For the smooth functioning of a business, it is essential that the roster is managed well. What is meant by it is, the company should have plans to fill in vacancies (especially the unexpected ones). If you don’t have a well nurtured bench of talents, there might be crippling stutters in case of an unexpected shift in the business. Succession planning is the way out of this.
It is better to have a planned in advance, than to hastily fill in positions in unexpected situations. The problem with most of the companies is not the lack of succession planning but inefficiency in managing the process. If the process is not done with precision and target, it becomes a mere waste of time. So, how can you plan better for the future of your business?
Change the focus to ‘development’ from ‘Planning’
One of the chief reasons of the inefficacy of the succession planning process is misdirected process. CEOs and the upper management spend too much time in creating a to-do list, setting up meetings, preparing charts etc. While these are important, the actual thrust should be on nurturing talent rather than deciding whom to nurture.
Concentrating on the right Metrics
As far as succession planning goes, the concerned team should ensure first that the succession planning is among the priorities of the company. Then they should keep track of metrics like the percentage of vacancies which are filled by employees from inside as compared to the percentage which is hired from outside.
Don’t over complicate the Process
There is no bound as to how complicated a process one can design for assessing the criteria for succession. While a careful analysis is implicit, thinking about too many things at once would land you nowhere. Remember that planning is simply the preliminary stage. You can always filter more carefully when it comes to the actual succession development.
Succession planning is not an optional activity if one intends to ensure the future continuity and smooth performance of a business. Failing to plan vacancies is highly risky. Plan well, to avoid hiccups in the future.