The key to succession planning is implementing good learning and development strategies for future leaders to shine when their time comes.
“With the unpredictable events of recent years, it’s understandable to feel that planning is an uphill battle,” says Adam Coleman, CEO of Irish HR business HRLocker. “None of us could have foreseen the unprecedented scale and pace of changes in how companies function since the outbreak of Covid-19.”
If the pandemic taught businesses anything, it taught them the value of good leadership. Yes, as Coleman acknowledges, it can be hard to strategize in an uncertain climate, but long-term visions necessitate a certain amount of strategising.
“You can’t instruct highly skilled jobs overnight,” he points out. “By constructing a long-term learning and development programme, you can foster skills at a sustainable pace. And if you want to fill your leadership positions down the line, having someone prepped and ready will make the whole process run seamlessly.”
That goes for family-owned SMEs right up to large multinational companies. The processes might be different but the thinking should be the same. Even if you know a family member is going to direct the company in the future, you still have to make sure they have the appropriate skills and experience to take over. Their learning curve should start several years before they are fully in charge.
According to Coleman, a good succession strategize can be divided into three main stages.
The three key stages of succession planning are as follows:
Identifying organisational objectives
“Starting with your company objectives, you can deduce which skills and roles will be needed to face them,” says Coleman. “Don’t panic if they’re skills and functions you don’t already have in your existing talent pool – that comes along in the third stage.”
Evaluating existing staff in line with those objectives
“By evaluating your existing staff in line with those objectives, you can map the work needed to get them to the next level. For instance, if you know you will need greater digital skills or data analysis, you should carry out initiatives focused on those areas.”
Implementing a learning and development programme
“With your objectives identified and staff capabilities assessed, you can design a learning and development programme that moves people closer towards those future roles,” says Coleman. This leaves space for technological advances and new ways of doing business that will inevitably happen in the intervening years.
“Don’t be afraid to adjust your succession planning and development initiatives per changing goals,” Coleman adds. “Succession plans should be agile and adaptable, in keeping with modern businesses.”
He also advises that “Instead of self-directed learning options, structuring your development programme in line with organisational goals will help you direct skills and attention towards the stuff that matters most.”
Of course, it’s worth pointing out that implementing a learning and development strategy is not just necessary for succession planning, it is also key to retaining talent in general. Coleman previously told SiliconRepublic.com that continuous development for all staff members is the smart thing for business leaders to work for to keep workers motivated and loyal.
10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.
