The Importance of Succession Planning

Whether it’s a resignation that comes out of the blue or one that you’ve been aware of for some time, losing talent can leave gaps in organisations at any level. Replacing talent can often be time-consuming and costly, not to mention the affect it can have on productivity and morale. This is where succession planning comes in. By identifying employees with potential and bringing their professional development into focus, organisations can take a big step in minimising the impact of any loss. But where do you start when developing a succession plan? Identifying Employees with Potential Preparation is key. Sometimes, the answer is standing right in front of you i.e. the “obvious” choice. Usually, this is the second in charge, someone who has worked closely (or the closest) to the vacant position or their predecessor. However, don’t discount others in the team or wider business who might be flying under the radar. While their fit for the role may not be as overtly obvious, they may have the skill set, personality and drive to succeed. Look out for the people who readily put up their hand, go the extra mile and self-educate to better themselves professionally. It is also important to note that candidates who are already embedded in the organisation (inside or outside the team) are more likely to be a good cultural [...]