The Importance of Career and Succession Planning
Many organizations do not realize it, but career growth is a great motivator for employees. it is one of the things that shows that an organization recognizes an employee’s performance and values his/her contribution.
Career & Succession Planning ensures that employees knw that they have career growth opportunities with their companies, it is done through identifying individuals who are a good fit for promotion and developing their knowledge, skills, and abilities to prepare them for success in their future position.
Aims of Career and Succession planning include:
•Ensure continuity for key positions.
•Retain and develop future intellectual and knowledge capital.
•Encourage individual development and growth.
•Fill in the need of critical backups.
there are multiple Benefits including:
•Reduced Hiring Cost
•Retention of high quality workforce resulting in high performance and productivity.
•Cost reduction by saving on training and development time for new employees.
How will it motivate current employees when the company is in its Growth Mode?
•Enhanced Employee Performance
•Increase in Employee Engagement and Empowerment
•Grooming of high potential employees for Career & Succession Planning.
•Narrowing the gap between the present performance and future potential.
•Proactive approach to fill key potential vacancies
•Organizational Readiness for growth
•Opportunity to develop skills and competencies that may lead to future advancement
•This is a motivation and a retention factor for most of the employees.
•Provide a “Career” instead of a “Job”
•Embedding of Organizational Culture and its Continuous Development.
How will it motivate current employees when the company is in its Stability Mode?
•Retention of top talent
•Positive Effect on Employee Morale
•Driving Superior Performance
•Increasing Employee Engagement & Empowerment
•Identification of Internal Talent and promotions against the foreseeable attrition (retirement, movement, career change)
•Closing the gap between the existing and required competencies
•Focusing on fostering the Organizational Culture and its continuous Development
A piece of advice for all organizations, In order not face surprises, disruptions, and even unpleasant results when some of your key employees leave , you need to take steps to plan for future talent needs at all levels.