Having this process in place is vital to the success of the organization because the individuals identified in the plan will eventually be responsible for ensuring the company is able to tackle future challenges. These ‘high potential’ candidates must be carefully selected and then provided training and development that gives them skills and competencies needed for tomorrow’s business environment.
Another reason its important is because these high potentials will one day become the leaders of the Company. This is why their development needs to incorporate a broad range of learning opportunities in your organization. The individuals should also be exposed to as much of the working environment as possible so that they gain a good understanding of what the company requires to remain successful.
Succession planning is one of those initiatives that many companies don’t find the time to start until it’s too late — if you don’t address succession planning now your organization may end up facing the burden in the middle of a crisis.
Finally, organizations that understand the need to manage the development of their high performers are a step ahead of their competitors! The effort required to establish a development program for future leaders is worthwhile because it creates a motivated and capable group of employees that are ready to move forward in the organization when the need arises.
Succession planning is not something a well-run company can ignore because the consequences of not being prepared to replace key personnel will have a major impact on an organization’s ability to achieve its goals and strategic targets.
The succession planning process needs to be considered as part of the company’s strategic planning process because it deals with projecting future changes by anticipating management vacancies and then determining how to meet these challenges.
IPR can assist organizations to plan and implement an effective succession plan, including:
- Analysis of the workforce
- Identification of what competencies the organization will need in 5, 10 or 15 years and the critical positions
- Developing a system for identifying, nominating and selecting potential successors
- Determining the training and development requirements of potential successors
- Developing a system for monitoring candidate’s development plan progress
- Developing a system for providing feedback and encouragement to potential successors
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