insight | SUCCESSION PLANNING
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simultaneity & succession
the axis of
SUCCESSION PLANNING WILL ALWAYS FALL SHORT IF ALL IT ADDRESSES IS INEVITABLE, IMMEDIATE CHANGE WHEN KEY PEOPLE LEAVE. IDENTIFYING AND DEVELOPING HIGH-POTENTIAL EMPLOYEES FOR ADVANCEMENT INTO THE TOP ROLES IS NOT A ONCE IN A WHILE ACTIVITY, IT IS A CONTINUOUS, ONGOING PROCESS.
ARTICLE BY MATT WESTON, MANAGING DIRECTOR - ROBERT HALF EXECUTIVE SEARCH
“Start early to ensure that succession planning becomes an ongoing activity and establish a small working committee dedicated in order to allocate the appropriate time and resource to the process”
Effective strategy is a well-formed, but agile plan and capability, to identify and develop potential replacements for all departure eventualities in essential roles. But in these protracted, testing times, succession planning often yields to other strategic priorities that stave the present, nevermind the future. It beggars belief that a reminder is required for the importance of L&D for future capability and succession - surely the building blocks of a successful, long-term succession plan and talent pipeline - as is nurturing future leaders, ensuring that unexpected departures are covered to maintain productivity and avoiding disruption.
Replacing the senior management of a firm can be a daunting experience, especially if the departure is unexpected, but this is where preparation comes in and where a company’s succession planning is truly put to the test. While companies are often forced to hire externally, as they don’t have the required talent pipeline in place, this process can come with its challenges, as well as benefits. For one, there is often an adjustment phase, as the new placement familiarises themselves with the company culture and its strategic objectives. This period can often also have a negative impact on engagement for existing staff, or morale for those that had set their sights on career progression. However, this has to be weighed up against the benefits that new talent can provide, including; a new perspective on the business and potentially a new pool of knowledge, experience and business acumen.
The leadership team should adopt a proactive approach to succession planning,
42 | thehrdirector | MAY 2019
which should start early to ensure that succession planning becomes an ongoing activity and establish a small working committee dedicated to allocating the appropriate time and resource to the process. When succession planning for critical role replacement, the need to agree on the future business strategy for the next five-to-ten years is key, before approaching external candidates for interview. This will identify external candidates with the necessary skills, experience and cultural fit, who would be able to deliver on this strategy. Companies must take a proactive approach internally, invest in development and the upskilling and re-skilling of employees, as well as having defined career paths in place to build leadership skills and accelerate career growth. Putting in place a programme of regular feedback can help identify a company’s top performers. The HR department should work in tandem with individual team heads and line managers to conduct 360 feedback reviews, which measure both soft skills and commercial performance. While the latter might be easy to measure quantitatively, for example, the volume of sales, the former can be more difficult to measure. However, HR departments can track soft skills against behavioural progress, for example, motivation could be measured by the number of times, if any, an employee is prompted to submit work. Regular feedback also helps employees identify training and job shadowing opportunities, which helps them develop a good set of skills, as they prepare to take on more senior leadership roles. It is important that companies look for people who best
display the skills necessary to thrive in higher positions, without overlooking promising employees or external candidates. Meanwhile, HR directors should partner with members of the board to create a suitable shortlist of candidates who could take over the top roles. Allowing someone to step in and take over the responsibilities of a more senior colleague during annual leave can act as a very efficient trial run by helping determine which potential successors are best suited to the role. Making note of employee achievements and keeping track of them in a top-performer file can also prove useful during performance reviews. All of this, however, must be underpinned by a strong hiring strategy. Ongoing industry trends means the business landscape is evolving at a rapid pace. To cope with the ongoing change, businesses should be constantly building and drawing up succession plans. As companies look to sustain peak performance through unforeseen change, it is vital that they take a proactive approach in ensuring that there is a leadership pipeline in place. Having a well-crafted succession plan could make or break the way companies react to internal change.
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