Many things about the modern employment contract have shifted in recent years but employee commitment is usually still rewarded with development opportunities that will be beneficial for that employee’s career mobility down the road. For the most ambitious of the employees, the highest reward is usually the opportunity to have a position at the top of the company. Succession management is usually the biggest tool that organizations use in order to vet candidates who may be capable of taking on these top positions. This usually happens with the practice of promoting from within.
This can help to attract strong talent to your employee pool to begin with because it gives a clear prescription for development. In order to advance to higher positions, employees know that they must show personal growth, deliver results and master certain skills. While succession plans may be present in your current business, the degree to which this plan is actually followed can vary tremendously. Recent studies have found that even those with a well-developed succession plan often lack the implementation skills to carry out what is stipulated.
It is important to think of your succession plan for the business as a living document. The guidelines and suggestions within it must be followed and reviewed on a regular basis in order to make the most out of the plan.