Succession Planning: Develop and retain top talent!
Your sales manager walks into your office. That one sales manager who has been with you for 9 years, who knows the ins and outs, who came in as an inside sales representative and has developed over the years into the sales manager he is today. The sales manager who has experienced and handled almost every possible scenario at one time or another; who is now stepping into your office. And not to tell you about a lucrative deal he has landed, but to tell you that he has found another job and is therefore leaving your company. Ouch. Not only is a valued colleague leaving your company, but also a wealth of knowledge and experience. And you don't fill that up so easily. It takes a lot of time and energy. Speaking of time and energy: how much time, energy and money do you think it will cost to fill this vacancy? Succession planning can help you avoid this situation.
Limit the impact on your business of a departing key person
Be prepared for (unforeseen) changes. How? By proactively applying talent management and identifying and developing high potentials within your organization so they can take over key roles as soon as needed.
Succession planning is the key to success
Succession planning is a strategy for identifying and developing future leaders in your organization. Or simply put, recognize, develop and retain top talent. With succession planning, you identify the high potentials within your company. At the same time, you identify the key roles within your company and analyze what skills and capabilities go with them. Which employees have them? And how can you train, coach and educate these colleagues to grow into key positions within your company? But also: are there sufficient capabilities and skills available to succeed departing key people? Or do you need to attract new talents.
Continuity = essential
The success of succession planning hinges on continuity. It is not a component that you set up properly once and then don't have to worry about; it is an ongoing process. Managers from across the organization must remain continuously alert to the skills required (as they may change) and the extent to which they are present within the organization. In addition, they must have an ongoing focus on developing top talent. Not only does this mean constantly taking a critical look at training and development opportunities, feedback processes and moments of reflection are indispensable. When you get your succession planning right, you can be sure that the right people can flow to the right job at the right time.
Need help developing and implementing succession planning? Get in touch with us!
