The loss of key talent can bring an organization’s growth to
a standstill. More often than not, management
doesn’t know its operations and productivity may grind to a halt until it’s too
Today’s top companies all face the same difficult challenge:
how to develop leaders in order to fulfill succession plans. A succession plan is an ever-evolving
strategy to ensure leadership continuity in the event of a change in key
personnel. The plan defines how the
organization will respond to such changes and fill vacancies to ensure success
under new leadership.
According to Gartner’s 2019 Future of HR Survey, 86% of leaders believe succession planning is a top priority yet only 14% believe they are doing it well. HR leaders attribute their succession planning problems to undiversified bench strength and low leadership retention. Taking steps to cultivate your workforce now may mitigate the effects of losing key talent.
Constructing a successful succession plan requires an in-depth mapping of your current workforce to the vision for the future of the organization. Start by highlighting the areas and positions where an absent employee causes the most disruption to the organization. Next, spend time identifying the key qualifications, skills, and traits necessary for success in these key positions. Taking these measures will help prevent the organization from hiring unqualified personnel.
Organizations should also evaluate how people will influence
their goals for the future. Is the
company on track to expand its services?
Should it be preparing for a merger or acquisition? Is a large hiring wave or layoff looming on
the horizon? Will growth create a need
for geographic expansion? Answering
these broader questions will put organizations in the best position to paint a
more accurate picture of its overall and long-range people needs.
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