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 retaining the talent required for organizational agility and efficiency.
We witnessed rising demand for succession planning solutions closely tied to performance management, workforce development tools and recruiting. We discovered the factors that trigger the need for Succession Planning within a company;
- Aging workforce
- Global skills shortages
- Increasing employee disengagement and shifting demographics across industries
- The growth of workers within organizations who are recruited for internships etc. are also driving inquiries into how succession planning can and should incorporate these employees into talent pools as potential successor candidates
It is clear that organizations will continue to increase their investments in succession planning to avoid gaps in critical talent, while vendors in the Human Capital Management Software space will continue to expand capabilities and innovate in this area. Microimage HCM, with extensive experience in the HR domain incorporated a complete module in its HCM software suite for Succession Planning that;
- Facilitates system recommendations on potential successors based on competency, qualifications and experience matching
- Enables to internally generate a score to represent the level of matching each individual currently reached and that score will be further adjusted for employee’s performance rating by using Job incumbent’s person specification as the basis to get required competency, qualifications, experience etc.
- Supports tracking activities related to developing employees by bridging competency gaps and experience required for future positions
- Facilitates to list out suitable training programs related to bridging competency gaps based on registered training programs under different competency levels
- Facilitates appropriate actions to groom employees upon selection along with alerts generated from the system to notify when these actions need to be executed
Demand for succession planning is rising in the corporate world, as the global workforce ages and the skills gap increases. Corporates are required to give more attention towards establishing and maintaining prudent succession planning strategies. C-level executives, human resource practitioners and even employees themselves have critically important roles to play in that effort. Succession planning is essentially a practical approach that needs to planned out carefully if organizations are to initiate and sustain constructive ways to ensure that the right talent will be assigned to the right task to produce better business results productively and strategically.
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