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The benefits of succession planning.

Posted by: Mark Jones 11 Aug 15 - 11:05AM  | Recruitment

What is succession planning?

Succession planning is the process used for identifying and developing potential future management and leaders within a company, it is also used for identifying skilled individuals to fill critical roles on a permanent basis.

A key part to succession planning is to include a training and development programme that typically includes effective appraisal schemes and the provision of practical, tailored work experience that will be relevant for future senior or key management roles

Development centres are often used for robust identifying of talent.

What are the benefits to the workforce?

succession planning Jonathan Lee Talent ManagmentSuccession planning is crucial to identifying key areas of opportunity for existing employees and for the business as a whole. These opportunities can then be developed over time, using training and development techniques to prepare for the future needs of the company.

Individuals identified as part of a succession plan need to be assessed on their merit in a number of different areas including: performance, capability, potential and values. This will ensure that only the most valuable employees will be retained for leadership positions and therefore ensure your company’s future by building a more sustainable skills base and in-turn incentivising workforce retention.

There are three key phases of succession planning which include:

1)    Mapping Leadership Roles and Critical Positions

2)    Developing the Succession Plan

3)    Populating Your Succession Pool

How the current skills shortage could reap the benefits of an effective succession plan

The EEF Manufacturers’ Organisation claims UK workforce is seeking a further one million skilled workers by 2020 in order to replace those retiring and leaving the industry, and with Jonathan Lee Recruitment beginning to see a shrinking pool of skilled applicants applying for advanced engineering positions within automotive engineering it will make this figure extremely challenging to achieve.

The current skills shortage has the potential to stall growth across the sector, but if businesses invest in upskilling their existing workforce some of the skills gaps can be filled and succession planning could be the key to help resolve the ongoing skills shortage in the manufacturing and engineering sector.

Leaders and human resource departments should look at using a succession plan as a tool to up skill and increase the responsibility of the current workforce; whilst recognising potential opportunities for business growth. So when one employee leaves or is promoted another is already sufficiently trained to carry out the role, with minimal disruption, or cost.

If you would like more information on how to implement an effective succession plan please contact our talent management division

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