benefits of succession planning

Benefits of Succession Planning

In order to ensure the smooth functioning of the company, it is necessary not only to develop a clear business strategy, but also to take care of the management for various standard and extraordinary work situations. Not only the well-known risk assessment techniques, but also the development of various work plans are used in the practice of managers. Company work planning can basically improve workflow, but in some cases it also helps to keep the company stable in non-standard situations. We suggest learning about the benefits of succession planning, which is a prime example of a company’s non-standard work situation that you can prepare for in advance and keep your employees safe.

Why do companies need a succession plan?

Succession planning is a company’s effort to build a qualified pool of employees for when a position becomes vacant. Such a plan is necessary not only to ensure employment in senior management positions, but also for the company’s rank-and-file executive structures. The succession plan contains not only the requirements for candidates for a particular position, but also the terms of the selection process to ensure that the entire process is conducted in accordance with internal and external legal standards.

Succession planning has several advantages:

  • It provides an opportunity to ensure the company’s stable operation during various reorganizations;
  • It facilitates the formation of a succession pool of company employees;
  • It makes it possible to select for positions as quickly as possible without losing effectiveness;
  • Facilitates the formation of a more flexible promotion strategy for the company as a whole.

The practice of succession planning will be useful to companies with different scales of activity, because time is a valuable resource for each of them. To avoid spending too much time and effort looking for good candidates, you can use one of the ready-made strategies that corporate management professionals can tell you about.

The Key Stages of Succession Planning

Succession planning is a holistic process in which several key steps can be identified:

  1. Identification of vacancies to be filled. This may be a planned replacement of positions, or a review of the staff during the reorganization of the company – in any case it is necessary to determine the feasibility of the position for the further development of the company in advance.
  2. Drawing up a selection procedure. In order for the succession plan search and appointment process to take place, a practical guide for the employee search procedure must be drafted. It should specify the conditions under which new candidates can be sought for the position, the specifics of testing their skills and qualifications (if necessary) and appointment to the position.
  3. Drawing up requirements for candidates. It is much easier to conduct a search if you make a list of necessary requirements for candidates in advance. They should include not only mandatory characteristics regarding experience and qualifications, but also a number of additional skills for adaptation in the team.
  4. Selecting candidates within the company. Many experts advise looking for candidates for vacant positions within the company, as he or she will already have the necessary set of skills and qualifications to perform their duties. It also saves time searching for candidates outside the company and doesn’t have too much of an impact on staffing levels.

A succession plan should ultimately be a set of theoretical and practical strategies for building a company’s talent pool. First and foremost, it is necessary to ensure the stability of the company, as well as to increase the value of employees in the eyes of their management.