Succession Planning – More than Just Replacing Your Leadership

Whether or not you believe there’s a current and growing the talent shortage, succession planning is critical for most organizations. Having an effective succession plan ensures your organization has the talent it needs to succeed and grow, both today and tomorrow. Think of it as insurance for your organization.

There are two common approaches to succession planning

The traditional approach sometimes referred to as replacement planning, focuses on identifying a few potential candidates to replace each of the senior leaders in an organization. These candidates are often groomed with special assignments, training and mentoring.

The newer, best-practice approach to succession planning invites a company to identify the key competencies required for its current and future success in all areas of the business, and then to identify and groom high performing employees across the organization to develop these competencies and take on greater responsibility. It’s also referred to as Talent Pool based succession planning. In his book Effective Succession Planning, William Rothwell states: succession planning “is perhaps best understood as any effort designed to ensure the continued effective performance of an organization, division, department, or work group by making provision for the development, replacement and strategic application of key people over time.”

Why is this broader approach so important?

Here are a few key reasons for adopting Talent Pool based succession planning

Leadership roles are not the only critical ones in your company. Everywhere in your organization - product development, customer service, sales, etc. - there are key personnel whose departure could impact your success. Identifying those critical areas, as well as the knowledge, skills, and experience required, and then working to develop these in other employees is a vital way to extend your capabilities and ensure your future.

Giving high-performing employees development opportunities and a career path in your organization is critical to your retention efforts. Top employees want to know they have future with an organization, be recognized for their contributions and be continually challenged to learn and develop professionally.

Giving high-performing employees development opportunities and a career path in your organization is critical to your retention efforts. Top employees want to know they have future with an organization, be recognized for their contributions, and be continually challenged to learn and develop professionally.

An effective succession planning program helps to make you an employer of choice. For the same reasons that it helps you retain your current employees, a succession planning program makes you an attractive employer to top candidates.

To find out more about Halogen Software’s award-winning succession planning solution and to read William Rothwell’s white paper, Ten Key Steps to Effective Succession Planning, visit www.halogensoftware.com.