When it comes to talent development and retention, succession management is critical. In a recent study by the Society for Human Resource Management (SHRM), some organizations are more committed to succession than others:
- 21 percent said their company had a formal succession plan in place.
- 24 percent said they had an informal succession plan.
- 20 percent said they did not have a succession plan but intend to create one.
- 36 percent said they did not have a succession plan.
With the great resignation front and center, it is more critical than ever to develop and retain employees, protecting the organization from the challenges created by a scarcity of talent.
Succession management software accelerates the development of key employees, identifies potential areas of risk and highlights growth areas and opportunities for the organization. Without succession management software, the complexity of creating, managing and tracking relevant information about employees for use in talent profiles, talent slates and development plans would be overwhelming.
Unify Consulting understands the benefits of using the right software in the succession-management process, because it reduces manual effort and automates data analysis, which quickly yields actionable insights. This enables leaders to act across a greater audience in less time, from performance reviews to training assessments.
One example to examine is the data collection process for annual reviews:
Yearly assessments gather information on an employee throughout the year, including training, deliverables and feedback from related managers. Collecting and reviewing this data manually would be a massive undertaking. Succession management software, though, analyzes the information systematically, allowing managers to quickly view insights that track employee progress.
Unify doesn’t advocate for a particular platform to manage succession initiatives. However, there are specific functions that should be present when considering vendors. The following functionality enhances the succession-management process and should be included in any selected software:
- Integration with Human Resources Information Systems (HRIS).
- Management of talent profiles, including employee photo, work history, performance reviews and development plans.
- Sharing functions for displaying talent profiles and reviews on-screen.
- Assignment of competency and proficiency levels from a consistently defined competency library.
- Sort functions for filtering employees by talent pools such as future project managers, people leaders and more.
- Reporting that highlights a quick view of the organization’s talent health.
Succession management is critical to positioning an organization for long-term success. For smaller organizations, software may not be as critical. But for medium-to-large organizations, software is essential to developing a streamlined way of collecting and analyzing talent development information. When done correctly, succession management not only makes it easier to manage employee assessments, but it also increases employee engagement, giving talented candidates a reason to pursue a future in their current organization.
Want to learn more about using software to support your succession-management strategy? Reach out to us. We will help implement the tools to build an actionable and strategic plan for building an effective talent pipeline that leverages workforce planning, succession planning and leadership development.