Why You Need a Succession Plan and How to Do It
As your business grows, and people come and go in your company, you need to uphold business continuity so you can function optimally regardless of the many changes happening in your company and in the industry at large. For us at The Talent Consultants, a Vietnam recruitment agency, we advocate for company leaders to keep ahead of the challenges. One way companies can do this is by having a succession plan that puts a spotlight on their human assets and develops them to become the next generation of achievers.
What is a succession plan?
A succession plan is a business strategy that prepares management for changes that might occur. It’s about selecting promising talent and developing them for their critical management roles. Succession planning is a great way to ensure that your company does not fail in the future by investing in your people.
It’s important to create space for succession planning in your company in the event that top executives retire or move on to different opportunities, or even when they unexpectedly get sick or pass away. It’s a practical way for companies to deal with the changes surrounding management, and other specific roles.
It’s important to note that good succession plans are not only an exercise in preparation, but it’s also an effective way to retain your top executives and
As talent acquisition consultants in Ho Chi Minh, the following are our suggestions on how you can build a strong succession plan for your business.
Identify key roles and people
The first thing you should do is look at the roles that are critical to your company. Whether it’s the CEO, Managing Director, or even a Team Leader, try to see what the impact would be on your company if you lose them. You might realize that these people are irreplaceable and the skills they have can be difficult to find in the current job market.
You can also identify people who have great potential to lead teams or occupy top-level roles in the company. Knowing how well they perform and what they can do for the company, it is only prudent to include them in your succession planning as they move up in the company and in their careers.
Determine characteristics for critical roles
As recruitment consultants, we are focused on a specific set of characteristics of employees – their knowledge, skills, experience, attitude, and potential. You should also look at these attributes, as well as role-specific ones that are required to full those roles. Try to determine their values, behaviors, how they deal with challenges, and their potential to succeed in the roles lined up for them. Get a better sense of how they align with the role and the business goals so they can perform better without a lot of intervention from you or the people training them.
Implement a development plan
Provide the right training materials, learning sessions, and mentorship needed for them to prepare for their next roles. Make sure they know what to expect ahead so they can also be empowered to make decisions necessary for the company’s success. Provide all the necessary support needed for them to settle into their future duties – you can also assign people to keep track of their progress. This can take months and years especially if they have to pursue further education, or have to reach particular ranks in the organizational structure, but investing time and resources on these assets is a big part of succession planning.
Talent Acquisition Consultant Ho Chi Minh
The Talent Consultants is a Vietnam recruitment agency devoted to the recruitment and development of top executives. We believe in future-proofing your business, and we know how critical some top and middle management positions are in this particular endeavor, so it’s part of your duty as a business leader to invest in the development of your best people. Soon you’ll enjoy succession planning’s long-term benefits such as employee fulfillment, business continuity, and unparalleled top talent. To know more about engaging your people, read more of our blog and stay tuned for more informative and relevant insights into people management.