Succession planning or replacement development is the process whereby organizations develop and promote internal talent to fill important positions rather than hire from outside. This is something that happens in most organizations even though they don’t consciously make the decision. However, succession planning is not always effective; sometimes, bringing in new talent from outside is the answer. In this post, we’ll see some tips on making succession planning effective.
A formal development plan: Succession planning often becomes just a dialogue without any concrete steps or plans developed to put the idea into motion. The first step to making succession development effective is to have a formal plan in place that should guide all the stakeholders on how to proceed.
Transparency: The way to make succession planning efficient is by making it completely transparent. Employees should understand where they stand what they can gain in future by following the succession plan. They should also be able to understand where they stand in relation to their peers. Any kind of secrets and obfuscations will only create negativity and kill motivation.
Flexibility: Sometimes, succession plans have to be changed. Employees may leave the organization or some new talent has to be inducted. The plan has to be flexible to account for any unforeseen circumstances so that business continuity can be maintained at all times.
Timely appraisals and feedback: Succession planning does not happen in a day; it sometimes takes years to implement the plan effectively. As such, there will be many appraisal cycles before the plan comes to fruition. To make succession planning effective, these appraisals have to be carried out periodically in a timely manner and meaningful and actionable feedback must be delivered.
Succession planning is beneficial to the organization if managed efficiently and effectively.