Succession planning is a concept that will continue to engage the minds of the Boards and Managements of many organizations for a long time to come. This is because it is now recognized that organizations need to be able to identify and retain potential talent, to remain at the forefront of their businesses. Therefore, in a well-structured organization, planning for succession is an essential factor in its strategic planning process as it keys into the organization’s mission, vision, objectives and goal-setting as a critical success factor to its achievement of its objectives, growth and continuity as a business.
Whilst the process of succession planning and talent development usually starts from the top cadre of an organisation, it is very important that an effective succession planning process “belong” to everyone and not only its Human Resource function. However, for a succession planning programme to work seamlessly, it must have the backing of the company’s Board and executive management. The Board of Directors has a responsibility to ensure that the Company is able to continue in perpetuity whilst remaining profitable in order to justify the investment of its stakeholders.
To ensure business continuity, it is imperative that a progressive-minded Board and Management maintain a pool of sufficient candidates to replace team members in order to mitigate problems that can arise as a result of their departure. Managers on their part,have a duty to identify the responsibilities, skills and competencies needed by their replacements. An effective succession plan policy at both the Board and Management level, should be able to achieve some if not all of the following:
– Identification of the skills required by the company in the short, medium and long term future;
– Identification of the critical positions that must be preserved in meeting clientele expectations at all times. even during adverse operating conditions;
– Identification of high-performers that would be ready to step into those critical positions;
– Analysis of the workforce and identify those who will be eligible for retirement within the short and medium term future;
– Establishment of a system for providing feedback and encouragement to potential successors;
– Development of the skills of potential successors through challenging assignments, work experiences, projects and job rotation.
– Succession planning should be part of an integrated HR process that includes training, development and performance appraisal
– Devise a systematic approach for identifying, nominating, selecting potential successors and communicating succession planning information to managers
-The Board and senior management should nurture and monitor the candidates’ development plan progress
Ideally, Succession planning should be part of an integrated HR process that includes training, development and performance appraisal. It is key to an organization being effectively managed on a continual basis and therefore demands thoroughness in thought and approach as the consequences of not being prepared to replace key personnel upon their exit will have a severe impact on an organization’s ability to achieve its goals and strategic targets.