Do successors come only through internal sources?

Forward thinking organizations keep attracting a steady flow of talent into the fold which helps the organizations refresh/ update knowledge and add the intelligence of these employees to further streamline/ improve current business processes.

However, looking for fresh talent externally isn’t always easy. Hence, organizations need to discover varied ways to find successors.

While some employees leave the organization for better opportunities and top performers also leave looking for better prospects, former employees who performed exceptionally well and left for might seek for re-engagement. This is another good source to find successors and this could be cost effective.

Former employees who performed quite well in the organization are ideal to hand over a process where heavy training is required by a fresh candidate. Re-join of these employees to such processes will help organizations cut down the training costs significantly as these employees will have a fairly good understanding of such business processes.

HR organizations with an eye to cut down unnecessary costs, drive profitability and avoid any nasty missteps will definitely look at re-engaging former employees. These employees will also become an ideal source to refresh the relationships they had with stakeholders at their time, which will draw revenue to the organization (ex: A former sales person who re-joined can start re-building the rapport with the contacts he/ she had some time back, which will re-start the revenue generated through such contacts). Also, generating revenue through former sources, developing an upgrade to an existing product line, making improvements to any support service or business process also will be painless for these employees as their past experience with these processes will help them decide the most viable, efficient and profitable approach to improve existing product/ service.

Hence, it is time to rethink the how your organization will build the pipeline of successors. Microimage HCM HR software also offers the facility implement succession planning in organization. A comprehensive succession planning software should help identify the positions with highest risk/ difficulty of replacing, these systems should be able to identify how organizations should groom the successors to take over the higher positions, also it needs to discover the existing competency/ skills gaps successors have, so that organizations can take proper measures to bridge the gaps.

Explore whether our Succession Planning software accommodates these functions. Visit mihcm.com to discover more!

Something
You might find interesting
Is Talent Acquisition the cornerstone of Talent Management?
Is Talent Acquisition the cornerstone of Talent Management?
How does your organization hire best talent to the organization? How do you ensure that talent you have hired is the best fit for...
Are we ready for Next-Gen Performance Management?
Are we ready for Next-Gen Performance Management?
Our previous post was dedicated to discuss how performance management is changing at fevered pace and how numerous articles articulate this trend. As the...
The Evolving Need for a Talent Management Suite!
The Evolving Need for a Talent Management Suite!
Talent management suites are an integrated collection of components including talent acquisition to on-boarding, performance appraisal, goal management, career development, succession management, learning management,...
Identify, Develop and Retain High-potential Talent! It’s Succession Planning!
Identify, Develop and Retain High-potential Talent! It’s Succession Planning!
Succession planning enables companies to better identify, develop and retain high-potential talent for critical roles. Organizations adopt proactive approaches focused on screening, developing and...
Do successors come only through internal sources?