Identify, train and pay more to potential successors

Succession planning should be an essential business practice that integrates related areas such as performance management, business continuity, talent management and organizational culture.

Succession planning should be an essential business practice that integrates related areas such as performance management, business continuity, talent management and organizational culture.

A Society for Human Resource Management global survey of business executives wanted to know their largest challenges regarding people through 2020. Their two greatest concerns:

Attracting the best people to the organization – strong recruitment strategies required.

Retaining and rewarding the best people – a hot issue regarding rewards, engagement, development, involvement, etc.

If identifying and retaining talent is a high priority, succession planning has a major role in retaining people who can help ensure the continuity of the enterprise.

As we all know, things happen that we can’t foresee. People unexpectedly retire, change jobs or experience illness, and these events can leave a company vulnerable unless existing plans are in place to fill these voids.

Hiring from the outside is always a possible solution and may be part of a succession plan, but searching for the right talent this way can be costly and may take months. Knowing that you already have qualified people on board can go a long way in easing these transitions.

Culturally, it sends a powerful message that the company looks inward when developing and promoting talent.

A good succession plan evaluates key leadership and other essential positions to determine if there are employees who may be able to step up and assume these roles.

Participants in the succession planning exercise usually include senior leaders, human resources and, if applicable, board members.

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