DRIVERS OF CHANGE SUCCESSION PLANNING

ORGANISATIONAL PROBLEM STATEMENTS

The Recruitment & Employment Confederation estimates that if labour shortages are not addressed the cost to the UK economy will be £39 billion per year from 2024.
By 2027, the world’s labour market will add roughly 70 million new jobs, but 83 million may be cut according to the World Economic Forum.
Skills talent shortage is fuelled by a strong competition for candidates with appropriate qualifications, and a lack of candidates with appropriate industry relevant experience.
Workforce planning is becoming as important as financial planning.

SO WHAT?

Succession planning is a crucial process for ensuring the long-term success and continuity of an organisation. Succession planning should not be a secretive or exclusive process. By identifying and developing future leaders, you can minimise disruptions caused by key employee departures and maintain a strong talent pipeline, create confidence in your existing workforce and improve retention.

HOW?

Wilbury Stratton has simplified the steps required for Succession Planning, and we share our key steps to help you get started with succession planning in your organisation:

AIDE YOUR ORGANISATION

A

Assess organisational needs and goals: Begin by understanding your organisation’s strategic objectives, long-term goals, and critical roles. Determine which positions are vital for the smooth functioning of the organisation and identify potential gaps in leadership talent.

I

Identify key positions and individuals: Identify the key positions within your organisation that require succession planning. These positions are typically executive-level or those critical to the organisation’s operations. Once you have identified the positions, assess the skills, competencies, and experience required for each role. Also, identify potential high-potential employees who could be developed for these positions.

D

Develop a talent pool: Create a talent pool by identifying individuals within your organisation who show potential for growth and advancement. Look for employees who demonstrate leadership qualities, possess the necessary skills and competencies, and exhibit a strong work ethic. Consider conducting talent assessments, performance reviews, and discussions with managers to evaluate employees objectively. Benchmark these findings with the external talent market.

E

Establish a succession planning process: Define a formal process for succession planning, inclusive of proactive talent management tools. This process should include regular talent review meetings where leadership potential and progress are discussed. It should also involve creating individual development plans for high-potential employees, tracking their progress, and periodically reassessing their suitability for future leadership roles. External talent options should be review on a regular basis, and benchmarked against internal succession planning.

FOCUS INTERNAL FIRST

Provide training and development opportunities: Invest in the development of your high-potential employees. Provide them with training programs, mentoring, coaching, and opportunities to gain relevant experience. Encourage cross-functional assignments and projects that expose them to different areas of the organisation. This will help them broaden their skill sets and become well-rounded leaders.

GO EXTERNAL, BE TALENT PROACTIVE TO PREPARE

Build external talent pipelines: Look beyond your current ways of recruitment and be disruptive, developing relationships with external talent pools, including professional networks, industry associations and universities. This will help you tap into external talent when necessary. Work closely with research driven firms, such as Wilbury Stratton, to curate and analyse talent pools of relevant candidates to meet your requirements.

Futureproof your recruitment process: Create a recruitment process specifically tailored to succession planning. This may involve identifying potential candidates and networking with industry peers, all before the need to hire arises.

REVIEW

Monitor and review progress: Continuously monitor the progress of your succession planning efforts. Regularly review the effectiveness of your hiring strategy, development programs, and the performance of potential successors. Make adjustments as needed to ensure the best outcomes.

JOINING THE DOTS

Remember, succession planning is an ongoing process that requires long-term commitment and investment. By implementing a well-designed hiring strategy, you can identify and develop future leaders within your organisation, ensuring a smooth transition when key positions become vacant, and a readiness to engaging relevant external talent when required placing you ahead of competitors.

Communicate and engage: Succession planning should not be a secretive or exclusive process. Communicate the importance of succession planning to all employees and involve them in the process where appropriate. Transparent communication about the organisation’s plans for leadership development can help foster engagement and motivate employees to aspire to leadership roles.

By investing in the development of your employees and planning for the future, you can build a strong leadership pipeline and ensure the continued success of your organisation.

Join the number of clients below, partnering with Wilbury Stratton to successfully succession plan for their organisation: