As I mentioned in a previous post "Succession Planning Is Essential For Growth And Stability", succession planning is not just for the owners and principals of an organization. It should apply to every position in a company that has direct reports . . . why? Succession planning is additionally beneficial because it addresses most companies' other major concern, employee retention.
When asking employees what they like most about their jobs, it's surprising how often the answer isn't "money". In fact, we've all heard it and most of us agree with the statement "it's not all about money". Well then, what is it about? It's about professional growth (through mentoring, education and training), being treated with respect, being allowed to contribute and being recognized for that contribution. Succession planning can (and should) support every one of those activities.
There are many other terms for succession planning, all of which indicate the obvious common sense benefits to the practice. Phrases like "workforce planning", "leadership development", "leadership training" and "talent management" are all excellent action phrases.
Companies should be hiring candidates for leadership roles that have the capability and desire to grow, take on additional responsibilities and support the company's growth and success. Assuming that most employers understand that, why don't they make more of an effort to train and retain star performers? "It's too expensive" is the most frequent response.
When you compare the cost of conferences, or seminars or graduate level coursework with the cost of hiring new employees, training and education become extremely cost effective. Existing employees understand their clients' expectations along with their companies. There is value in cultural knowledge. There is value in stability and steady growth. Training leads to retention.
As an executive in your organization, are you doing everything you can to deliver (or at lead be an advocate for) ongoing training and education? Why not?
When asking employees what they like most about their jobs, it's surprising how often the answer isn't "money". In fact, we've all heard it and most of us agree with the statement "it's not all about money". Well then, what is it about? It's about professional growth (through mentoring, education and training), being treated with respect, being allowed to contribute and being recognized for that contribution. Succession planning can (and should) support every one of those activities.
As Guido M.J. de Kong says hin his article "Building Your Bench Strength":
"Selecting and developing future managers is a crucial task -- and a big concern for many companies, particularly for leadership roles. In a study by the Corporate Leadership Council, 72% of companies predict they'll have an increasing number of leadership vacancies over the next three to five years. At the same time, 76% are "less than confident" in their abilities to adequately staff these positions.
When a company aligns "business strategy" with "people strategy", both the people and the business win. It seems like such a simple notion, one has to wonder why companies don't spend more time thinking about succession planning and implementing it in their culture.Requirements for success:
Companies that create an effective succession management process:
- Quickly anticipate and fill succession gaps
- Identify employees with high management potential and actively plan their careers and development to build "bench strength"
- Align their "people strategy" with their "business strategy." As a company grows and its strategy evolves, its leadership needs can change significantly. To meet needs like these, companies must regularly discuss their talent recruitment and development practices.
- When organizations meet these requirements, they create the kind of leadership and management capacity that delivers sustainable business results. They also reduce the range in performance in key roles, minimize attrition among top performers, and promote a high internal hiring rate."
There are many other terms for succession planning, all of which indicate the obvious common sense benefits to the practice. Phrases like "workforce planning", "leadership development", "leadership training" and "talent management" are all excellent action phrases.
Companies should be hiring candidates for leadership roles that have the capability and desire to grow, take on additional responsibilities and support the company's growth and success. Assuming that most employers understand that, why don't they make more of an effort to train and retain star performers? "It's too expensive" is the most frequent response.
When you compare the cost of conferences, or seminars or graduate level coursework with the cost of hiring new employees, training and education become extremely cost effective. Existing employees understand their clients' expectations along with their companies. There is value in cultural knowledge. There is value in stability and steady growth. Training leads to retention.
As an executive in your organization, are you doing everything you can to deliver (or at lead be an advocate for) ongoing training and education? Why not?