What are the benefits of succession planning?
So, you've outlined business goals and/or your destination. That leaves just drawing up a plan to get there by using everything at your organisation's disposal in terms of infrastructure and staffing. What are the benefits of succession planning, then?
The problem is aligning this strategic workforce planning (SWP) with desired business outcomes is not as simple as getting there 'as the crow flies', or even on a train. It's probably more like a family road trip and should be viewed as such, taking stock of what's already in the house, what's needed in terms of purchases, which family members are to be assigned to different tasks, and of course, a map.
So, you may ask, what are the succession planning benefits and of implementing a strategic workforce plan?
How an SWP can benefit your organisation
- It will support business goals and budget targets through streamlining and aligning resources
- It identifies strengths and weaknesses in staffing, showing where skills gaps exist, where top talent and critical roles lie, and will reveal where new training and development, plus flexibility, might be needed
- It provides the metrics necessary to aid decision-making when it comes to EVPs, recruitment, retention, employee engagement and attrition
- At its best, SWP can aid an organisation in deciding on the right number, type and quality of staff needed to achieve business goals
- It opens communication channels and strengthens culture within the workforce
- It aids in securing competitive advantage, more effective employer branding and a higher rate of talent attraction
- It helps to bullet-proof organisations from the unexpected
Look out for more articles later this month on SWP, how to implement a plan into your business and the benefits of succession planning.