Succession Planning

Succession Planning: Paving the Path to Future Success

If you’re part of the leadership of a very large or multi-national corporation, your succession plan may be firmly in-place.

You’re more likely to have a strategic map for what not only your current and short-term leadership looks like, but also how that will change well into the future.

There’s a reason large companies put in place strategic and comprehensive succession plans—they work.

Organizations willing to invest the time into future leadership planning tend to be more profitable and have more overall success.

Unfortunately, if you’re less than a massive corporation with resources allocated to succession planning, succession planning can easily be overlooked.

The question becomes, “how can we possibly look toward the future when we’re struggling to remain focused on day-to-day operations?”

Focus On Long-Term Goals

Despite the limitations of some organizations in terms of the resources they feel like are available to dedicate to succession planning, it’s incredibly important.

When you’re creating an overall talent management strategy, succession planning should always be part of this.

Important considerations include how you want your leadership strategy to align with your corporate goals.

Employers are charged with the task of understanding the true role of leaders within the organization, and then identifying potential talent who can fulfill these roles if it becomes necessary. It’s not just about identification however—it’s also about nurturing these potential leaders and developing them throughout their career so they become poised for success.

Internal vs. External Succession Planning

For companies willing to take on the challenge of succession planning, the question then often becomes whether or not to source talent from within or externally.

Studies, including a 2012 study conducted by a faculty member of the University of Pennsylvania Wharton School of Business, show organizations who focus their succession planning efforts internally are often most successful.

Despite the importance of tapping into internal talent, succession plans should also have flexibility in case this becomes an impossibility and it’s then necessary to identify outside individuals to fulfill leadership roles.

Ultimately, succession planning should be something that’s built into your talent management strategy, but also your corporate culture. As with so many things in the corporate and talent management realms, it’s something that begins at the top, so all of your leaders should be committed to finding and developing the talent of not just the present, but also the future.

Category : Succession Planning

Understanding the Millennial Job Search

October 23, 2015   

Millennials are undoubtedly the future of the workforce, and employers are always searching for the tools and techniques that are going to allow them to source the best talent from this multi-faceted generation. By 2020 millennials will account for 40 percent of the workforce, making understanding how to not only manage but also how to […]

read more

Spotlight On The 2015 Holiday Season and How to Hire

October 23, 2015   

While the average person may barely even be considering the holidays right now, for businesses that need to hire seasonal employees the time is now.

read more

Support Your Middle Managers

February 2, 2015   

Middle management is more often the butt of jokes than any other level within the organizational hierarchy. It’s a hard place to be for many reasons, but one that as many as 10.5 million American workers find themselves in at present. It’s worth remembering, however, that middle management represents a key time in the employee […]

read more

Getting Serious About Succession Planning

January 28, 2015   

I’ve written previous about the importance of succession planning (see Injecting “Success” into Succession Planning). The business case for robust succession planning is clear in terms of employee development, streamlining turnover, and promoting from within. The basic process of succession planning is simple enough – figure out what you need, see what you’ve got, and […]

read more

Avoid the Loss of Seasoned Senior Talent With These Tips…

December 16, 2014   

In today’s talent management discussions, so much attention is given to how employers can attract and retain younger employees – namely the Millennial generation, most of whom are in their mid to late twenties. That’s great of course, but what about older talent? For some companies it can seem advantageous to try and subtly push […]

read more

Copyright © 2017 TalentManagement360.com and Telania, LLC. All Rights Reserved. Privacy Policy. If you have any questions, contact us here.