Succession planning is the process of identifying the critical positions within your organisation and developing action plans for other individuals to successfully fill those positions. In this article we will look at some key strategies for effective succession planning that can ensure seamless business continuity.
What is Succession Planning?
Succession planning is a process or business strategy for planning a replacement of a key person within an organisation. It can also be used to pass on a leadership role to another employee. It ensures that businesses continue to run smoothly and without interruption, after important people move on to new opportunities, quit or retire.
In the long term, succession planning strengthens the overall capability of the organisation by:
- Identifying critical positions and highlighting potential open positions
- Demanding key competencies and skills needed
- Focusing on the development of individuals for future business needs
A succession plan can identify the need for future staffing. It can help your organisation to find the people with the skills and potential to perform in these future roles.
Benefits of Succession Planning
There are several benefits of succession planning for employees when organisations have a formalised succession plan:
- Employees know they can grow and develop themselves towards new positions, so they can feel more empowered and satisfied at work
- Employees can see their career development by knowing there is a plan for future opportunities
- Employees can transfer knowledge and expertise with the support of mentors
- Employees can share company values and vision more easily
- Employees can plan knowledge transfer in a timely manner avoiding project delays
Once employees transfer into management positions after having completed their succession tracks, they can share their success stories within the organisation and form the heart of a company’s succession planning Best Practices.
Before starting work on projects, companies should think about ways to follow the planned project schedule and to meet all the demands agreed with the customers. Having the right people lined-up for the right roles will definitely contribute to this. Having a solid succession plan in place is another way for companies to avoid relying on mitigation or contingency plans.
Start Succession Planning Early
Succession planning should be an ongoing process rather than a reactive measure. By identifying potential candidates and successors early, organisations can support and help prepare for future roles.
Identify Succession Planning Critical Roles
Identifying critical roles within organisations can lead to advanced analysis of competitor hiring patterns and skill trends. Critical positions can have a significant impact on the organisation’s performance and can be difficult to fill externally.
Assess Current Talent for Succession Planning
Conducting thorough assessments of the current talent pool can help identify high-potential employees for future key roles. This assessment should consider not only performance but also leadership potential and cultural fit.
Develop a Succession Planning Talent Pipeline
Once high-potential employees have been identified, HR should work with managers to create individual development plans that include training and mentoring to prepare them for future roles.
Communicate Openly about Succession Planning
Transparency is key to the success of succession planning. Employees should be aware of the organisation’s commitment to developing internal talent and the opportunities available as this can boost morale and engagement.
Monitor Succession Planning Progress
Succession planning is an ongoing process that requires regular monitoring and adjustment. HR teams and managers need to regularly evaluate and update succession plans based on changing organisational priorities and the development of potential successors.
Succession Planning for Project Management
Project managers play a critical role in guiding projects to success, and their departure can pose significant risks, especially in complex or long-term projects. To mitigate these risks, organisations should identify potential successors for key project management roles and provide them with the necessary training, mentorship and exposure to ongoing projects. This approach not only prepares future project managers but also helps in knowledge transfer and minimises disruptions to ensure that project objectives are met without delays.
Key team members possess specialised knowledge and skills critical to the success of a project. If a key team member leaves, it can also create gaps that jeopardise project timelines and quality. To prevent this, organisations should identify potential successors within the team, cross-train members in multiple roles and document essential processes and knowledge. This not only ensures continuity but also builds a more resilient team that can adapt to changes without significant disruptions.
By applying Best Practices for succession planning within your organisation, employees are empowered to grow and to find talent themselves. In this way project managers can avoid staff absence and project losses, unnecessarily waiting for appointed project staff and resources.
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