Don't groom talented employees only for your competitors to steal them! Put a succession plan in place instead...
The key to succession planning is identifying talent and developing that talent for a bigger role in your organisation. But poor planning can derail this whole process. Consider these three points to ensure your company develops and effective succession plan.
Grooming an employee to take over a management position is a critical element of succession planning and it's especially relevant in a scarce skills environment.
'Whether you're grooming your own successor or ensuring critical skills are timeously developed for another management position within your organisation, make sure you have a holistic development plan in place,' advises the Practical Guide to Human Resources Management.
To do this, there are three points your company must consider...
Developing a succession plan for your company? Keep these 3 points in mind...
Start with a bigger pool of employees than you'll ultimately need to make allowances for those employees who don't make the grade or who'll leave your company.
Modify and tweak the individual development plans as time goes on to focus on specific development needs.
Make sure you have a timeous management job opening for your employee to move into within agreed timeframes. 'You can't expect your employee to stay in the current job after he's completed a development programme,' says the Guide. He'll start looking for another job outside your company if you don't move him into that higher position in a hurry.
Use these tips to help you develop an effective succession plan for your company so that you don't lose talented employees to your competition.