the importance of having a business continuity plan in place that accounts for emergencies hence the need for Succession Planning.
Succession planning is the processes that identifies competencies, assess, develops and retains a pool of talent to ensure a continuity of all leadership positions. Investing and supporting staff from the bottom is a very cost-effective way of ensuring that a company continues to function successfully in the future. Training and recruiting is an expensive and intensive process and this effort is actually wasted if staff gradually decreases in efficiency and feel unhappy in a role hence leaving the company. For a company to make sure its succession plan is strong enough, it needs to know its talent pool, identify leaks before they happen, listen to its employees and provide ample learning opportunities for employees.
Succession Planning has received increased attention due to its advantages and effects. Some of these advantages include;
Availability of Capable People for Management Positions
A constructive succession planning will increase the availability of individuals who are prepared to take roles as they become readily available. Roles can easily be filled as employees retire or as they become vacant. For example, if a company should reduce its workforce due to the impact of COVID-19 and it already has a succession plan, it will look at its pool of talent to get a perfect fit.
Creates Structure for Training and Development
Once a company has identified that certain people are interested in moving to senior positions or the company itself has realized the potential of one or two employees, competency gaps can be identified and they can be groomed for eventual success. Training and development can take the form of coaching, mentoring or even sending employees to school.
Maintains Brand Identity
By identifying and grooming a successor, a company will ensure that it will be led by someone who shares its values and deeply understands the company’s brand promises, its customers and employees because they have lived it themselves. In view of that a company that reduces its work force due to the effects of the pandemic will still have its brand intact because every successor would by then have been trained to understand the brand as well as the company’s culture.
Minimizes recruitment cost
With a succession plan during this COVID-19 era, organizations can save costs that would otherwise go to external recruitment. Most Companies spend huge sums of money annually on hiring reputable HR firms to find suitable external candidates. The cost of hiring a senior officer can be significantly higher than when sourcing potential candidates within the organization. It is even more advantageous and cheaper for the company to get an employee to work alongside a retiring senior executive before the knowledge escapes the organization.
In a nut shell, every organization must take control of its succession planning and make sure it has a process a in place to secure its future and smooth running of its business especially in this COVID 19 era and this is best done before it needs it.
“Without the right Succession Plan put to play in human resource we build a future without future”