SUCCESSION PLANNING

Succession planning- As per wiki, it is a process for identifying and developing new leaders who can replace old leaders, when they leave, retire, or die.  It is a modern technique followed by companies, where they focus on identifying a person in the organization, who might be a possible successor to the company.

It is a plan developed to analyze the vacancies which might take place when an employee leaves the organization.

How to do Succession Planning?

A process needs to be followed. It is as follows-

1. Identify key business areas and positions

• An area that is more significant in relation to operational activities and strategic objectives.

Identification of Positions which in case, are empty may result in losing achievement of business objectives.

2. Ascertaining competencies for key areas and positions

It is the process of identifying knowledge, ability, skills are required experience for achieving the business goals

3. Identify interested and potential candidates and assess them as per the competencies

• Here the identification of employees are made that are capable and have the ability of filing the required position. It is one of the critical steps.
• The Human Resource Manager or HR manager discusses the future plans and desires with all the candidates and then identifies the potential successors that are ready to replace the old guns and shall be trained and developed.

4. Develop and implement succession strategies

• These Strategies with regard to learning, development, training, knowledge transfer, experience sharing is developed and implemented for potential successors.

5. Evaluate Effectiveness

• It is to be ensured that all these business areas and all the positions are covered under the successor planning.

It is all about developing a leadership substitute for a perpetual succession of the organization when there are changes in the top management.

What kind of organizations need succession planning?

All organizations, no matter their size, they need succession planning.

But many companies have not introduced the concept of succession planning in their organization.

Senior leadership teams in any organization put forth the names of only employees; they trust that they have great potential in their organizations.

Advantages for employees

1. It increases the self-esteem also the self-respect of employees who knows that the next role awaits for them
2. This definitely enhances their efficiency and value.
3. The employees are benefited from the ability to work with their concerned managers and or supervisors to make sure that the employer has a career plan that moves them in the direction of their next opportunity.

Advantages for employers

1. They can rely on the staff to complete the vision and the mission and to accomplish the goals of the organization.
2. They need to have replacement employees ready if they decide to promote employees or redesign the organization, which enables them to make all necessary changes without being hampered by a lack of replacements.
3. It also focuses on the employees that your organization is seeking career development opportunities they seek.

For succession planning to be successful, the firm or organization must have long-term goals. They must identify the development need of the employees because the employees or staff make the firm or organization and without them, it is not possible to run the company.

One must also be aware of the employment trends in that area or city or country so that key positions could be filled immediately.

It also means that if employees grow together, then even the firm will grow with them. The success and failure of the firm depend on its employees as well as employers.

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Conclusion

One should not mistake it by saying that succession planning is the same as career planning because career planning is where the firm offers certain opportunities to the individual to identify its own strength and weakness and most importantly, its goals in the future time.

Succession planning is securing the key positions for future leaders who are capable of handling them with the utmost responsibility.

As discussed earlier, a firm grows only when its employees grow professionally, means employees, when promoted, will bring and secure good results to the company, and in turn, the company benefits from it.