When it comes to succession planning, it’s hard to believe that something so vital to an organization’s sustainability is frequently done extremely frivolously! Organizations are able to avoid mistakes in hiring and ultimately save time and money through utilization of high-impact succession planning—a dynamic, continual hiring optimization process.
“Talent is the multiplier. The more energy and attention you invest in it, the greater the yield. The time you spend with your best is, quite simply, your most productive time.” -Marcus Buckingham
By understanding pathways, or, succession planning, organizations will arm themselves with a pool of talent ready to output optimal work. They will be equipped with skills, attributes, and experiences to fill specific as well as emerging positions. So if you are seeing a slowdown in hiring volume, or you want to optimize your internal hiring process, now’s the time to shift your focus towards Pathways!
Here are a few ways that Pathways can help optimize your internal hiring strategy:
Planning for the unexpected
Organizations can use Pathways to buffer the risk of a vacancy occurring in key organizational positions that will impact the company’s performance. Employees will ultimately leave, retire, get fired or die. Succession planning mitigates the negative effects when roles become vacant by developing experienced and capable employees who are prepared to fill the gaps.
If a key employee suddenly departs the company for whatever reason, the company does not become handicapped by the loss. A well laid out Pathway will allow your organization to run without a hitch and be prepared for any and all contingencies that come their way.
Development and Training for employees
Pathways looks at internal talent that can be developed to step into key roles on a timeline typically consistent with a foreseeable vacancy. Overall, Pathways will help develop key internal employees to be ready to step up when needed.
Succession planning is advantageous for both employee and employer. According to The Balance, advantages for employers include:
You rely on staff to carry out the mission and the vision and to accomplish the goals of the organization. The loss of a key employee can undermine your ability to accomplish these important objectives.
You need prepared employees to step into roles as your company grows and expands its offerings and services. Or, your lack of developed employees will stymie your growth plans.
The need to have replacement employees ready if you decide to promote employees or redesign your organization enables you to make necessary changes without being hampered by a lack of replacements.
Knowledge about key, skilled, contributing employees is shared with managers organization-wide. This information allows managers to consider the widest number of candidates for any open job.
The Baby Boomer generation is in the process of retiring. They are taking with them 30-40+ years of knowledge, experience, working relationships, and information. You want to capture that knowledge before it walks out your door.
Fills Key Positions
The ultimate goal of a succession plan is to prepare and be prepared for top talent to fill key positions with as smooth of a transition as possible. If key positions (positions that are vital to day-to-day operations) are filled seamlessly, the entire hiring process becomes more optimized. You won't have to worry about hiring for C-level management position and catching them up on everything!
Without succession planning, organizations have to look for external talent meaning they have to find candidates who are filling a key role for a different organization. Internal candidates, however, have many advantages over external candidates:
They have already adjusted to the company culture.
They also have established relationships and trust with other employees.
They have already shown that they are a high potential employee.
Their competency has been demonstrated over time.
They have knowledge of and familiarity with the day-to-day operations of the organization.
By filling positions internally, you can reduce the time needed to reach proficiency, limit hiring costs, and eliminate turnover resulting from a poor fit with your organizational culture.
Ultimately, these points translate into less downtime and greater success for everyone involved and more logically, developing and retaining leadership talent is both a strategic and economic necessity.
Effective succession planning provides enhanced and targeted employee development through a fully optimized internal hiring process which leads to higher engagement rates, improved employee motivation, greater company culture/morale and increased productivity. All this basically sums up the fact that there will be a significant ROI and better results for your organization.
Effective succession planning requires significant company investment and a senior management that understands and is committed to individual development. If these two standards are met, your succession plan will build up top talent in a way that will help retain and assure a pool of key talent.
Interested in Pathways and Succession Planning? Check out ProSky’s platform, it is an online web-based solution that empowers your organization to identify, retain, and develop top talent.