Although Succession planning is not a new phenomenon, it is of growing concern for Leaders and Management. We have been hearing it for the last decade, the warning of the boomers aging and leaving the workforce… then recessionary times called bluff. Don’t get too comfortable now, the boomers are still aging and inevitably leaving the workforce.
So what to do about succession planning?… start planning!
Tally and qualify your resources, consider how effectively and efficiently they have been training subsequent staff. Consider who you currently have on staff that may fulfillsuch roles, or put a hiring plan in place, with overlap for cross training. Formulate a process whereby the transfer of knowledge can begin, inspire the next generation to step up and fill the big, or not so big shoes that have been left for them…
Benefits of Succession Planning
- Higher productivity, with more effort expended in alignment with organizational strategies and objectives.
- Reduced risk of losing high performance/high potential employees or employees in key positions.
- Increased adaptability through the abilities to identify, slot, and develop future leaders, identify and close performance and skill gaps, and proactively plan for future growth.
- Improved agility through comprehensive insight into organizational dynamics and the ability to rapidly refine and realign the org structure.
- Improved talent mobility.
- Reduced business risk through effective tracking of critical roles and succession plans.
Ashlee Mulholland, Director, Operations, McDonald Green