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There’s no denying that every organization lose the top performers- be it personal or professional reasons. However, this can lead to a talent gap in any company. Recruiting critical job roles or vacancies can turn out to be a very expensive, challenging, and time-consuming process. This is the reason succession planning has become imperative for every organization today.
The process of ensuring the effective performance based on the consistency, of any company, department, or division, by making strategic provisions regarding the replacement and development of crucial employees over time. It aims to attract the best individuals, retain and develop them via well-organized strategies.
Not having a succession plan can lead to myriad problems. From difficulty in obtaining long-term financing to alienating potential successors and problems to fill a vacancy, companies can lose around $5,000 per day without qualified successors!
There are many succession planning strategies that can be embraced comprising self-attainable goals, measuring the goals, preparing competency models, and defining the stakeholder’s role. While establishing goals, and preparing clear job roles for better productivity levels to show your readiness, there is a lot more than you can do as a talent manager to ensure the right implementation of the policies you make.
Identify, nurture, and retain! – This is the mantra that every talent manager is following these days. While succession planning is undoubtedly following about hiring a superior staff, one can follow many more approaches to stay in trends and make sure they hire the best individuals out there. Follow the infographic and implement the succession planning strategies now! :
