Effective talent management and succession planning

 How to create an effective talent management and succession planning for future development?

The succession planning is a methodical process that can identified and advance highest talent employee for leadership. In addition succession planning is an strategy that aim to identify motivated employees, leaders and performers provide opportunities to enhance their performance and advance their organization. Any organization could be improve this strategy to improve the organization. Similarly, executive positions from the public, private and non-profit sectors are predominantly held by a large demographic that is nearing the age eligible for retirement, and labour forecasts predict a continued increase in job turnover at the management level (Stewart, 2016) 

Process for succession planning

The process of selecting and emphasizing key talent to confirm the continuity of vital responsibilities is known as succession planning. Its help to finding best performers, highlighted leaders and best practitioners, and also it may help to upgrade the organization into top level. Everyday, All in organization employees get resign, retire and promoted. For this reason, organization responsible to fill vacant by qualified candidates. 

Role of HR in succession planning

According to succession planning HR plays a significant role in the organization, and also Creating, implementing and innovate new technologies and plans, Realtime feedback and encourage all employees to enhance their work, career development, work life balance. Greater success is experienced by focusing on the ‘leaders’ ability to learn, adjust and create rather than on their capabilities for existing proficiencies of a particular job (Fink, 2010).

Impact and risk of unfollowing succession planning

• High cost of training and recruitment
• loss necessary talent and knowledge
• Employees are un-confidence and  confusion
•  Organization mission can not achieved
• Harm company's abilities and culture

Succession planning framework

Armstrong (2003) defined Succession planning as a process in which organizations can make sure that staff are being hired and constantly improve their skills to fill the competent key roles in the organization. According to this it has consist two basic preconditions

1. Culture of leadership development

                        Senior management, including the CEO, must demonstrate a clear commitment to succession planning and long-term leadership development. Young talent development requires significant participation from senior managers and  executives. Senior leaders might, for instance, mentor newcomers and assist them in acquiring leadership skills. Furthermore, it is recommended that managerial performance appraisal and reward systems integrate leadership development initiatives, such as identifying and nurturing high-potential work employees.

2. Critical role selection

                        The simplest method to understand and determine these positions is to consider at the highest earners or the most senior members of the organization's hierarchy. This selection process will be quite precise, if the workplace has a well organized job architecture with role descriptions and awards based on duties. 

Steps of succession planning process for future development

1. Talent management

Two excellent practices for developing a succession planning strategy, That takes a long-term view of the process and integrate it with talent and leadership development. Due to the fact that succession planning typically concentrates on senior leadership positions that would be filled by existing workers in mid-level leadership positions. Therefore, it makes sensible to combine succession planning with talent and leadership development.

The first step in the succession planning process is regular talent development. Skillful employees participate in talent development programs offered by many organizations, where they receive demanding projects, various duties, and training. Developing leadership skills and gaining valuable experience through job rotation and career planning, these are the main goals of relevant talent management activities.

Developing outstanding talent through mentoring is another well popular strategy. It's common knowledge that workers who have mentors do better, advance more quickly, and perform greater. Apart from that, they are less likely to quit and exhibit higher levels of job satisfaction, personal growth, and organizational dedication. There are also psychosocial benefits, including acceptance, encouragement, coaching, increased internal exposure, and more challenging assignments (Groves, 2005).

2. Leadership talent identification

According to talent development programs not every member will be successful, because they'll need to keep monitor on them and give them regular feedback effectively. People who aren't select to fill for critical leadership position, it could make better to low- or middle-management positions.

3. Development of leadership

According to this, Further employer continue to develop employees who have been identified as having significant leadership potential at this stage. This differ from organizational typical talent development program. For enhancing leadership skills need to add fresh perspective to assessing the managerial bench strength. Further more, every step's of new information will affect how leadership talent is identified. Having your succession candidate(s) be deeply involved in business operations that are critical to the role early on, such as mergers & acquisitions and relationship management, can be the key to their success (Barry, 2019)

4. Succession decision

Analyzing previous steps, since a turnover in one of the crucial roles in succession strategy that previously identified , it is imperative for this and also the turnover rate accurately engage with succession plan for these roles. 

Video clip 1.0  Talent Management, Talent Identification, Succession Planning and Employee Retention  by Ascender

Source: (PeopleStream.com, 2010)

Conclusion

Positive thinking, progress, and expanding organization must engage in succession planning as a core business practice. Future leaders must be prepared and the next generation of leaders must be consistently planned for when considering the growth, stability, achieve goals, and development of an organization. Without a succession plan, an organization runs the danger of becoming risk and losing out on opportunities to find, hire, AI and develop all new and existing talent

Reference

• Armstrong, M. and Taylor, S. (2014) Armstrong’s Handbook of Human Resource Management Practice. 13th edn. London: Kogan Page 

• Umar A, & Umaru Z, (2021) SUCCESSION PLANNING AS A CRITICAL MANAGEMENT IMPERATIVE: A SYSTEMATIC REVIEW [online] Available at: https://www.researchgate.net/publication/357388465_SUCCESSION_PLANNING_AS_A_CRITICAL_MANAGEMENT_IMPERATIVE_A_SYSTEMATIC_REVIEW [Accessed on 04.04.2024]

• Eric V,(2024) Succession Planning: Essential Guide for HR [online] Available at: https://www.aihr.com/blog/succession-planning/ [Accessed on 05.04.2024]

• Chris Q, (2023) Diamonds in the Rough: Using Talent Management in Succession Planning [Online] Available at:https://www.linkedin.com/pulse/diamonds-rough-using-talent-management-succession-planning-quinn/ [Accessed on 07.04.2024]

• Margerate R, (2019)Succession planning for successful leadership: Why we need to talk about succession planning! [online] Available at:https://journals.sagepub.com/doi/10.1177/0892020619881044 [Accessed on 08.04.2024]