The Importance of Succession Planning
Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.
Typically such processes will include training and development activities as well as an actively managed career choices framework.
Failure to have a structured talent development and succession plan in place gives rise to many undesirable outcomes:-
- High cost of advertising and recruitment from the external marketplace – typical recruitment fees are 15-30% of starting salary (the scale rises as the roles become more senior). So filling a single £50,000 post externally could cost as much as £15,000
- The risk of losing key talent to competitors as internal promotion to senior roles is not seen as commonplace
- Risk of replacement of key personnel and business critical positions taking a long time, exposing business areas to lack of leadership
How the Reality Business Help
We can help you establish key processes within your business to create a pipeline of talent ready to fill future positions or help you in the delivery of aspects of the succession process that you have already put in place. Our expertise includes:-
- Assessment of your current Talent Development systems and processes
- Identifying and setting up new essential processes for developing your home-grown talent
- The design and delivery of assessment centres
- The design and delivery of tailored management, leadership and business development programmes
- Executive and management coaching
- Training your managers to develop and coach others
- Build confidence and capability in your people
- Provision of 3rd party insights into your people’s potential
Without exception, all of the long term management and leadership development programmes that we have engaged in for our clients, have led to a good number of the delegates being promoted into more senior positions either during the course of our programme or shortly after. We would not claim that our programmes are the sole reason this has happened but would say that we have helped accelerate the confidence and capability of people who have worked with us, and helped clients with identifying those ready to take on increasing responsibility.