Succession Planning

What is Succession Planning?

Succession planning is optimizing your workforce. Hiring a new employee can be expensive and time-consuming, an average company loses anywhere between 1% and 2.5% of their total revenue on the time it takes to bring a new hire up to speed. Nourishing your employees' professional education constructs better long-term employees.  Planning for an employee’s future with your company will guide and prepare both you and your employee.

The Importance of having a Succession Planning Strategy 

Succession planning sets a structure for the future and growth of your organization. Promoting from within your company gives employees clear goals to grow and develop the skills necessary to advance the business and their development in it.

Reasons why you should have succession planning in place:

• Having replacement employees ready when promotions, resignations, and reorganizations occur lets you quickly and efficiently fill open positions
• 62 percent of employees say they would be significantly more engaged if their company had a succession plan
• Increase management visibility to employee readiness and potential

Succession Planning Solution

Both you and your employees need to plan for the future. Succession planning maps out which employee has the best skillset for positions within your organization. Keep record of your employee’s continued education and performance to track their growth. The succession dashboard contains up to 100 configurable charts and graphs on each tab for at-a-glance visibility into succession plan details.  Understand past performance and improvement to get a better understanding of the talent you have to work with.

Succession Planning Solution Features

Key features of a Succession Planning Solution include:

• Creating succession plan profiles based on metrics such as performance readiness, potential, risk and impact of loss
• Setting up custom succession metrics that meet your organization’s specific requirements
• Building and maintaining talent pools with visual representations of employee potential and performance with the ability to move employees across talent pools
• Viewing report data across metrics and employees with the ability to see a chronological account of employee performance in various chart formats

Succession Planning Solution Benefits

Key benefits of a Succession Planning Solution include:

• Succession planning ensures your business has a plan to replace employees in key roles when the time comes
• Employees know how they are growing with you, which empowers them to advance within your organization
• Employee development gives you insight into the proficiency and developmental needs of your employees