Succession planning
Definition
Template:Succession planning 2 Succession planning should be part of a succession management program which focuses on ongoing, regular efforts to build talent, as well as help individuals recognize their potential through couching and feedback. It refers to efforts intended to ensure the sustained effective performance of an organization, division, department or work group by identifying and providing for the development, replacement and strategic application of key people over time. Both succession planning and management highlight the importance of developing in-house talent to meet present and future talent needs of the organization. It is a systematic approach by an organization to safeguard leadership permanence in crucial positions, intellect retention and development, knowledge capital for the future and to encourage individual progression.
The systematic succession planning transpires when an organization adapts particular procedures to ensure the identification, development and long-term retention of talented and high performing individuals. An effective succession planning and management approach should also focus on managing the need for critical backups and individual growth regardless of the job category.
Succession planning and management aims to:
-match organization’s present talent to its future talent needs;
-ensure that organization has the right people at the right time and place to achieve the desired results and meet strategic and operational challenges;
-ensure the continued development of leadership and intellectual talent and to manage critically important knowledge assets of organizations.
Succession Management may include generation of succession plans to cover identified posts in short (1 year) to medium (2-5) term of years, identification of those individuals with potential who’s development needs to be managed and identification of skill area/vulnerabilities that includes managerial and technical competencies that the company needs to address.
The important element of this process is to gather data on potential development opportunities which exist or are likely to arise in the various parts of the organization.
