Succession Planning Significance to Training and Development
Indeed, human beings are the essential resource in every organization. The better the quality of that people resource, the better the organization as a whole. Taking care of employees through training & development, to elevate each employee to perform at their best, can lead to higher employee retention.
Do you believe that training & development is a simple benefit, and not key to an organization’s success?
Actually, these days it is common knowledge that it is more cost effective for a company to prepare an employee for the position of future leader. The process also enjoys additional benefits by sowing inspirational vibes throughout. This can constitute an important and empowering step within (and for!) a corporation, especially in light of its future smooth operations.
Cost effectiveness of training & development
When a business is open about possible progress for its personnel, your employees will feel more valued and heard. Encouraging your staff to train to fill in the gaps of their skills, technically and emotionally, and means so much for your employees.
In preparation, an organization must be keen and open in supporting Training and Development programs. It must equip and improve employees’ specific skills and employee satisfaction. Once you have satisfied an employee and he sees his growth within your company, it leads to higher employee retention and employee engagement.
These days technology has improved and has proven itself as a powerful tool for increasing productivity. However, an corporation can only reap the benefits of technology if the employees know how to leverage these tools effectively.
Thus, training and development programs play a crucial role in keeping employees with the needed technological skills.
Training & development in an organization should be viewed as an investment that will pay dividends in the future, such as increased productivity and employee loyalty. Combining a company’s succession plan with Training and Development programs creates a sense of stability and security.
“Loyal employees are assets, not liabilities. Take care of your employees and they will take care of your business.”Richard Branson
Research has shown that hiring an external person to a key position can cost more, and in more ways than initially considered, than hiring someone internally. A business can envision the future and identify future talent needs, simultaneously creating solutions to those needs internally. Management can empower employees to develop critical skills, crisis management, and the ability to implement rapid change.
Training & development Best Practices
A few best practices of succession planning are to:
- Identify your organizational needs – What are the skills and competencies needed of the next generation leaders? Are they ready and wearing a complete suit of competencies? Have they already filled their skills’ gaps? Can they manage maturely and professionally? An organization relies on company’s strategic vision to fit the future market.
- Assess employees traits and skills – An organization may need evaluation forms in assessing a full competency of their employees. An organization needs to understand that high potential employees usually deal with strong emotional intelligence. This must be balanced with assessing employees traits and skills. An organization should have proper tools to identify and recognize employee gaps so that they may do their job more effectively.
- Re-evaluate – As training & development progress, certain talents might be uncovered in an employee that makes them suited in a different position. So an organization must always have a close eye on both plans through re-evaluations and stay updated of changes.
- Create culture – A key to the success of both plans is creating a culture that takes succession planning and training & development seriously. This means creating a culture that focuses on the long-term health and success of the organization and, therefore, the employees that make it up.
Succession planning and training and development are two essential areas of focus for any HR department concerned with the current and future health of their organization.
Outside help provided
Do you require expertise, support and help with succession planning and strategy? High Spades Consulting has spent over 13 years in this area. Reach out to arrange a mutually convenient meeting, email email@example.com.