Trends that Will Impact Succession Planning
Succession Planning requires a unique skill set to help organizations identify critical positions, develop successor criteria, measure the potential of employees, and ensure readiness for vacated critical roles.
However, there are emerging changes today that will impact Succession Planning models drastically. Understanding how these changes impact Succession Planning can help prepare organizations and transform current practices into more responsive ones.
1. Transforming Jobs
Technology has been impacting jobs rapidly over the last five or ten years – not to mention the pandemic becoming a catalyst to this transformation. Creating a succession strategy around this reality that jobs will change – and change fast – is a key challenge to face.
2. Shortening Shelf Life of Skills
Today’s work pace make skills out of date faster; even the most valuable employees who are high performers today, become obsolete day by day. The change this poses to organizations is building succession planning pipelines that are based on skills of the future.
3. Evolving Work Policies
Alternative work strategies is now the rule rather than exception, but it also makes talent identification harder due to the lack of performance visibility. For effective succession planning to take place, there should be a new way to measure performance.
4. Widening Talent Availability
Talent availability has become easier due to global availability; talent can now be sourced without geographic barriers. This widens the pool of available successors to a role yet puts internal employees in a competitive spot.
These changes taking place and how they will impact today’s Succession Planning processes must lead us to explore new processes that will ensure a robust pipeline of talent, as well as new processes to ensure organizational success.
