What is Succession Management?
By the name, it is clear that succession Management is something related to managing in particular to succeed. So, in actual succession management simply means the way to select the right talent to succeed the employees in any critical role of the organization. This is one of the most required things in every business right now because although the challenges in the business sector are increasing, still skilled leaders are declining to solve them. Also, the leaders now are facing challenges since they are never trained with the difficult circumstances and hence they are never well trained. So we can say that we are facing many flaws in leadership training. Finally, succession management is the proper response towards this situation and has to be renewed as per the requirements.
So, now who has the major responsibility for managing succession planning? It is the job of the board of directors as well as the CEO of the company. But the thing that needs to be kept in consideration is that effective Succession management is something way bigger than simply a kind of candidate queued to fill the post of CEO.
What are the benefits of Succession Management?
The main aim of succession management is to make sure that the company has adequate talents to cope up with critical situations. It helps the nature of leadership in the employees and also helps in forecasting the leaders' scenarios. It does not only focus on creating a new and eligible leader but the leader which is capable of dealing with all the new kinds of challenges responsibly.
7 Key Steps to Succession Management
The organization knows about the benefits that the company will enjoy with the proper Succession management program. This will lead to an engaged and motivated workforce, a group of talented employees, a great selection of employees with development systems, etc. You can never stop counting the benefits of succession management. So how can you make this succession management planning possible in your life? Here are 7 major steps that will help in succession management planning.
Form a Strategy for the Organization
For any plan to succeed it needs a good strategy. In the case of succession management, making up a strategy for the organization is going to be your foundation step. The leaders have to ask themselves what can be the best possible things for the company to be focused on for the next upcoming years and who can compete with the company in the upcoming time? And similarly, all the questions that one leader has to be prepared for.
Select the Employees for Key Positions
After you form the basic strategy of the company. The next step is to select and deploy the employees from your succession management pool to the appropriate positions. So, this is one of the major key steps because here you need to properly place the right candidates in the right position. Also make sure to choose a trained, experienced, all-rounded employee for the central position. You need to focus on the top positions posting, not all the positions available in the company.
Clarify the Applicable Performance Metrics
Once you have decided the specific performance of each member in the succession pool. Now is the time to define the core competencies for success in the positions. For this, you need to keep the organization's future in mind. Core competencies, required to go through the position, evaluate the future need to the same position as well as the specifications.
Now whatever the information you'll get through these steps, you'll gather it and make the postposition-specific that will work as the foundation for succession management.
Calculate the Strength of the Bench
Once you are done with all the above-mentioned steps, now the company can start evaluating the current employees one by one. This will be a great step towards knowing the benchmark on whose basis the candidates can be compared over time. If you see the candidates improving then this indicates that your plans are working but when you see no improvement, this indicates that you need to revise the succession management plans. In addition, if the company gets to know the current bench strength then it'll also get to know about the major areas that have to be focused on in the upcoming future for improvement.
Make the Succession Management Pool
This is the most important key step, which can be done in several ways. There are so many things that can be sourced such as the recommendation from the supervisors, the result of the leadership assessment and you can also refer to the overall performance data of the employees.
Talent assessment can be proved as the most useful thing here because it will let you know the strengths of the candidates and the areas where they can do better. Along with this test, the company needs to conduct a regular performance review for all the candidates to make sure of their growth.
Once you have formed the members of the succession pool, the prospective candidates can start working with their leader and create specific development plans. Whatever plans you'll make must have to align with the position-specific competencies which can also be executed in the upcoming six to 12 months. Now you can include the results from this assessment in the performance feedback. This step is very crucial for the leaders to realize their core strengths and skills if they exist in the current performance.
The candidates that you have selected for the succession should also be known about the fact that they are in a queue for the senior leadership position. They must also know about the timeframe in which the transition will take place in the company. You also need to make them aware of the predetermined performance metrics which they need to continue regularly. And they also need to meet the consistency of the scheduled meetings.
Therefore, succession management planning is the best way to manage the talent of the employees and support them to grow. If properly done following all the major key steps, you can be highly benefited through it. The company will finally get a group of talented leaders and employees.