The main reason for having a Succession Management Program is quite obvious; we want to make sure that we have a deep pool of talents ready to take on bigger responsibilities when the need arises. However, given the volatile nature of the business climate and the penchant of people to jump from company to company, Management hesitate to invest fully on succession. They fear that they may lost the big investment if people leave the organization. My argument for this article is this; regardless whether people leave or stay, there are much to gain from having an effective Succession Management Program.
A Robust Talent Development Program
This is top of mind for me. A good Succession Planning and Management program is not driven by training, it’s driven by performance-driving competencies. When people are preparing for the big role, there is a compelling reason to learn and apply each learning to the challenges of work. A competency-based Succession Program provides a road map for employees to take stock of what they have against what they need to develop so they can be ready for the big role. This provides for a goal-oriented talent development scheme where candidates hold the road map to where they want to be in the organization.
Better Retention and Engagement
When all Succession Management Actors are properly oriented and trained in their roles, they play their parts well. This means that leaders act as coaches and mentors, and their wards are proteges. With a clear and mutually agreed rules of engagement, the bond strengthens. As a result, the company benefits from employees who demonstrate loyalty to their mentors, and dedication to the work.
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Continual Performance Improvement
The job of the mentor is to facilitate the growth of their proteges in their current roles and prepare them for future roles. This provides for opportunities for regular behavioral or performance feedback. Positive work attitude is reinforced through feedback, while employees are encouraged to work on their performance gaps. Imagine if each manager works with all of his/her staff so they get a shot on future promotions by improving their current performance. This leads to continually improving performance
Better Learning and Development ROI
Considering all that are mentioned above, there should be more confidence in investing in learning and development. This is especially true if, candidate identification, learning and development initiatives, and the company’s performance management system are used accordingly to level up careers and prepare people for succession. From a performance standpoint, improvements can mean, waste reduction, increased revenues, better quality, improved customer service, or reduction of costs. All of these impact on the company’s bottom-line.
Please remember that Succession Planning and Management Strategies are not all created equal. They are also not equally implemented well. The assumption here is that the organization is adopting an effective system that is consistently carried out, and regularly reviewed for improvement.
