Struggling to Find the Right Successor?

Struggling to Find the Right Successor?

 19 Feb 2018

Every business, in every industry around the world will at one time or another, lose good staff. Whether it is for personal or professional reasons, losing a talented employee can be difficult and so can filling that position with someone equally talented. This can cost a business both time and money while they search for a successor to the position all while minimising the effect the loss has had on the rest of the team. This is where succession planning becomes a very important strategy that every business owner or manager must understand.

A common definition of succession planning is: “Any effort designed to ensure the continued effective performance of an organization, division, department, or work group by making provisions for the development, replacement and strategic application of key people over time.”

Keeping that in mind, we can think of succession planning as part of a company’s talent management program and the goal is to attract the most talented, and best qualified, replacement for the outgoing employee. To do so effectively, there are some steps that the managing directors or an outside recruitment agency follows.

1. Create measurable goals that will become the basis of the succession planning program.

2. Prepare updated job descriptions ensuring that the duties of the position are clear and that potential candidates know what to expect.

3. Utilise competency models that offer an in-depth examination of performance requirements. Your competency model should be clear and measurable and should allow for future strategic goals.

4. Establish realistic talent pools that are based on the strategic strengths of the company to ensure the new hire or potential candidates understand your company’s mission.

5. Don’t be afraid to hire from within. Choosing a successor can be made even more difficult if the positon included some overly specific tasks or company specific procedures. By taking an inventory of the talent you already have, you might find a suitable successor that is already trained to understand the position’s requirements.

By following these steps and evaluating your succession planning program regularly, you can make finding a successor a much less difficult experience.


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