Frankly stated, succession is one of the few business challenges that every company in the world is bound to face. Unfortunately, it’s also a process that is usually neglected until the last minute resulting in astronomical failure rates and political behavior. To cope with the difficulties, expectations and emotions of what can be a touchy subject, businesses must proactively plan for succession. Within the ranks of the existing senior leadership team, it is important to openly discuss the details of the process and utilize tools which simplify the situation.
The aim of Strategic Succession Management should be to develop next generation leadership talent by creating a process through which the organization is intentional about its efforts and timelines. The emphasis is on building a broad spectrum of capability in the management ranks so that the availability of internal talent will not be a limiting factor to the organization's strategic direction. At Ascentii, succession planning and management is considered to be a strategic imperative; one that is most effective and efficient when an organization understands the Value Chain between them and their customers/clients. In short, before you can identify the people that you need to include in a succession planning exercise, you first have to identify roles that are critical to your success.
Some organizations are surprised to find that the real value chain, that direct line of sight between business and customers, may be somewhat different than they originally thought. Succession Planning and Management usually includes a subset of leadership and management and due to its highly sensitive nature, the administration of succession planning and management systems is seen and used by a select few.
Recruitment and succession planning go hand-in-hand and should be undertaken with an integrated approach to ensure an organization is effectively improving its bench strength by developing internal talent balanced by bringing in new talent. When considering an integrated approach, three main issues come to light: i) the ratio of internal to external recruitment, ii) job posting versus management promotion, and iii) determining the optimal sources of external talent.
Ascentii uses the RoleFit Survey – Organizational Effectiveness™ (RFS-OE®) in conjunction with MatchPoint™, our cloud-based Applicant Tracking System (ATS) to provide automated, real-time decision support for succession planning. Secure and confidential access to the data ensures the integrity of strategic succession planning and management work remains highly confidential. We suggest being proactive in succession planning & management to avoid the unnecessary pitfalls, exposure, risk and liability that often accompanies poor planning. Contact Us today for more information.