What is succession planning?
Succession planning is the process of identifying and developing the potential future leaders and talent within your business to fill business-critical roles. It ensures that employees are retained, developed and recruited in order to fill key roles within a company.
Why should my business consider succession planning?
Succession planning is a form of workforce planning helps to ensure that when your business has leavers or retirements, that you don’t have large skills gaps and key role vacancies with long fill times. The process can help upskill existing staff, increase employee morale and commitment and increase retention. Understanding your workforce better means that you know where to focus development of key individuals, reducing skills gaps, understanding retention of key individuals, identifying performance issues and pending leavers. Then using all this information to plan for the business’ future.
Why outsource my succession planning?
Nockolds HR is an independent, outsourced HR provider. All our consultants are CIPD qualified with many years of experience in in-house and consultancy HR in senior positions. We are experienced in designing and implementing succession planning tools and strategies. As experts in this area, we can provide you with the best fitting solution for your business, not only on designing bespoke succession planning tools, and also provide our independent advice on managing and handling succession planning strategies.
What should my succession planning consider?
This will vary from company to company depending on a business’ unique situation, but it may include any of the following elements:
- Nurturing internal talent
- Bringing in new talent
- EVP in recruiting key talent
- Lateral moves as well as upward moves
- Retention planning and identifying risks of leaving
- Skills gaps and competences frameworks
- Inclusion and diversity
- Performance issues
- Future business strategy, objectives and plans
How are Nockolds HR’s succession planning services provided?
At Nockolds HR, we work flexibly with your business to provide our succession planning services, which we can offer your business via:
- Fully managed – your business can outsource your entire succession planning process to us to manage with your input.
- Bespoke tools – developing a bespoke succession planning tool and process designed for your business specifically
- Tool template – providing you with our Nockolds HR recommended succession planning tool and process templates for you to manage the process yourself
- Expert advice – holding 121 sessions with your key people managers and using succession planning tools (yours or ours) to map out your succession plan