Catie Paterson Consulting | The Importance of Career Planning & Succession Management Within the Workplace: Part 1
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The Importance of Career Planning & Succession Management Within the Workplace: Part 1

Driven by
an increase in global competition and dramatic changes to workforce
demographics, Succession Planning is more than just a plan. Coming of age over
the past decade, a successful ‘succession’ goes hand in hand with career
development and the weight it carries with both new and existing
employees. 

As 2020
fast approaches, establishing an effective succession management strategy
alongside career development processes is more important than ever. The
evolution of succession starts at the bottom; retaining, motivating and driving
employees to consider how their role might extend deeper into the business, and
giving them the tools to do so. With talent continuity essential to the
evolution of succession planning, what better place to start than with your own
team?

What is Succession Management, and why is it important?

Succession
Management is, at its heart, a comprehensive and integrated recruitment
strategy for positions of leadership. The world of work is changing, and no company
can assume that essential talent will always be available. When
it comes to the long-range view, finding value in the development and training
of future leaders is equally as important as placing weight on technical skill.

Effective succession facilitates a positive impact on
performance management, not only in terms of ensuring that key positions are
filled with competent performers, but also in terms of saving money on external
recruitment and training, which are often significantly more costly than
promoting from within.

By
encouraging the broader participation of existing employees, it shows your team
that they have a future in your organisation; a path to get there, and a reason
to stay. It’s vital for creating a culture of growth, which is both positive to
the personal and professional development of your staff, as well as an
important way to identify which employees have the necessary skills to either
replace senior executives, or step into positions of leadership down the track.

Your employees
know what’s in it for them; and it’s often the ambitious, talented team members
who value the ability to take charge of their own careers that become your
future leaders.

Where does HR come in?

In playing a vital role in the process of
succession planning, HR leaders are on the front line when it comes to
facilitating the smooth and successful transition of critical positions. While
on the surface this process appears seamless, the challenges often lie within
the integration of both long and short term goals, as well as choosing the right
candidate with the best cultural fit.

With the concept of succession planning ever evolving, it’s
become clear that an effective program needs to be dynamic and ongoing,
multifaceted and further linked to greater collaborative initiatives. It’s a complex
process that requires the right people to lead it, and deep investment into a long-term
strategy.

In Part 2 of this topic I’ll share
some deeper insights into understanding you team, their needs and how effective
communication is paramount when implementing succession planning within you
company.

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