long-term health, growth and stability.” – Teala Wilson
Succession Planning is a very important part of the talent management process. Succession Planning has many benefits in an organisation in current scenario. It helps in ensuring the continued success of an organisation. But before moving further we should first understand that what is succession planning? Succession Planning is the process of identifying and developing new leader who can replace the old leaders and can fill each key role within the company. It can also be described as having the right people with right skills and experience in the right job at right time. It is an ongoing process of identifying future leaders in an organisation and making them capable enough so that they can fill the key or important position within the organisation.
Succession Planning establishes a balance between individuals and organisation as succession planning not only helps in achieving organisational goals and needs but also the growing recognition that your employee need. As we know recognition and rewards are the things which each and every employee or person wants in his or her life and if they get it they would work hard to retain the same. It helps in maintaining organisational performance during uncertain times. Assume if an employee retires so it won’t be possible to hire someone immediately, in this situation succession planning helps a lot. One more example is if an employee decides to leave your organisation and take another job, it is a form of voluntary separation. So, companies need to be prepared for such situations. To handle this type of situation the organisation need to train its staff that can back-up current employees and can act smoothly. Succession Planning also helps the employee so that they can realise their career plans for the future. It also helps in enhancing the employee’s morale and to motivate them so that they can perform better on their job. Succession Planning also helps in cutting cost of recruitment. Some of the impact of Succession Planning are –
- Leadership- Succession Planning helps in providing continuous leadership. Organisation select leader from the current employees who are more likely to adhere to their mission and manage new challenges.
- Reputation- It helps in enhancing reputation of the organisation. As if an employee and those outside the organisation get to know that this organisation uses succession planning process within their organisation this will build confidence in them. As this will show that the organisation is well-organized and ready for future. This process will also show that the organisation helps its employees to choose their potential career path and achieve the same.
- Eliminates Confusion- Succession Planning helps in eliminating confusion as to who will fill the key or critical position of the organisation when the employer is no longer available to make decisions.
- Builds Confidence- Succession Planning helps in building confidence among employees. It also helps in bringing a sense of security.
- Saving Time- Succession Planning helps in saving time as the organisation has already planned to promote and train people within the organisation which means that less time is spent on recruiting from external sources.
Last But Not the Least
So lastly, Succession Planning is a critical but an important part of the talent management process and should be done nicely to reduce cost and time and to increase efficiency and confidence.