Succession planning is essential for your business to be able to run effectively when key members of staff are promoted, retire or move on for other reasons.
Identifying which of your key employees will step into leadership, senior management and/or business critical roles is therefore essential for maintaining businesses continuity. But there are other benefits too. Read on to find out what they are.
1. Identifying future leaders
Succession planning can be an important way to identify employees who have the skills and potential to develop within the company. In addition, the process of succession planning itself can help to identify where employees may need support to be an effective leader and where training could help to manage and improve their performance. One way of identifying future leaders within your company can be via effective performance management and by equipping managers with the right skills and training to be able to identify future talent.
2. Identifying development leads
Identifying future leaders reveals the strengths within your workforce, but it can also uncover areas for potential improvement. Monitoring employee performance and development can help to identify teams or individuals who need additional training and support to reach their potential.
3. Creating efficiency savings
By addressing development needs as part of ongoing performance management, succession planning can therefore impact positively on performance and productivity levels as well as providing a potential pipeline of internal candidates for future progression opportunities. Filling posts internally could save your company valuable time and money, over and above the efficiencies gained through a higher performing and more productive workforce.
4. Improving employee engagement
Greater opportunities for staff development and progression, improved leadership and management, and a more efficient and effective workforce are all likely to contribute not only to increased staff retention but also to stronger employee engagement. So the benefits really will be felt across your business!
If you would like help to adopt succession planning into your business please contact the team at Better Jobs, Better Futures to discuss how we can assist you. Better Jobs, Better Futures is a fully funded programme that can offer workforce planning and development, a recruitment service tailored to your company and, via access to the wider provision available within Gower College Swansea, a full package of funded and partially funded training courses.