One of the key
areas that business leaders need to focus on for ensuring sustained growth and
success of their organization is the presence of a great succession plan. Having
an active succession management process is the key to delivering a timely
pipeline of talent ready to take on leadership roles. However, according to the
top
executive search firms in China, only a handful of business organizations
within the country actually have a dynamic succession plan in place. Discussed
below are some effective succession management strategies that can help
business organizations reap great benefits in terms of a well developed
in-house leadership talent pool.
Effective Benchmarking
Effective
benchmarking is essential to get the desired results for any succession
planning process. This essentially means comparing the capabilities and
competence of the identified internal successors with external candidates while
also taking into account the probable development and training that the
internal candidates are likely to undergo. It has been established that with
proper benchmarking, internal candidates selected for a future leadership role
are likely to provide better results than the external candidates.
Proper Classification Of Talent
When it comes to
identifying the best internal candidates having the potential to take up top
positions, most organizations come up with a very limited number of candidates.
Nevertheless, it is important for the organizations to appropriately classify
these talented candidates to ensure their proper development and deployment.
This enhances their success rate in top leadership roles by a significant
margin as the candidates get ample time and opportunities to improve their
performance and expertise in the specific niche.
Have A Checklist
The leading executive search firms in
China advice their clients to have a checklist of the
skills and traits they desire in candidates suitable for inclusion in the
succession training program. This can
help them to conduct a focused internal search based on the character traits
desired for various top level positions besides helping save valuable time and
effort. Verifying the level of traits such as intellectual capacity and
flexibility, emotional intelligence and interpersonal skills as well as the
ability to handle challenging situations should for an integral part of any
succession planning strategy.
Active Learning Capability Of Candidates
According to a
research a majority of professionals engaged in top management roles are
interested in taking up challenging projects and making tough decisions. This
is because such actions not only provide them with an opportunity to showcase
their talents but also to enhance their personal skills and knowledge. Most
importantly it helps them to take the business on a path of success and help
fulfil its long and short term objectives. Thus active learning capability
should be a key focus area while identifying candidates for succession planning
process.
Retention Of Best Candidates
Even the most
efficient succession planning strategy will fail to provide the desired
results, if the organization is not able to retain its best professionals. It
is essential for a business to channel and nurture the professionals having the
best potential so that they do not seek other growth opportunities outside the
organization. This can be ensured by providing constantly challenging
objectives to such professionals besides rewarding their efforts suitably.
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