Succession planning programs have been around for many years, but they seem to be gaining traction in a world that is volatile, uncertain, complex, and ambiguous. With a widening talent-gap, a global market and workforce, and the mass exodus of the Baby Boomer generation from the workforce, organizations are finding it advantageous to have a pipeline of talent prepared to replace key employees when the need arises. In addition, a succession planning program allows organizations to identify high-potential employees and devise strategies to retain them.
While there are different tools that can be used to create a succession plan, the key is taking the time to go through the process regularly and with a strategic mindset in order to evaluate the most impactful positions to the organization and thoughtfully create a plan to replace key talent when needed. Human Resources should play a key role in the succession planning process, which elevates HR’s visibility and strategic role within the organization.