Effective Succession Planning: Key for Business Success with High Potential Talent Development
Succession Planning & Management is as many other efforts of organizations in ensuring the continuity of business performance through strategic engagement and dedication of high potential profiles.
Recently, HRM faces harsh challenges in the competitive battle of building a well-rounded workforce. HRM is in the middle of two lines – loss of experienced talents and rapid changing trends in the labor market (Pandey and Sharma, 2014). It is not difficult to place the prominence on succession planning and series of interventions to fill out talent gaps across organizations; however, in-time gap filing is always the tough story. Recruitment could address manpower gaps in middle levels and down; but, leading managers are only achieved from the right growth out of an organization. So, how success planning is connected with strategies at corporate level?
Succession Planning is defined as a critical road of identifying and developing management positions starting at the levels of middle managers or supervisors and extending up to highest positions. Succession planning and management are to provide the maximum efficiency and flexibility of strategic workforce moves to ensure individuals’ greater seniority, skills and knowledge matching with the overall objectives of the organization rather than purely department ones (Rothwell, 2016, 6). In the real time management of dynamic business environment, the right succession management is the qualified shortcut to a strong internal intellectual capital.
Succession Planning has a close connection with High-potential Talent Planning. It is the process involving the identification of high-potential employees, evaluating and preparing them with suitable KSA advancing business objectives in line with individual developmental needs.
Succession Planning follows Strategic Workforce Planning in identifying key positions driving business success in upcoming time. Steps are modified, added or deleted depending on environmental conditions, succession planning culture and business missions/ objectives of each context.
When gaps in business planning are occurred, it is the high time for involving succession planning and management to ensure business goals will be achieved in the future. It is the closely-knit process of identifying key areas and positions with matched capabilities and potentials. From that base, succession and knowledge transfer plan will be created in the congruence of priorities and goals between HR planning and business planning.
Strengthening and improving Succession Planning becomes more critical in today’s competitive landscape. It directly influences organizational outcomes since nourishing talents is the shortcut to accelerate organizational performance. Companies have to ensure their fulfilled pool of capable talents. It means the pipeline of succession planning must be kept on churning out seamlessly.
Written by April, T. – MD, Strategic Planning & Expansion of J.A. Experts
J.A. Consulting by J.A. Experts
Ho Chi Minh City, Vietnam
Pandey, S. and Sharma, D. (2014). Succession planning practices and challenges: study of Indian organizations. Procedia Economics and Finance, 11, 152-165
Rothwell, W. J. (2016). Effective Succession Planning – Ensuring leadership Continuity and Building Talent from Within. (5th Edn.). New York, NY: American Management Association
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