Where do we expect the corporate world to be in the next few months? How would the financial and economic situations affect businesses? How would advance technology & demographic changes change the employee behavior? How will these changes impact the overall business progress?
We have discussed our efforts in the HR domain throughout our blog, and here we thought of giving more prominence to one critical element in the HRIS or talent management system of an organization. Today, we will bring Succession Planning into spotlight! What’s the significance of succession planning to an organization? It does have an indirect link between the possible MACRO economic transformations. Economic recovery, rapidly changing technology and demographics will definitely create disruptive change in the way people work and nature of jobs they’d prefer. On such occasions, organizations should have contingency plans on how to execute much effective talent mobility to ensure organizations’ processes will be implemented without disturbances and employees will continue to serve the organization without getting demotivated.
This is where succession planning comes into play. Organizations should have a well-planned succession planning effort instigated to identify and maintain prospective successors for every critical leadership and operational role. Successions planning, can be easily implemented if organizations have capitalized on comprehensive HR software solutions, commonly known as HRIS or HRMS. These HR software systems will include facilities to process other core HR functions along with talent management practices, which includes explicit succession planning.
A wise succession plan will enable organization to face any external business impact with minimum hassle. The most suitable successor who would take over a key employee’s task, does not have to start at the bottom of the curve. The transition of knowledge would be easier and time consumption in learning the job would be low. This ultimately will reduce the cost of hiring. HODs will not have to spend much time on training the new employee, hence the loss of productivity is removed. Proper succession planning will drive the organization select the most suitable successor to the suitable position, thus enabling the successor utilize individual skills and capabilities much effectively and swiftly to continue the pertain tasks. Does your organization aspire to have suitable successors who can take over the critical roles with lowest training efforts at any given time? If yes, your organization will be able to run the business processes with minimum obstacles even during economic or other turbulence caused by the external environment.