What is succession planning and its impact on the enterprise?

Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.

Succession planning is a process whereby an organization ensures that employees are recruited and developed to fill each key role within the company. Through your succession planning process, you recruit superior employees, develop their knowledge, skills, and abilities, and prepare them for advancement or promotion into ever more challenging roles. Actively pursuing succession planning ensures that employees are constantly developed to fill each needed role. As your organization expands, loses key employees, provides promotional opportunities, and increases sales, your succession planning guarantees that you have employees on hand ready and waiting to fill new roles.

Succession planning is not a new phenomenon. Companies have been wrestling with ways to identify, develop, and retain their talent for decades. So, why is succession planning suddenly popping up on every company’s radar screen? Today’s organizations are facing higher demands in a global market with the retirement of the Baby Boomers and the widening talent gap. The home-grown and paper-based succession planning that companies relied on in the past are no longer meeting the needs of today’s workforce. In order to achieve results, companies need to start with the basics, create a strong process and then invest in the tools and technology to instill a talent development mindset in their organization. This report highlights research findings on succession planning efforts in Best in Class organizations across multiple industries.

In simple terms, If an enterprise can answer these questions, it means they have sound succession planning:1.
What will happen if the key manager dies tomorrow?(replacement planning)2.
Some senior staff is doing just great, how do we encourage him/her?3.
Information and historical knowledge is the asset of our organisation, are we doing enough to preserve that and make it helpful in effective decision-making process?

The succession planning imply the use of an integrated and systematic approach to identify, develop and retain employees based in accordance with the current and future business objectives of the company.
The succession planning is an essential part of human resource planning and connected to performance management, training, learning and professional development of employees.
It applies to all levels and take into They take into account all sectors and positions within a company, it’s not limited to senior management positions.
It helps employees develop their skills which enable the company to have a lot of talents in all sectors and positions, which imposes a competition among employees.
The succession planning is focused on values and well known to all employees know it.
Work planning are monitored and are measured and evaluated.
Processes have been established to monitor performance and progress in achieving the objectives set out in the succession plan and the learning plan for each employee.
Processes have been established to monitor performance and progress in achieving the objectives set out in the succession plan and the learning plan for each employee.
Continuously monitor the performance and progress in achieving the objectives set out in the succession plan and the learning plan for each employee.
General succession planning is based on:1.
the identification of positions to be replaced in the immediate and short-term in all sectors and at various levels.2 - The long-term development of talented staff.3 - Stockpiling talent for various positions in all sectors and at various levels.4 - Skills and skills for current and future business needs.5 - A systematic process to assess candidates in the light of comments from multiple perspectives and sources of information.6 - Processes are in place to integrate succession planning with other HR activities.
The impact of succession planning is positive: • Better ability to achieve goals • The establishment of a large number of qualified candidates to fill positions various and needs.
• Increased employee engagement through professional development.
• An opportunity to transfer organizational knowledge

Succession planning is a process for identifying and developing internal personnel with the potential to fill key or critical organizational positions.

Impact of succession planning is more for the organization because it creates future leaders for the organization who are the potential as well as fast learner.