Practical Approach to Succession Planning
Succession planning is an important step towards creating a blueprint for future workforce structure, where individuals are identified and groomed as successors to key positions in an organization. Succession planning mitigate risk that could arise out of a sudden vacuum in crucial positions, as these voids can affect revenue, the smooth carrying out of operations, raise compliance issues and impact a whole host of critical processes negatively. There is no gainsaying the fact that it takes years to groom an individual, providing him/ her with the right experiences, knowledge and training for the role.
Real World Demands Quick Action
However, it is not always possible for organizations to create proper succession plans as they take years of effort - a competency library would need to be bought or created; the skill requirement for each position needs to be audited; extensive dossiers documenting experience and capabilities of all potential successors need to be made and subsequently all parameters need to be matched with each other to arrive at the best fit.
Organizations faced with immediate demand of filling gaps cannot take recourse to this process, which is time consuming and data intensive. Some of them may even be facing resource constraints that dissuade them for taking on another complex task to manage.
The Practical Approach to succession planning is actually a creative solution that addresses the need in a simple, fast and affordable manner. This approach does away with the process requirement of extensive skill documentation. The plan can be created without considering competency libraries also. So low exactly does this practical approach to succession planning function?
The Practical Approach
This approach gives precedence to the knowledge resting with managers about who the potential successors are. Years of experience, observation, everyday interactions and tangible performance results are able to give them a fairly good idea. In effect, all that needs to be done is to consolidate this information is one place, verify their observation, check against other possible successors and simply communicate the plan.
The availability of smart software solutions has transformed a cumbersome process into a swift mechanism which can help create an effective succession plan in a matter of hours. Organizational charts can facilitate analysis of individual candidates and create custom plans. One can determine candidate readiness and line up other potential candidates, and create bench strength too.
Practical approach to succession planning strengthens an organization and enables it to stand up confidently to possible future needs. It is therefore the optimum solution which can –
- Do away with the risk posed by sudden vacancy in critical positions or leadership gaps.
- Do away with the need for external recruiting, which can be a very costly affair and even such a move may not be able to prevent productivity levels from dropping until adequate training is provided to the candidate and he or she is ready to fill the role.
- Provide critical talent within the organizations with suitable career growth plans and suitable incentives to keep them interested and remain with the organization.
- Provide effective plans in a very short span
- Help the organization carry out successful succession planning with low total cost of ownership (TCO) and high return on investment (ROI).