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Succession Planning and Talent Management
The Issues an Organization Faces if It Takes an Exclusive Approach to Its Talent Development Strategy
One of the approaches to succession planning and talent development is the exclusive approach, which is aimed at identifying several talented employees and focusing the organizations efforts on developing them and preparing them for further promotion (Campbell & Hirsh, 2013). Even though this allows for gaining certain significant advantages, such as a supply of well-trained successors for the existing key roles and positions, the certainty of the future of the company, and so on, this approach also results in some considerable disadvantages.
For instance, there always exists a major risk of not noticing individuals who have a greater potential than those who have been selected for succession but did not have the chance to properly demonstrate it due to various reasons. Also, those employees who have not been selected as the leaders successors may develop frustration and resentment, for they will know that their chances for growth and promotion in this organization are incredibly low. This may lead to various adverse consequences such as decreased work output, absenteeism, and increased workforce turnover ( Succession Planning Roadmap, 2013).
However, certain steps may be taken to mitigate the negative results of the exclusive approach. For example, it might be advised not to focus only on the development of successors after they have been identified, but also to pay attention to the employees who have not been selected; it ought to be made known that should they start showing outstanding performance, they may also become candidates for promotion. If certain employees have been selected for succession, the demands of these employees should also be significantly greater, and the rest of the employees need to be able to see that (Rothwell, 2010b).
Succession Planning as a Part of a Talent Strategy in an Organization
An organization must make succession planning a part of the talent strategy. It is likely that at a certain point in time, a company will face the problem of choosing a successor for a leader who retired or changed their job (Rothwell, 2010a). And, of course, if a company is to be successful, its leaders need to be highly competent and skillful. It is clear that to achieve such characteristics, it is necessary to devote time and effort to advance them.
Also, the individuals who demonstrate the best outcomes are often (although not always) ones who are capable of developing their potential with maximum efficiency as well. For example, if a person working for a company can show an outstanding performance while being a new employee, it is critical to provide them with the opportunities for growth and development; furthermore, steps need to be taken to prepare them for a leadership position, so that this position is occupied by a well-trained and competent person once it becomes vacant (Campbell & Hirsh, 2013). On the other hand, if succession planning and talent strategy are unrelated in an organization, those who will become leaders in the future may lack the competence and skills necessary for the company to be successful (Rothwell, 2010b).
Succession planning is vital for virtually any organization that aims at long-term existence and growth (Rothwell, 2010b). However, it might not be of primal importance for a small business that consists of a few people working together to achieve their goals and hiring a small number of employees to assist them in their tasks. For instance, a small family business does not necessarily require succession planning, for, in this case, there are very few managers and leaders, and succession may not be an issue. On the other hand, once a company starts developing, growing, and hiring a larger number of employees, as well as more managers to oversee the job, and there is a possibility that some of the leaders will need to be replaced, succession planning becomes a crucial issue for an organization (Rothwell, 2010b).
References
Campbell, V., & Hirsh, W. (2013). Talent management: A four-step approach.
Rothwell, J. (2010a). The future of succession planning. TD.
Rothwell, W. (2010b). Effective succession planning: Ensuring leadership continuity and building talent from within (4th ed.). New York, NY: AMACOM.
Succession planning roadmap. (2013). Workforce.
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