What would we do if we were to learn that there is no future in what we do on a daily basis? Would be heartbreaking, would it not? Companies without leaders and an able team are usually known to have no future. In the same way, an employee that has no future in the company is also unlikely to see out a longer tenure. Every one of us are different, unique and possess our own unique talents. It is important to offer impatient workers with hope, restless with peace and anxious ones with a promise of a bigger and better tomorrow. Talent management, Career and Succession management issues are evident in today’s corporate world. This has pushed every little and big organisation to seek application of useful measures in tackling these issues. Succession Management Has Evolved
By now, this should not be something new to any employers. Everything that is around it is changing and every change are pushing the organisation to change its way. Just as a toddler grows out of its clothes, organisation must learn to get rid of older philosophies that clearly do not work in modern times. The succession management program is required by all companies to be in place regardless of their size and stature. Even a small corner shop needs a successive team and management to have a foreseeable amount of future. The people within the organisation itself are the ones who know the business inside and out. This makes them not only a valuable asset today but a hot prospect for leading the team tomorrow. It is always safer and cost effective for the company to replace an outgoing experienced head with one of their own who had been training and learning under the experienced ones for very many years. A proper career and succession management culture also helps the company deal with any potential future talent gaps and skill needs.
What Employees Want!
It is assumed that all businesses know what they want and why they are out there operating on a daily basis. But how much does an organisation know what employees want from the organisation in return. The days of payslips being the biggest motivation are slowly becoming the thing of the past. It is more of intangible values that interest every individual within the organisation. During recent years, most individuals are taking initiatives and responsibility for their own career development. This process can be greatly helped favouring both parties if and only if the organisations devise proper talent management and career & succession management plans in place. In doing so, companies are essentially building bridges and stairwells for the individuals to climb up and over many stages and gaps in their career whilst being with one employer. As a fisherman won’t cast where there’s no fish, an employee has no reason to be calm and rested where they have no future. That is when employees are forced to seek a change or a fresh start that promises of a much better finish. Today, it comes as a surprise to many upon hearing that people have been with the same company for longer than 10 years or even 5 years. Is the restless youth to blame or the companies for not having any succession management programs within the organisation?
Stop Hoarding & Start Producing
Hoarding is a real problem with real consequences. In this case, it could bring adversity for an organisation that is engaging in hoarding talent with no real career development plans or succession strategies. Career development must be used to upskill an individual within the organisation. Best way to achieve this is by identifying aspirations of an employee first. Just to support ‘common sense’, the costs associated with replacing an employee and the on-boarding costs should be a reason enough to start investing in an academy within the organisation. This academy should not only nurture leaders within the group but should also prepare fine workforce for the substantial future to come. No matter what position becomes vacant and needs filling, the internal staff must be able to virtually fill that gap at once. With no on-boarding period issues, the only aspect the employer needs to assert is the ability of the successor. With an effective career and succession management plan in place, there should be no cases where a company would go standstill with the loss of a key personnel.
Stitching Together Processes
HR practices are most effective when it can combine and work towards serving a greater all-round purpose. Many of the talent management processes can be integrated with Career development processes and also Succession management processes to a greater effect. Being able to find out what an employee wants and then facilitating that demand could directly lead to the individual being able enough to lead the organisation over time. All employees understand that they can and will learn new things till the very last day of their employment. For this reason, learning & development can also be regarded as a vital aspect of the career development and succession management process. Once again, performance management plays a vital role in identifying high potential employees and understanding their ambitions. Relevant performance data can help the managers with this process further. Unsurprisingly, most companies are now adopting the latest and greatest in technology, such as talent suites to better understand the data and aid the career and succession management process.
Where would mankind be without mutual benefits? What would an organisation look like without mutual benefits for both the employees and the employers? If it is hard to imagine, it is best not to. Instead, companies should open doors to employees to express their talents and share their thoughts while employers must work towards producing for a better tomorrow. If there are no career and succession management plans in place, it is really hard for anyone to imagine that company’s tomorrow at all.
Growing skill shortages are evident. Cost of replacing staff and related on-boarding costs are only less favourable for the company and its profitability. It is also a matter of pride and honour for top performing companies to be able to develop talents organically and retain talents with little fuss.
What would be the future of companies with no career development and succession management programs in place? Definitely dark!
Our HR Insights Report on Career & Succession Management contains other useful information including latest trends and case studies.
