7 Benefits of Succession Planning on Time
Succession is a process that Identifies and develop future leader to replace current leader in case they leave or retire. It has been observed that many MSME does not give much importance to Succession planning which leads to dependence on a handful of leader and if any leader leaves or retires from the organisation then the whole organisation’s performance and vision is affected. So Succession planning in a Talent Management Process is a must and its benefits are enlisted below.
1. Cuts the Costs and Saves time
It saves time and money required to recruit new leaders. As the next leader is ready to take handover of the current leader, not time is wasted in a handover process or taking big decisions or completion of any pending task or assignments. Recruiting new leader from outside the organisation is a long process as which includes many rounds of interviews &negations of compensation and added to that is notice period that the candidate has to serve in his/her current organisation.
2. Enables smooth Transfer of Corporate Knowledge
Next Leader gets enough time to learn the business Strategy and ways to reach the targeted goals of the organisation. As the next leader is made within the organisation he gets hands-on over the policy various process ideas views strategy planning of the top management. He even gets to know the insight of the organisation which is the must for every leader. And no information will not be out of his reach.
3. Retain Employees- Stops Talent Drain
Employees stay for a long term in such origination where they see growth for themselves both in terms of roles- responsibility and remuneration. Employees stop searching for new opportunities outside the organisation. As whenever a productive employee leaves the organisation he takes away with him his experience, knowledge, vision, trade secrets which he has earned or learned in the current organisation. If the same employee is hired by the competitors it may affect the organisation as the competitor will get a readymade employee with rich experience.
4. Generates Healthy Competition
As to become the next leader performance is the key factor employees give their best to be in the race of becoming the next leader. It helps in boosting the performance of the aspiring leaders within the organisation which directly helps in increasing the output of the organisation. To be the top race employees think of innovative ideas and process which help the origination to an edge over its competitor.
5. Training and Development
As the employees are of the view that attending training is the must develop their skills and ability their approach to training changes. More employees take part in training and get the benefit out of that which eventually helps the organisation to grow. Thus, investment in training by an employer is returned with development in skills and ability of the employees which lead to an increase in out of the organisation.
6. No Adaptability Issue
New Leader knows company culture and organisation key people’s strength and weakness so adaptability is never a challenge to him/her. But an outsider who either has little information or incomplete information of Origination and its people. He/She may end by in failing to manage both Organisation Goal and its people. Thus, hampering the reputation of the organisation which has long term negative effects.
As employees know that they are valued and respected in the organisation their loyalty and integrity towards organisation increases.This benefit the organisation and employee in the long run. Employees consider their workplace as a second home.
Succession Planning in a Talent Management Process leads to “Right people in the right place at the right time which leads to long term growth of both Organisation and its Peoples” By Sushil.S.Salian
The Inspirit Way
Success planning is a long term run for many employees today. Job seekers these days look into various aspects before joining in, be it the Diversity & Inclusion of the firm, how does an organisation implement change management, definitely the records of Succession Planning that can go a long way to make the new recruits consider a particular organisation before being apart as rightly highlighted by Sushil. It is not always the employee who needs to stay loyal, but also the equal responsibility of the employer to stay loyal to its employees while strategizing these succession models.