There are many factors that could either make or break a company or an organization, and the people comprising it is one of the more important ones. People come and go, and for your business to remain successful, you must know which people to let go of and which people to keep. But how do you keep people? How do you stop them from leaving your company? And the most critical question is, what do you do when these people cannot be stopped from leaving? This is where succession planning comes in.
Succession planning is the process of evaluating your workforce, especially those in the top positions and those who are in the lower positions, in order to determine who must be trained to take the place of executives once the latter retire or resign from the business. It also involves knowing the talents of the employees and employing talent management.
Talent management, meanwhile, means managing your employees in such a way that their job descriptions match their capabilities and skills. It also requires knowing how to unearth hidden talents. A very simple yet effective succession planning tool is the employee profile. An employer profile would have facts about a particular employee aside from the basic information. It should have data about an employee's aspirations, interests, expectations, education and career background. Have your human resources department do this profiling project, but make sure your employees know why you are having them answer all these questions. Tell them how succession planning can benefit them. Make sure that your employer profiles are kept in one organized system, so you can access them easily. Moreover, try to update and review your profile system regularly.
Another effective succession planning tool is the leadership training seminar. Try to conduct this regularly, so you can assess who has the skills for leadership and who doesn't. Also, you should have annual or semi-annual assessment meetings, so you can assess which employees to train for specific future roles.
You can also use succession planning software to help you with management planning. When looking for software, choose programs that are simple and easy to understand. Succession Planner is one such software suite, which is easy to use because it uses a Microsoft Excel format. With succession planner, you can assess your present and future leaders in terms of leadership and potential. You can even rate your prospective leaders and match them with particular future responsibilities. It can provide you with a succession snapshot of the whole team. You can download this software for free from its web site.
Another succession planning software is the software from Insala. This software allows you to identify which talented individuals should remain in your business. It also greatly facilitates employee management and enhances your business brand.
There are many succession planning tools that can help you manage your business. Find the one that is most appropriate and effective for your company. Keep it simple. Always choose tools that you can understand and use easily. Don't limit yourself to what your human resources department already has. Explore.