Succession management has become an imperative
According the Bersin by Deloitte gaps in leadership are cited by 89% of executives as an urgent impediment to building a workforce to meet future business objectives.
What is succession management?
A strategic process designed to minimise leadership gaps for critical positions.
The main goal is to ensure business continuity through the identification and development of employees – to provide quality leadership in the future. It can be seen as an essential to ‘future proof’ the organisation. Succession planning is a future-focused activity, often directed at specific roles (executive leadership or critical positions on which the business depends) within the organisation.
Why is it important?
When done well, succession planning can serve the individual need for career development. It can be the linchpin for providing opportunities for top talent to develop the skills required for future roles, and smoothly merge its employees’ capabilities and career aspirations with the company’s business strategy and talent needs.
How are organisations managing their succession planning?
According to research by Bersin:
• 22 percent of companies use a succession management solutions purchased from a third party provider
• 47 percent use a “homegrown” system developed internally
• 25 percent use the succession management application within the HRIS/HRMS system
• 55 percent of small companies do not have any succession management system at all compared with 29 percent of large companies.
The preference is to have a system that is integrated with the rest of the talent management suite. At the very least begin with the critical roles.
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