Planning for Succession

Imagine one day your top worker decides to resign, retire, or take extended time off for personal reasons. Or how about this scenario: you need to fire an employee, but nobody else knows how to do their work. What should you do to cope with these painful situations? In order to fill empty positions fast and well, companies should be aware of the importance of succession planning. This article teaches you how to execute effective succession planning, and thus ensure your projects stay on track.

What does “succession planning” mean?

According to Wikipedia, succession planning is “a process for identifying and developing new leaders who can replace old leaders when they leave, retire, or die.” This approach can handle inevitable employment changes at all levels. When done well, managers and leaders are also more likely to detect and develop future talents, preparing them to fit into key roles in advance.

Tips for effective succession planning

Not every company has the foresight to use succession planning, but it is a crucial strategy for companies of all sizes. Let’s review some elementary tips on how to realize effective succession planning.

1. Internal Talent Pool Check-up

While the external talent pool can bring fresh candidates and skills to your company, don’t forget that your internal talent pool is also full of potential. From an early stage, focus on identifying high-performing employees. Evaluating employees’ skills and running regular performance assessment not only helps you better detect workers with additional skill sets,  but also refreshes employees’ self-awareness and expectations for career development. Along the way, you will discover which individuals have a higher level of motivation, growth trajectory, and varied skills needed to take over critical positions.

2. Nurturing Environment

To make your workplace a talent incubator, start by encouraging knowledge transfer among your team members. This also ensures that high-level knowledge and expertise remain when someone leaves the team. Consider employee training programs and workshops. Potential talents within your company will cherish the chance to improve their professional knowledge, build the network, and broaden their career vision.  

3. Mindset Adjustment

Many managers and executives overlook the value of succession planning, yet being prepared for the unpredictable is key to a successful business. Stay keen on identifying promising future stars. Even keep an open mind to those who don’t have big titles. Don't let the fear of change stall your organization.

4. HR metrics and software  

Remember the Recruiting Metrics we discussed last time? They are actually great tools for your succession planning. Take a look at your numbers for average tenure and time to fill. They can help you craft a budget and a functional hiring plan in advance of a staffing emergency. Making good use of recruiting software will also greatly accelerate the hiring process. For instance, Manatal’s software can automatically compare workers’ skills and suggest candidates for each position via its AI-powered recommendation engine. With the right planning and a little technical support, you’ll be ready to keep your team staffed through any contingencies. Start your succession planning today by investing in powerful recruiting software. Try out Manatal’s 14-day Free Trial and see how you can do better.