Succession planning is the process involved in identifying and nurturing talent to fill a series of critical roles in the future.
This degree of forward planning might seem a little premature, but in-light of the continued skills shortage in the UK, succession planning is an integral part of any recruitment strategy by ensuring that the skills and experience necessary to keep the business wheels turning are readily available.
The loss of a key member of staff and the struggles many companies face in replacing their expert skills and knowledge can seriously hinder the growth of the business – especially as the war for talent rages on in the UK labour market.
Done properly, succession planning can ensure that you have prepared employees ready to step into integral roles when the situation arises.
Recruiting quality candidates is just one very small part of succession planning, and many organisations need to continually develop their staff to ensure that they have the training, skills and necessary experience to move up the career ladder.
When employees reach retirement age, they often take 30 years of experience with them, so by planning a successor to the role beforehand means that this knowledge can be passed down and utilised to aid the future growth of the company.
Via job shadowing, mentor programmes and clear training and development routes, any business regardless of size can put in place succession planning strategies to cover themselves in the event that an important role becomes vacant for whatever reason.
Although this might seem like an expensive way of promoting staff through the ranks, remember that employees are far more loyal and likely to remain in their positions if they know that there is a clear progression route in place for them and so any investment made will pay off in the future.
For more information on how succession planning could help future proof your businesses recruitment needs, speak to our succession recruitment specialist Peter Donnelly on 01782 338787 or email firstname.lastname@example.org