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How can Succession Planning Benefit an Organization?

By Tanuja A Akkannavar

As an employer, what will you do if any of the top employees leave the organization without any pre-notice or a team leader gets retired? How will you ensure the smooth continuity of work without any major errors or losses?

In order to develop upcoming leaders or individuals who can take over the major responsibilities and work with efficiency and productivity Succession Planning strategy is being used in the companies. The Succession Planning is required to keep the workflow and functions well organized even if any employee or a leader departs or retires; an organization prepares the employees who are capable of taking over the responsibilities. There is a process involved in performing the succession planning strategy in order to get positive results and examine the right employee who fits in the criteria an organization is looking for. More information about the Success Planning process is given below:

Replacement of an employee is not an easy task for the companies; it consumes time and adds extra expenses. In order to avoid such threats, the organizations can use the Succession Planning strategy through which they can identify and improve the leadership quality of an employee who is capable to fill the vacant place. Before deciding the Succession Planning the authorities should discuss the pros and cons of implementing this strategy also, should examine the results of the long run. Looking after all the possible factors a company has to discover a suitable candidate who can take all the responsibilities and perform the duties in the right direction. Later, that candidate has to train well and provide all the required information to perform the duties also to make them familiar with functions and responsibilities respectively. Successful Planning has to be used in such a way that it will work in favour of a company and gain productivity and sustainability.

 

Benefits of Succession Planning:

1. Cost Reduction –

A sudden employee requirement is considered to be an expense to a company, in order to save the extra cost of hiring a new employee a company can use the Succession Planning strategy. The existing and right candidate can be given required training so that, he/she may learn the duties and responsibilities essential to lead the group.

2. Succession –

One major threat to any company is the break occurred in continuity of work when an employee quits or leaves without any pre-notice. Sometimes even if there are employees available in the existing workforce to fill that vacancy, but the lack of knowledge and information about the duties they have to perform. Hence using the Succession Planning model an organization can choose any employee from the workforce and train them accordingly to perform the expected duties. This can benefit a firm in saving time and money in finding a replacement and training them from scratch.

3. Employee Engagement –

Once an employee is highly productive and efficient, he/she will look forward to the career development opportunities. When experienced and skilled employees are given engaging and growing career opportunities they stay committed with a company. Employees remain in a company for a long period which offers them deserving chances for growth, especially the present young workforce looks for future opportunities that a company can provide.

4. Identifying Skillful Employees –

By using the Succession Planning strategy an employer can identify the potentials and skills of his employees. Also, the authorities will discover the ups and lows that a company may face in the future regarding the workforce, and if any developmental programs are required to update the employees.

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