Having this process in place is vital to the success of an organisation because it identifies strength, gaps and risk area's within the business which they can then proactively plan against.
'High potential' candidates can be identified from the plan and it is these individuals highlighted in the succession plan that will eventually be responsible for ensuring the company is able to tackle future business challenges. These 'high potential' candidates must be carefully selected and then provided with training, development and support that gives them the skills and competencies needed for tomorrow's business environment as they are most likley to become the leaders within the business. Their development should incorporate a broad range of learning opportunities to give them the depth of knowledge they require to lead the business and they should be exposed to as much of the working environment as possible so that they gain a good and well rounded understanding of the business and what the company requires to remain successful.
Organisations that understand the need to have a succession plan in place and the need to manage the development of their high performers are a step ahead of their competitors! The effort required to establish a succession and development program for future leaders is essential as it creates a motivated and capable group of employees that are ready to move forward in the organisation when the need arises.
Proactive succession planning will identify gaps and prevent ‘blockages’ when employee’s leave the business or move into another role as their will be a successor(s) within the business to move into the vacant role. It also ensures that critical roles are proactively planned for reducing risk to the business.
If you want to learn more about how we can assist you in developing and implementing a succession planning strategy and process, contact us.