Succession Planning & Career Path

Succession Planning Importance

What is Career Path & Succession Planning? Simply stated, a process of developing talent to meet the needs of the organization now and in the future.

Why it is Needed? Organizational leaders need to think about aligning their staffing and leadership needs with the organization’s future strategic objectives. If they do not take action to establish an effective succession planning and management program, they are likely to fall victim to the so-called “like me” problem… … when people are biased to pick people like themselves, viewing them more favorably.

Benefits of Succession Planning Reduces Risk exposure for organization of losing Key positions or leadership due to turnover; Focuses development needs on organizational needs (current and future); Aligns human resources management priorities with the business plan and the strategic direction of the organization;

Benefits of Succession Planning -continued Can be regarded as retention strategy; Makes employees aware that the organization is committed to internal development; Focuses recruitment efforts on bringing new competencies into the organization to complement existing strengths or covering weaknesses; Facilitates a dialogue at the senior-management level on key human resources management issues.

What are the Key Elements? Assessment of Key Positions: What are the competencies and experiences needed to qualify for each key position? 2. Identification of Key Talent: Typically people at the top two levels of the organization and high potential employees one level below. Identified by their management’s assessment of their performance and potential for advancement. 3. Assessment of Key Talent: For each person on the radar screen, primary development needs are identified focusing on what they need in order to be ready for the next level.

Assessment of Key Positions Identification of Key Talent Key Elements Development Monitoring & Review Assessment of Key Talent Generation of Development Plans

Steps for Implementing Succession Plan

Panel owner Panel members Candidates to be discussed by the Panel

Benefits of Panels Talent Panels have several long and short term benefits to the business Panel Activity Advantages Review of individuals in group setting Identification of high potential employees Identification of succession for critical roles Succession planning Commitment to development activities Discussion on people issues Review of individual career aspirations, mobility etc - Reviewing individuals in a group setting both calibrates manager understanding of performance and potential and provides confidence to the management team of alignment in terms of people management activities - Identifying high potentials ensures targeted development can take place to ready these individuals for future roles - Identification of critical roles and succession ensures the business exposure to risk of vacancy is managed and minimized. - Commitment to development activities ensures individuals are supported in developing to future roles in the business - Group discussion on people issues improves outcomes and speed of solution implementation - Drive fact-based discussion on Gender Diversity - Review of career aspirations and mobility provides a view of the depth of the talent pool.