O.K. So, you’ve spent a lot of time and money on your management development and succession process. Unfortunately, the talented manager who was tapped as the Crown Prince/Princess up and left the company. Worse still, whenever there’s an opening in a high impact position, you’re forced to go outside to fill it.
Time to put your key jobs on Ebay? No!
Succession Management is the answer.
Simply put, it’s one of the most effective tools for attracting, developing and retaining key talent in organizations. With its use, you’re able to anticipate rather than react to changes. Now, you’re in a position to cultivate talent from within your organization.
One of the primary outcomes of succession management is increased opportunities for your future leaders. You’re able to target often scarce resources, to their development, while improving their ability to respond to changing demands.
The plan that you use must be closely linked to the organization’s business priorities. I recommend the following approach:
- Articulate your most pressing business issues, including anticipated changes in the marketplace and new knowledge and skill requirements.
- Identify critical management and high-impact positions.
- Include an assessment of current and future work requirements and individual potential. One valuable outcome is the clarification of leadership bench strength. Another, and just as important, is the identification of hidden talent – those people who are currently less visible but have potential for future advancement.
- Decide on an approach to grow talent internally and to supplement that talent with external candidates.
- Create and implement realistic and personalized development plans for those people identified as being ready today or ready in the future to assume high-impact jobs and critical management roles.
Wingate Consulting is here to assist organizations throughout the succession management process – from the decision to proceed up to and including implementation and evaluation.