Succession is crucial for the long-term success of any organization, but it’s often hard to plan to fill the large holes left in an organization when a longtime employee either retires or chooses to leave. Managing succession plans with the long run in mind will help a company minimize the effects retirement or employee exit has on the culture and functionality of any organization.
There are also many benefits to effective succession management, including increased employee engagement, motivation and retention, as well as more developed skills of current employees. 32% of employees quit their jobs because they don’t feel their organizations have career advancement or opportunities. This can be fixed through succession management, as 78% of employees say they would remain with their employers for a longer time if they knew there was a potential for a career path within their organization.
While it’s common to ignore the need for a succession plan (almost 88% of organizations do), it’s absolutely necessary to go the extra mile and really invest time in planning for the longevity of an organization. Planning for succession is also cost-effective, as it allows an organization to hire internally, as opposed to the expensive process of hiring, onboarding and training a new employee.
Take a look at how performance is evaluated. Is an organization evaluating progress based on the process or the outcome? Recognize skill gaps within your own workforce and find solutions to better equip employees to step up when a longtime employee leaves the company. Keep evaluations simple to make the results clear. Often, adding more complex assessment criteria is largely unnecessary and does not improve the quality of the assessment and can ultimately make it more difficult to identify employees suitable for promotion.
BirdDogHR understands the need for effective succession planning and has several solutions, such as BirdDogHR Performance Management System and BirdDogHR Succession to help simplify the succession planning process. Contact our team today to learn about which tailored solutions will best meet the unique needs of your organization.