Posted-on May 2022 By Amy Bates
The pandemic has served as a wake-up call to business owners worldwide. Many have had to change the way they do business. Some businesses closed temporarily, while others went out of business or entirely changed their business model. Many people noticed a merging of work-life boundaries as business owners work harder and longer hours. People seemed to pay more attention to the value of good health as well as what actually matters to them in their lives during the pandemic. As a result, interest in Succession Planning has increased.
According to a report in November 2021, about a quarter of workers were actively preparing to quit their jobs in the coming months as part of a "great resignation" triggered by a large number of vacancies and exhaustion induced by the pandemic.
According to a survey of 6,000 workers conducted by the recruiting firm Randstad UK, 69% of them were optimistic about shifting to a new career in the next months, with 24% planning a change within the next three to six months.
Many business leaders and HR professionals feel that Succession Planning is a complicated process intended for the largest organisations with the most advanced organisational development departments. However, Succession Planning can be extremely beneficial to smaller companies with fewer resources available for knowledge management programmes and formal, structured employee development.
Succession Planning is a fantastic tool for future -proofing your company, whether you're a small family business or a big corporation, a business owner, or an HR manager. Even if the tides are currently in your favour, a sudden change in leadership can disrupt your organisation. When managers leave their posts, finding the right replacements may be a time-consuming and costly process.
With a Succession Planning strategy, you can set your company up for future success. Long-term profitability requires foresight; knowing who can fill in when gaps arise in your organisation is a valuable asset.
Succession Planning ensures that when positions in senior management become available in your firm, you will have a suitable replacement on hand. It's a tool to protect your firm from everything from unexpected redundancies or resignations to retirement and unforeseen events like the COVID-19 epidemic.
When you prepare potential individuals to fill a vacant role in the future, you protect your company and increase its chances of success. Employee engagement can also benefit from Succession Planning. The obvious possibility of advancement motivates employees to stay with the company and provides them with something to look forward to.
What is succession planning?
Succession Planning is a process that ensures your company is prepared for the future. It is the process of finding backups for key positions in case a manager or executive leaves.
It keeps your business going forward during the inevitable changes that occur with running a company. It is an excellent tool for retaining your top performers, who are often the type of people that want to know where their career is going.
The best Succession Plans are living, breathing things that are regularly reviewed and modified. It's a process that, once begun, must be continued. It is something that your company should review on a yearly basis to ensure that everyone is on track and to see if there have been any changes or movements within the organisation.
It enables you to identify and develop potential future leaders and senior managers, as well as individuals, to fill business-critical roles.
The following are some key elements of the Succession Planning process:
A list of current and potential business partners.
Key skills required for each senior position
Candidates' level of training and/or experience
Senior responsibilities require both short-term and long-term coverage.
The time it would take to onboard a candidate for an existing position.
The information you include in your succession plan will help you determine who is the best match for each crucial function in your organisation.