Succession planning and career pathing are often thought as two separate processes that serve different purposes. However, when aligned, both employees and the company can benefit from the goals of each. View this infographic to learn How Succession Planning and Career Pathing Work Together.
Finding the right talent to fill business critical roles is becoming more difficult across all industries as unemployment rates hit record lows. To meet future skills needs, organizations are focusing on developing their internal talent through succession planning.
The absence of an effective succession plan in your business can have unforeseen consequences. Here are some of the common mistakes organizations make in succession planning.
Career pathing and succession planning are common terminologies within talent management but the difference in their application and the separate benefits of each can be misunderstood and overlooked. In the majority of cases, employers prioritize succession planning, assuming that career pathing will somehow ‘fit’ naturally into it.
But high performing organizations require both.
Earlier this year Apple CEO Tim Cook stressed the importance of succession planning as a priority for his organization. In the face of an unprecedented skills crisis, employers must follow his lead to thrive.
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.
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.
9-Box Ratings: How Transparent Should You Be? One of the biggest challenges with Succession Planning is managing expectations and raised hopes (that even being considered or included in the exercise MUST mean that an employee is on the radar for promotion or a move to something better of some kind) – not to mention keeping it…
Three Critical Components of Succession Planning At some critical point your focus needs to be on the ‘Impact of Loss’, ‘Flight Risk’ and ‘Criticality to Retain’ components of Succession Planning. If you’re serious about achieving success through and with your best people, then knowing how strongly and seriously they ‘touch’ the organization now and into the short…
Succession Planning: Building Your Bench Before the Trade Deadline Presenter: David Lutes is a Succession Planning, Organizational Development, Talent Management and Training Director with 25+ years’ of international experience at a strategic and middle management operational level. He also has senior director experience in several multinational and global Fortune 100 companies. Description: Effective succession planning…