Succession planning is the process or activity connected with the succession of persons to fill key positions in the organizational hierarchy as vacancies arise. The article on Succession Planning with their topic – Meaning, Definition, and Importance deeply explains. The focus of attention is towards “which” person the succession planning needs. The focus is not more on career development but it is more towards what kind of person requires to fill the future vacancy.
Deeply explain – Succession Planning: Meaning, Definition, and Importance.
They focus on the identification of vacancies and locating the probable successor. For example in succession planning the key concern can be who will be next CEO or what will happen if the Marketing Manager retires in the coming March.
Meaning of Succession Planning:
A succession plan is a component of good HR planning and management. Succession planning acknowledges that the staff will not be with an organization indefinitely and it provides a plan and process for addressing the changes that will occur when they leave. Most of the time, they focus on senior management. However, all the key positions should include in the plan.
Key positions can define as those positions that are crucial for the operations of the organization and that will be hard to replace because of skill, seniority and/or experience. Whenever the size of resources permit, a succession plan should involve nurturing and developing employees from within an organization. Employees who are perceiving to have the skills, knowledge qualities, experience, and desire can groom to move up to fill specific, key positions.
Definition of Succession Planning:
Succession Planning defines as the systematic process of recognizing and creating future leaders. Who can take the position of the old ones when they leave the organization due to retirement, resignation, termination, transfer, promotion or death.
In finer terms, it is a modern technique followed by many companies. That concentrates on identifying the prospects, out of many employees in the organization. Who might be possible successors, for the key positions? It is the process of developing talent to replace executive, leadership or other key employees. When they transition to another role, leave the company, are fired, retire or die.
It is relevant to all companies, from the largest to the smallest, in both the for-profit and not-for-profit sectors. The planning process means to create a talent pipeline of successors. That will keep the organization running with little to no interruption when inevitable staff changes occur.
“Succession planning is the process of identifying and developing potential future leaders or senior managers, as well as individuals to fill other business-critical positions, either in the short-term or the long-term. In addition to training and development activities, succession planning programs typically include the provision of practical, tailored work experience relevant for future senior or key roles.”
7 Importance of Succession Planning:
The benefits of good them, the following Importance of Succession Planning below are;
- They help when there is a sudden need arises due to the reason or retirement of a key employee. An individual employee comes to know in advance the level to which he can rise. If he has the ability and aptitude for it.
- An individual employee or successor feels happy when he feels that the organization is taking care of his talents and aspirations. They help create loyalty towards the organization and improved the motivation and morale of individual employees.
- The organization gains a stable workforce and low employee turnover. Ultimately organization becomes successful in accomplishing its goals effectively.
- A good succession plan ensures that the organization prepares with a plan to support service continuity when the key people leave. It ensures a continuous supply of qualified, motivated people (or a process to identify them). Who are prepared to take over when current key persons leave the organization.
- It involves an alignment between the organization’s vision and its human resources. That demonstrates an understanding of the need to have appropriate staffing to achieve the strategic plan.
- A good plan is a commitment to developing career paths for employees. Which will facilitate the organization’s ability to recruit and retain top-performing employees?
- A good succession plan involves an external reputation. As an employer that invests in its people and provides opportunities and support for advancement. It involves a message to the organization’s employees that they are valuable.
The absence of a succession plan can undermine an organization’s effectiveness and sustainability. Without a succession planning process, an organization may not have a means of ensuring that the programs and services. That is crucial to its operations and is sustaining beyond the tenure of the individual currently responsible for them. It is a part and parcel of Human Resource Planning, which acknowledges that the employees may or may not work with the organization in the future.