Succession management implies to the process of identifying potential successors for important roles at a company, and honing and nurturing their talent to make sure that they fit into the structures of a company seamlessly. As Richard Ghilarducci mentions, proper succession planning and management are important to future proof companies against various visible and unforeseeable odds.
Richard Ghilarducci discusses certain succession management strategies
Succession management is one of the core elements in running a successful business. Succession management and succession planning put emphasis on making sure that an organization has a depth and breadth of talent suitable to its critical, company-specific objectives. To ensure successful succession management, a company must focus on the following strategies.
- Developing a comprehensive succession plan: An effective strategy for succession management involves creating a standardized plan that can be deployed whenever a position needs to be filled. While the specifics of every situation may vary, having a predefined succession plan in place majorly simplifies the process and provides a structured course of action for those leading the efforts. For instance, a company might establish a plan that directs hiring managers to assess internal candidates for open positions prior to considering external options. It could also include a list of competent employees that company leaders can add to throughout the year.
- Focusing on the company specific requirements and goals: Taking into account the unique needs and goals of a company is vital to succession management. Leaders can determine priorities when filling a vacant position by aligning the selection with the objectives of the firm. For example, if increasing sales is a goal, the focus may be on candidates with a proven track record in sales. Factors such as market competition, industry presence, and the skills crucial for a specific role can be considered during this strategic planning phase.
- Identifying positions requiring specialized talent: Recognizing positions within the company that demand employees with specific expertise is vital to succession management. Leadership teams can create a list of such roles to implement their succession plans effectively when the relevant positions become vacant. For instance, a company heavily dependent on its graphic design department for project completion may prioritize succession plans for high-level graphic design positions.
- Building a succession management pool: The creation of a succession management pool involves compiling a list of qualified employees who can be considered for promotions into key positions when they become available. In order to build an effective pool, leaders should try to identify individuals within the organization who exhibit well-rounded skills, possess specific technical expertise, or have received training relevant to particular roles. By reviewing the requirements of key positions, leaders can identify current employees who align with the necessary traits, and create a readily available pool of potential successors. Assessing individuals to identify strengths and skills gaps to determine who will be in the high-potential pool is vital to succession management.
As Richard Ghilarducci says, commitment to succession management can be important to elevating leadership growth into a competitive business priority, and propelling emerging leaders into new challenges that build the necessary skills for success.