Succession management is a proven strategy for harnessing and developing talent, yet few organizations know what it is or how to leverage it.
When leveraged, succession management ensures business continuity. It creates processes for employee engagement and retention. And it helps prepare and organization’s future leaders.
In fact, almost 15 percent of CEOs depart their corporations every year. While 10 percent of those departures are planned, most organizations neglect to proactively create a sustainable talent pipeline for the remaining vacancies. Only 44 percent of executives say their organizations are prepared for future leadership needs.
Succession planning too often remains a box for Human Resources (HR) leaders to check once a year in the form of talent reviews or mitigation when there’s an abrupt departure.
This reactive approach threatens financial and operational performance, leaving organizations vulnerable in a competitive marketplace. A succession management strategy enables them to strengthen internal employee capabilities, while preparing suitable talent for future leadership roles.
This is something employees want to see within their organizations. More than 90 percent of employees ages 18-34 say a clear succession plan would improve engagement with their organization.
A comprehensive succession management strategy can be the ideal solution to ensure an organization effectively engages, retains and develops talent. This involves a thoughtful approach to integrating workforce and succession planning with leadership development.
When organizations do this, they are better able to engage top talent while offering growth opportunities for potential talent.
A strategic succession management approach relies heavily on departments taking control and ownership of their own talent strategy, rather than relying on HR managing the pipeline. Throughout this process, HR remains a trusted partner, advisor, educator and facilitator, equipped with tools to ensure the business becomes more effective.
If your role supports the identification, preparation and deployment of talent for critical roles, Unify Consulting invites you to discover how to master the integration of workforce planning, succession planning and leadership development for sustainable succession management. Unify’s approach equips you to build an actionable and strategic plan for building and sustaining an effective talent pipeline.
Prepare for the future. Let Unify help you gain a competitive advantage, mitigating risk and ensuring business continuity through a strategic succession management approach.