The New World of Succession Planning

Succession planning has changed. In the past, a company was ahead of the curve if it had a succession plan in place at all—even if that plan was nothing more than a list of critical positions and potential candidates. Eventually, a company that had identified pools of talent to fill a specific key position could say they were the most likely to reap the benefits of cutting-edge succession management: high employee engagement, low turnover, and quick transition times. Today, that isn’t the case.

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Five Ways to Develop Employees Using Succession Planning

Successful succession planning depends on retaining high potential talent and developing those employees so they are prepared to fill key roles. Development efforts often are based on well-defined individual career paths, which keep employees engaged and motivated to excel. However, even companies who don’t have a full-scale career pathing process can bolster succession-planning efforts by focusing on honing the talent and leadership skills needed for each vital position.

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