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Build an internal talent pipeline with a Succession Plan
Succession Planning enables you to build your internal capability to improve your talent pipeline, reducing your reliance on external talent sources.
Succession planning is all about being ready for the future; having a plan in place once the next step must be taken and, done well, your organisation can reap enormous benefits, including;
- Reduce vacant headcounts. More work for the rest of the team, shifting focus and missed targets are just the tip of the iceberg!
- Improve engagement and retention. Nothing improves motivation like having a developmental goal to work towards!
- Reduce recruitment costs. Decreasing your reliance on recruiting external talent means less money spent on costly recruitment fees!
- Create a source of competitive advantage. Securing business continuity in times of change and upheaval keeps you a step ahead of your competitors!
Today’s succession planning not only focuses on replacing talent, but also on developing the talent who will fulfill the organisation’s long-term goals. This is relevant to all levels of the organisation, not just at the top.
Mindset Group’s Succession Planning process
Replacing your top talent is vastly more expensive and time consuming than resourcing or developing your own talent from further down the organisation. And, with all demographic and economic pointers indicating the current talent squeeze will only tighten, organisations that have a succession plan in place to develop their own people to fill leadership and ‘hard to find’ niche roles will have a competitive advantage.
Want to learn more?Michael Wynter, Senior Consultant Ask MichaelMindset check Leadership for teams Success stories Mindset for CEO Mindset for CIO Mindset for HR Mindset for PartnersTraining programs Change Leadership Culture and engagement Lead and manage change Talent mapping Leadership transformation Prevue Assessments