Your Succession Planning Process
In sports there are starters, and there are players that come in off the bench. In biology, cells divide. In business there is succession planning, and depth charting. Each of these processes is equally important to the longevity of their respective system. Too many companies today are far too focussed on today, and not spending enough time on the future.
In times of uncertainty it has now become essential for organizations to be aware of the performance, as well as the potential of each of their employees. In many businesses however succession planning, and depth charting are concepts that are often discussed - yet rarely given any quality time. Often managers have a loose concept of the identities top performers, but as far as the rest of their team there is no real concept. In these days of tighter budgets, and streamlined personnel this topic cannot be overlooked.
The issue goes much deeper than the need to fill key positions upon an employee separation, it has to do with talent management. Proper succession planning affects high potential employees to the greatest extent. They are the segment of your employee base that require the greatest level of reward, recognition and growth. Therefore, to keep them engaged, you must help them plan their progression throughout the organization.
4 Stages of Succession Planning
At The Beacon Group, we believe a Succession Planning system must reflect not just the times in which we live but our emerging and future needs as well. To this end, you need a living system: a system made up of an integrated network of intelligent connections; a system that looks more like the inside of your computer than the inside of your filing cabinet. We believe that this system needs to incorporate a series of critical components but it also has to be a system where the relationship between the components is as important as the components themselves.
One of the key roles of a manager, is to effectively direct the talent management process for their team. The process encompasses for distinct stages, identification, appraisal, managing, and development. Each stage has distinct objectives, and together they will significantly leverage the full value of your human capital.
The Identification Stage involves a number of 'recruiting' initiatives. Searches must be conducted both in-house and externally to identify key employees, or potential employees that will ultimately serve as the future of the organization.
The Appraisal Stage should involve a series of assessments including multi-rater (360°) feedback and performance appraisals, as well as a Capability Identification Map that allows both the manager and employee determine the employee's effectiveness in key competencies.
The Management Stage should assist the manager and employee determine a probable progression path for the employee. Using the results from the Appraisal stage, managers should plot the ideal career path, as well as development and qualification needs for the employee to reach these stages. In the case of the high-potential, high-performance candidates, managers should assign stretch targets, and assign these individuals to cross-functional teams to gain increased exposure to different areas within the organization.
The Development Stage involves ensuring that the employee's development needs as determined by both the assessments in the Appraisal stage, and the career planning in the Management stage are met. The role of the manager in this stage is to work closely with the organization's learning development co-ordinator, making certain that the development opportunities are in line with the specific needs of the employee.
The tools in these stages are available and should be used to help your organization build a state-of-the-art 'system' that redefines the meaning of Succession Planning. With all of these stages being pursued with conviction, your employees will be engaged, and aligned with the organization.
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| | | | | | | | | | Online Learning - NOW AVAILABLE
The Beacon Group is proud to announce Online Learning is now available for your team. In the same way countless organizations have benefitted from our customized, business forcussed learning modules, your employees can access customized learning at any time, from anywhere!
Contact us to learn more about adding The Beacon Group's Online Learning to your training program.
| | | | | Read This!
In line with our particular views on Succession Planning and High Potential Development, we highly recommend 'Semper Fi' as our book of the month. To buy this book, or to learn more about it, simply click on the image below. If you are looking for any further book recommendations, please contact us, and ask for our Learning Department, they will be happy to provide further recommendations.
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