A KEY POSITION suddenly falls vacant in a company when a top executive retires or leaves. What does the management do but hunt desperately for a substitute at the eleventh hour? And what are the chances of finding the right replacement at the right time? Dismal.
The absence of a trained and experienced successor often leaves companies with no choice but to make do with whatever they have. A well thought out succession plan can deal with such employee deficits. Instead of recruiting externally, such a plan will help garner leadership talent from within the company's rank-and-file. Succession management is all about maintaining continuity by grooming leaders for tomorrow, if possible from the employee pool. The chosen `successors' are trained so that they can step into the role without too many hiccups. As Bijay Sahoo, Vice-President (Talent Engagement and Development) and head of HR, Wipro Technologies says, `We plan for the succession of existing critical roles, including that of the CEO, and identify employees who are ready to take over the roles immediately and over the next 1-2 or 2-3 years.'
A succession plan entails rigorous implementation in order to be successful. A recent report states that, 70% of succession plans fail due to bad execution. Here's a comprehensive guide to design and implement a succession programme that will train leaders for the future:
Identify the key areas
Companies should have a long-term strategic plan that anticipates future needs in tandem with the company goals. This will help establish the key areas that require continuous management by trained personnel.
Who will fit the bill?
Employers should review the employee pool to zero in on worthy successors by matching requisite experience to education and a successful track record of potential successors. In general, the `chosen ones' should demonstrate consistency, adaptability, confidence, performance with results and have the ability to generate respect and trust. It is also important to find employees to fill the posts of `would-be-successors' once they are vacated.
The succession plan should be in line with the employees' interests, aptitude and ambition (some employees may not be interested in taking up the responsibility).
Therefore, HR managers should be able to assess the potential candidates' aspirations and tailor the succession strategy in tune with the said aspirations.
A wild goose chase
At times the management may just be wasting their efforts on the wrong candidate. Or, the right candidate may just leave for greener pastures. To avoid efforts going down the drain, managers should choose the potential successors wisely and make efforts to also retain them.
Grooming for the role
The competencies of the chosen employees should be improved with regular training so that the leadership mantle passes smoothly when the need arises. They can gain experience in multiple areas through job rotation. Challenging and stimulating work will help hone their skills. The present leaders also can help by mentoring and preparing them for the leadership role.
Instead of focussing on a few specific employees, the HR department can choose to raise the general level of knowledge and proficiency among all employees in the company. Individual managers would be responsible for developing talent in their respective teams.
Change of guard
A well-planned succession plan will ensure that the company has a group of successors with the right skills in the right place at the right time. They can promptly step into the shoes of a key executive leading to a smooth transition. Therefore, a continuous stream of qualified employees will be ready and available to move up and take over when key people retire or move on.
An ongoing succession plan will ensure that there are highly qualified people in all positions, not just for the present but also for the future.
The absence of a trained and experienced successor often leaves companies with no choice but to make do with whatever they have. A well thought out succession plan can deal with such employee deficits. Instead of recruiting externally, such a plan will help garner leadership talent from within the company's rank-and-file. Succession management is all about maintaining continuity by grooming leaders for tomorrow, if possible from the employee pool. The chosen `successors' are trained so that they can step into the role without too many hiccups. As Bijay Sahoo, Vice-President (Talent Engagement and Development) and head of HR, Wipro Technologies says, `We plan for the succession of existing critical roles, including that of the CEO, and identify employees who are ready to take over the roles immediately and over the next 1-2 or 2-3 years.'
A succession plan entails rigorous implementation in order to be successful. A recent report states that, 70% of succession plans fail due to bad execution. Here's a comprehensive guide to design and implement a succession programme that will train leaders for the future:
Identify the key areas
Companies should have a long-term strategic plan that anticipates future needs in tandem with the company goals. This will help establish the key areas that require continuous management by trained personnel.
Who will fit the bill?
Employers should review the employee pool to zero in on worthy successors by matching requisite experience to education and a successful track record of potential successors. In general, the `chosen ones' should demonstrate consistency, adaptability, confidence, performance with results and have the ability to generate respect and trust. It is also important to find employees to fill the posts of `would-be-successors' once they are vacated.
The succession plan should be in line with the employees' interests, aptitude and ambition (some employees may not be interested in taking up the responsibility).
Therefore, HR managers should be able to assess the potential candidates' aspirations and tailor the succession strategy in tune with the said aspirations.
A wild goose chase
At times the management may just be wasting their efforts on the wrong candidate. Or, the right candidate may just leave for greener pastures. To avoid efforts going down the drain, managers should choose the potential successors wisely and make efforts to also retain them.
Grooming for the role
The competencies of the chosen employees should be improved with regular training so that the leadership mantle passes smoothly when the need arises. They can gain experience in multiple areas through job rotation. Challenging and stimulating work will help hone their skills. The present leaders also can help by mentoring and preparing them for the leadership role.
Instead of focussing on a few specific employees, the HR department can choose to raise the general level of knowledge and proficiency among all employees in the company. Individual managers would be responsible for developing talent in their respective teams.
Change of guard
A well-planned succession plan will ensure that the company has a group of successors with the right skills in the right place at the right time. They can promptly step into the shoes of a key executive leading to a smooth transition. Therefore, a continuous stream of qualified employees will be ready and available to move up and take over when key people retire or move on.
An ongoing succession plan will ensure that there are highly qualified people in all positions, not just for the present but also for the future.
PAYAL CHANANIA
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