{"id":139749,"date":"2021-07-29T06:43:47","date_gmt":"2021-07-29T06:43:47","guid":{"rendered":"https:\/\/www.regenesys.net\/reginsights\/?p=139749"},"modified":"2022-01-03T13:24:05","modified_gmt":"2022-01-03T13:24:05","slug":"5-secrets-of-succession-planning","status":"publish","type":"post","link":"https:\/\/www.regenesys.net\/reginsights\/5-secrets-of-succession-planning","title":{"rendered":"5 Secrets of Succession Planning"},"content":{"rendered":"

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Succession planning is an important part of managing people in an organisation. Resignations, deaths in service and retirements, especially at senior levels, can leave awkward gaps which take time to fill.<\/p>\r\n\r\n

Critical skills are lost, and important institutional knowledge disappears. This can put an unprepared organisation in a difficult position.\u00a0 Even if a top candidate can be found soon, it takes time to build organisational knowledge and industry expertise and understanding.<\/p>\r\n\r\n

Good succession planning ensures that at least one excellent candidate is waiting in the wings for a critical position. It allows organisations to save recruitment costs because they are not under pressure to urgently fill a vacancy for a senior or critical position. An organisation with sound succession planning processes need never be caught on the back foot.<\/p>\r\n\r\n

Succession planning helps the organisation identify and develop future leaders and provide them with critical skills. While it is accepted that no one is indispensable, replacing a leader or specialist who has accumulated highly specialised knowledge or competencies is costly and time-consuming. Succession planning mitigates the effects of a sudden or unanticipated vacancy in a principal position.<\/p>\r\n\r\n

Although some candidates may not have the required skills, succession planning also often includes training and mentoring for potential candidates. Time invested in succession planning can also have an impact on creating and maintaining diversity in senior roles.<\/p>\r\n\r\n

Succession planning differs from career pathing in that it equips incumbents with a wide range of skills to prepare them for several potential roles, in contrast to fast-tracking, which moves them through a linear path of successive jobs.<\/p>\r\nHere are some thoughts:<\/p>\r\n\r\n