Succession planning is critical for the continuing success of any organization. From anticipated growth to downsizing adaptations, it is essential to know what your key leadership will look like and what you will need in order to get there.
Want to stay up-to-date on all the latest HR news? Sign up now!
[contact-form-7]Five Essential Steps for building a Succession Plan
1. Analyze your business life cycle: Before you can plan for the future, you must first have some idea of where you are now and what the road ahead looks like. What will your corporate investment be for your future? Does it include fluctuations in your workforce, and will they be temporary or permanent? Your current leadership team should have a clear concept of what goals fall within their accountability in order to identify those capable of continuing such work.
2. Anticipate your timeline: Setting specific dateline indicators moves your vision from the conceptual to the concrete. There are now expectations to be met. Plans for the future have been put in motion and must be accomplished in order to successfully achieve the future vision.
3. Identify potential: Once a plan has been structured and the design is set to implement, it is time to identify those who will be tasked to reach the intermediary goals. Activities such as employee surveys can be an excellent first step in sourcing employees who may be ready to move into new opportunities.
4. Create mentoring opportunities: Develop opportunities for mentorships within your organization. This creates both a positive corporate culture and helps to insure against potential loss of internal business acumen. Organizations that offer such programs can reinvigorate and re-engage employees who otherwise may feel they have reached a career plateau.
5. Implement training sessions: As you assess your current talent, you will no doubt find areas of both aptitude and shortfalls. Rather than sourcing outside of your organization for a perfect candidate, investing in your current talent reduces unnecessary turnover and grooms your workforce for a more cohesive future. As your top talent gains tenure, training shifts from overcoming current weaknesses to growing strengths.
Planning for the future is a constant task within any organization. From projecting financial needs to anticipating areas of growth, every successful organization knows the importance of strategic preparation. Chief among those plans should be succession planning. By understanding your current talent resources and assessing future growth, your HR department can help ensure a smooth transition of knowledge and engagement of skills. For more information about how to get started with your organization’s succession plans, contact one of our highly trained experts at HR Affiliates. We are here to help you get started building for your future.
The post Why Succession Planning for Tomorrow Begins Today appeared first on HR Affiliates.