Talent Management through Succession Planning
Succession Planning is the process by which an organization identifies managers and develops its people now and in the future. Management takes initiative to identify and determine the organization’s needs and match the needs with human resources needs. This is to ensure that the organization acquires the best talent from the labor market.
Hiring the best from the market trickles down to the organization’s success. It is with this reason that the human resources are key assets in an organization. Retaining talent is crucial if the organization is focused on remaining competitive and increasing its profit margins.
Succession planning is concerned with identifying posts that are critical to the success and how best to satisfy future requirements. Recognizing the core competences and talent required to sustain it in the future will help to focus on the key talents that are essential. Succession planning is a key tool in talent management. It involves the following elements:
1. Assessment of key positions and the competencies and experiences needed to attain strategic goals.
2. Identification of key talent. These are people working for the organization with exemplary performance. They are therefore in disposable and an organization therefore prides itself with having them as part of the team.
3. Assessment of key talent. For each person on the radar screen, primary development needs to be identified focusing on what they need in order to be ready for the next level.
4. Development plan which is prepared to help an individual develop over the next year
5. Development monitoring and review usually annually or semiannually is useful to review progress of key talent and to refresh or revise their development plan.
Employees are motivated if there is an effort by the management to retain them by preparing them for future roles. It reduces the turnover rate in the organization and promotes the corporate culture. Managers who develop good working relationships with their subordinates or juniors play a critical role in ensuring that talent is retained. We could therefore state that talent management starts with creating a good and conducive working relationship between an employee and his manager. A stressed employee will not give the best to the organization and he will therefore look for ways to move to another organization which includes moving to the competitor.
Talent management through succession planning offers the following benefits to an organization.
1. Costs of unfilled vacancies and replacement costs are minimized. One should appreciate that recruiting is an expensive process both financially and the time invested in ensuring a successful recruitment process. Therefore, the management should at all means and ensure that these costs are minimized through talent management
2. There are opportunity costs of foregoing the advantage to be gained by high performing individuals. Losing high performers to competitors or other non affiliates is a loss to the organization. Replacing them may take time and the organization may never actually replace them. It is therefore important to view high performers as key assets and treat them well through competitive pay and opportunities to grow in their career. Developing a retention strategy is important if one wants to retain the best talent.
3. A good corporate image goes a long way in contributing to the organization’s success. If you treat your customer’s badly, they will forget the good deeds and forever associate you with a wrong act. Employees are ambassadors of the organization. If they are treated well, they will have positive remarks about their employer .Others are attracted to the organization and want to be part of it and this goes hand in hand with a good corporate image.