Magazine article Workforce Management

If A Key Player Leaves-Are You Ready?

Magazine article Workforce Management

If A Key Player Leaves-Are You Ready?

Article excerpt

SUCCESSFACTORS

In today's business environment, conditions can change quickly. Key players walk, mergers occur, new projects require new talent, payroll budgets get cut-leaving talent gaps that typically require lengthy, expensive searches and high ramp-up costs.

That's why successful businesses of all sizes are embracing succession planning to deepen their employee bench strength, quickly fill key roles, and ensure that top talent are in the positions where they are most productive and profitable. And not just in the "C-suite," but throughout the company.

Once viewed as a boardroom activity among executives to fill top leadership positions, succession planning has evolved into a powerful tool focused on proactive-and ongoing-assessment, promotion, and retention of key performers throughout the business. The benefits are huge: higher performance, improved morale, and a boost to the bottom line. And those benefits apply whether you're a company of 25 or 25,000.

Simply put, succession planning has the power to transform how companies manage the future of their talent-from top to bottom-in order to positively impact bottom-line results. Done well, it drives an ongoing, proactive dialogue between managers and senior executives that identifies and tracks individuals' talents in key positions. Companies can then put key contributors on a growth path where they can be most valuable to the company. Key benefits include:

* Building Bench Strength

By helping companies identify potential skills and talent gaps, companies can proactively train and groom talent across all key positions in the organization. For example, a contributor with deep corporate "smarts" and knowledge of business-critical processes is always difficult to replace. Succession planning provides proactive identification of "go-to" employees that can be groomed for the job without losing the knowledge base your company depends on.

* Better Career Development

Succession planning facilitates genuine development of employees-for both their own benefit and that of the organization. After identifying a talented employee, a smart company will help train and support that individual in a way that moves their career forward. And that investment compels employees to go the extra mile and stick around longer with the understanding that they have a future in the organization.

* Time & Cost Savings

The time spent interviewing, hiring, and ramping up a new employee is a burden to any company. Effective succession planning translates to a definitive plan-and reassurancethat your organization can dramatically reduce that effort by having the right replacement strategically engaged and ready to step in. …

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