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Succession Strategies: 8 Must-Have Elements Companies Should Heed Special Attention To Pave The Way For All-Inclusive Success

It is better to be prepared through an advanced framework of succession planning to recognize talent gaps, create dynamic talent pools and prepare employees for future positions.

Organizations are confronting some of the most challenging questions in today’s dramatic business landscape: How can we ensure critical leadership continuity across functions and create a steady supply of talent rather than scramble to fill critical roles? How do we evaluate talent readiness and identify at-risk positions?

Be it with a family-owned business, multinational company, PSU, or institutionally owned company – the goal is to have a role continuity. Should a position become vacant, there should be an internal candidate ready to take over that role. Failing to do so can cost an organization six to nine months of salary on recruiting/training expenses. But many organizations continue to face roadblocks when key roles do not get filled on time. Organizations need to develop their talent pool to be agile in the face of change and dynamically model succession scenarios to drive decision-making.

It is better to be prepared through an advanced framework of succession planning to recognize talent gaps, create dynamic talent pools and prepare employees for future positions. Here are eight key elements that should be kept in mind while structuring the Succession Planning strategies.

1. Leadership continuity – For an organization, it is crucial to properly nurture the employees that might be at the leading positions tomorrow. Under Succession Planning, there are various tools to assess and discover the spark a potential leader might possess.

2. Identifying at-risk positions – Anticipating high-risk positions which might require new leaders to take over is vital for every company. Succession Planning strategies are explicitly designed to identify those employees who will be able to fill leadership roles in the future or during critical times.

3. Discovering diamonds – Though a meticulous scientific approach can help the HRs and leading management of an organization identify the competency, special skills, expertise, comprehensive experience, and certification of an employee, it is still rewarding to take help from managers. They know the potential of the employees better than others. This way, it is easier to separate top performers from a herd of employees.

4. Building bench strength – Ensuring that the workforce is upskilled and reskilled continuously is exceptionally pertinent in the present-day circumstances. The Succession strategy is designed to ensure that the employees are resilient to address the expeditiously demanding market.

5. Cultivating new leaders – Succession Planning can help management single out employee’s talent gaps and work on them accordingly. Through this approach, they will be able to assign personalized and targeted learning programs that can enhance the specific talents and skills of potential leaders and employees in general.

6. Assist in internal career mobility – Management needs to initiate in-depth understanding and deeper engagement with the employees. This will eventually lead to a higher commitment rate and minimize attenuation levels. It will also alleviate employee productivity and development.

7. Create dynamic talent pools – Employees are assessed based on their talent, growth path, skills, and competencies and then brought together in a group. From here on, their growth and development are based on user-defined criteria. In the end, these particular groups are evaluated as significant talent pools.

8. The crux of Succession Planning – With the help of a 9-box grid or n-box grid, companies can assess the strengths and weaknesses of a team more effectively and visibly. This tool divides employees into nine groups based on their growth potential and performance and grooms them accordingly.

It is imperative to understand that succession planning is an ongoing process and not a one-time mission. Time and resources spent on succession planning is a proactive investment for a secure future. Organizations need to enable themselves to immediately fill a vacant position with a qualified candidate in case someone is leaving the job or retiring suddenly. Only through adequately delegated succession planning will you ensure swift transition and keep the company on track efficiently.

Source: Business World

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