Succession planning is a critical part of human capital strategy. It focuses primarily on which current employees can meet future open position requirements, thereby achieving corporate goals. Succession planning is a focused process for keeping talent in the pipeline. Succession planning is not only about identifying the future leaders of a company but also about planning for potential key vacancies throughout the company. Boiled down, succession planning is the process of identifying and developing current employees to prepare them for increasingly advanced roles within the business.
An effective succession plan begins with identifying employees with high potential (HiPo’s) who can replace key employees should these employees leave, retire or expire. The employees’ talents are assessed to see if they can meet the needs and requirements of these key positions. If there is a gap between their talents and the requirements, these employees are given appropriate training and mentoring to bridge the gaps.
The Prevue Assessment can quickly and easily create success benchmarks for all the key positions throughout an organization. Once these success benchmarks are developed an employee can be compared to these benchmarks for job matching. Multiple employees can be compared to a job benchmark to identify the most promising internal candidates.
A well-developed succession plan means the organization usually does not have to spend money looking for talent outside when a vacancy occurs, although sometimes that may be necessary.
Here are a few questions that can be answered with effective succession planning:
We recommend the Prevue Assessment and Prevue Hiring Benchmarks for succession planning. A Prevue Hiring Benchmark identifies the natural talents and desired characteristics of an employee for a specific position. Prevue assessment will guide your decision-making by identifying the following characteristics in your current employees:
One of the most critical components for determining an employee’s potential is their cognitive ability, that is their ability to learn quickly, display adaptability and learning agility (insert correct Blog link here). Cognitive ability includes the ability to think critically, solve complex problems and apply new information. Prevue assessment can evaluate a person’s cognitive ability and it will provide a reliable prediction of how well they will be able to take on more complex responsibilities.
Personality fit revolves around the idea that every position has specific personality requirements and that every individual has specific personality traits. The closer the traits between the person and the position match, the higher the chance of successful performance, productivity and satisfaction. Certain personality traits are predictive of success in sales roles, manager roles and service roles. It is very practical to evaluate candidates’ job fit based on their assertiveness and cooperativeness for different roles.
One of the benefits of using Prevue Assessment is that it helps you identify employees who have a high potential for leadership. Leadership can be defined in many different ways. Here are just a few qualities of exceptional leaders: adaptability, tolerance for uncertainty and conflict, relationship skills and the ability to delegate. For a more comprehensive review of leadership qualities go to: Common Qualities of Exceptional Managers
The Prevue Assessment can quickly and easily create hiring benchmarks for the various positions throughout your organization. Once in place an employee can be compared to multiple benchmarks for succession planning. Also, multiple candidates can be compared to one benchmark to identify the best employee to fill a future vacancy.