High Spades Consulting

Importance of Succession Planning in Every Organization

Most recruiters and corporations are experiencing a “War on Talents” from all the challenges of successful employee retention and/or acquisition within the workplace.

There’s an old saying that explains the inherent benefits of succession planning: “If you fail to plan, you plan to fail”.

The look of a successful business

An organization can only be successful if they’ve got an awesome team and key players. What if the best talent quits without any notice? What are some of the possible consequences to the team and its effect to organization’s culture? The entire business could be adversely affected by internal power struggles and ensuing chaos, resulting in a business culture that suffers the negative emotional impact of drainage. Simultaneously while other employees are seeking ‘better’ (meaning outside) opportunities.

Nowadays most companies are aware that people, their employees, are their greatest asset. Each corporation must make sure that they have the right leaders in the right place at the right time. However, according to a Global SHRM Survey, executives worldwide believe that their two biggest challenges in 2020 are attracting the best people and retaining them through creative rewards, engagement, development opportunities (succession planning!), and involvement practices.

That’s where succession planning comes into play.

Succession planning as a key integral part

Succession planning is the process for identifying and developing employees to fill the responsibilities of future roles within the organization. Succession planning is a critical business continuity function. For this reason businesses must plan and implement carefully. In this manner, the company ensures all key roles within the company will be filled.

It is important to identify key roles and mapping out ways to ensure the organization has the right people with the right skills, capabilities, and experiences. Planning for the future position increases the availability of experienced and competent employees who are prepared to replace old leaders as they leave, retire, or die. Preparation for the employee to take over leadership involves a transfer to a specific department or job. On-the-job-shadowing gives an employee the opportunity to observe and learn about the position.

A few reasons why succession planning remains important in every organization:

  1. Helps identify future leaders which leads to higher employee retention and satisfaction
  2. Executive search and training are expensive
  3. Identifies and addresses competency gaps within a business
  4. Boosts performance ratings and enlivens company culture
  5. Keeps a company buoyant

In a very practical sense, let’ admit the fact that no one remains at the helm forever. Should succession management in every organization become successful, it will reduce the time needed to reach a company’s highest proficiency, limit hiring costs, and eliminate turnover resulting from a poor fit with your organizational culture.

All-around win-win!

External help works effectively

Are you interested in a second opinion of how your company scores? Then email for a free consultation.

For over 13 years they have been working in this business area, and their expertise is legendary and accessible to you with a phone call!

Author:

I'm proud to be a millennial having grown up as an Oregon native. My Gemini characteristics and innate tenacious abilites have garnered me with sufficient organizational development experience across a spectrum of industries. Dealing with ambiguity and constant change is what drives me to wake up everyday. Each role I've ever held had played into my strengths and abilities to light the way through organized chaos. All I know is how to embrace technology and I truly enjoy integrating it within the workforce to influence the flow of people and processes, which is what landed me in the world of project management and human resources. As an Organizational Development Consultant, I'm passionate about solving the challenges & opportunities associated with organizational knowledge transference in small to mid-size businesses, as they move towards becoming more complex enterprises. To that end, I am dedicated to providing an array of digital and agile transformation services to help pragmatically, incrementally, and safely introduce knowledge, change and project methodologies to best suit your industry.

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