No matter how much of a planner you are, you’re probably not waking up in a cold sweat worrying about the future of your organization’s leaders. However, having a competent future executive waiting in the wings might need to be more of a priority for you – and your organization.
62% of organizations are concerned about the scarcity of talent available in the marketplace, and this worry is the top driver of each business’s HCM strategy. One way to alleviate this concern is by incorporating succession management into talent strategies.
Succession management is an ongoing process used to both identify and develop high-potential leaders needed to execute on both the short and long term strategies of an organization. Successful succession management tracks critical roles and proactively sources a strong talent pool of future leaders, further developing them to step into those critical roles when needed.
Sounds easy, right? Unfortunately, the process is a complex one, and there are many ways an organization can get it wrong. Just a few ways that succession management can go wrong are:
- Lack of strategic alignment
- Over-emphasis on “replacement planning”
- Poor follow-up on action plans for development
The root of these and other common mistakes in the process come from a core misunderstanding of the goal of succession management; it is not a bandage to place over the organization if an executive or other critical position suddenly opens up; instead, it is a continuing development process that actually benefits employees in the short term and protects the organization from dreaded skills gaps in the future. Good succession planning empowers both an organization and its workforce.
What are some other common pitfalls of succession management, and how can you avoid them altogether? Find out by reading our research brief, “Six Ways to Fail at Succession Planning.”