TMTR People Solutions
5 Ways To Have A Successful Succession Plan
Succession planning is a key aspect in these times for effective talent management and enhancing employee performance. The term involves all activities undertaken by an organisation to ensure that employees in key positions in middle and senior level management are productively honed to gain skills which will then be used to make them easily adaptable in assuming higher echelons of power. The chain of command thus remains unbroken and any gaps in terms of vacant positions can be filled in easily.
Let's look at the top 5 ways a company can work towards a successful Succession Plan:
- Assessing potential at entry level: At entry level, mid-term to senior ranking positions should be flagged for competency mapping. Video interviews can serve as a ready reckoner for future reference to check candidates with potential for responsible positions. Talent management can actually grade employees according to competencies and skills at entry level and then evaluated at regular intervals as part of the succession initiatives. There are factors such as ‘loss impact’ or how critical is an employee to the organisation. His or her loss impact value would then be of immense importance in terms to grooming other employees to come to par with the desired level. Criticality in terms of a company not wanting to lose its talent to competitors is also an important factor here .
- Competency grading and profiling criteria should be accurate: All the above holds true only and only if the available data is available and analysed accurately. Many a corporate succession plan has been wrecked on the jagged rocks of incorrect fact analysis. Components such as 'criticality to retain', 'leadership potential' etc. of an employee should be assessed without any undue bias or prejudices or partiality.
- Regular communication with employees and positive motivation for long term engagement: Once employees are graded according to competencies, the succession planners should take initiatives to give the proper feedback to potential leaders on a regular basis. Employees, thus, are heartened that their efforts are being recognised and this creates further motivation to work towards achieving personal ambitions with zeal. This helps immensely in retaining critical employees and honing their skills for higher positions thereby greatly reducing the risk of them walking out for greener pastures.
- Simulations and inter departmental rotations: Role plays and a simulation initiatives are a good way to separate the wheat from the chaff! Given a simulation of a real time situation can help succession planners profile candidates for leadership roles and assess potential in emergency situations . These exercises should be carried out across levels both laterally and vertically. To get the whole picture is an essential aspect of problem solving! An employee can never work to full potential or establish his credentials unless he gains skills in other departments and not just at the assigned roles or responsibility level.
- Software can greatly aid situational judgement assessment: Nearly 81% of Corporates today rely heavily on specialised softwares to aid them in having a succession plan in place. For large companies where there are complexities of roles, huge volumes and overall critical operations, succession planning is no easy task. Special software created for this will thus empower the planning department considerably by giving a holistic picture and breaking it down in easily adaptable terms. Thus, talent management can easily managed by accurate analysis of data in key result areas. At any given point, employees' details can be evaluated to map competencies and to earmark them for future growth. Of course, the right software coupled with a competent HR department can really get things in the right place in terms of a robust and workable succession plan.
Succession plans work 100% when competent employees down the pecking order outgrow their micro outlook in their engagement with their company and work towards making it a hit!
Written On : 2017-09-29 16:55:07