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Secure Success With Succession Management, Planning and Strategy
3E Accounting explains how your company can be future-focused with the proper succession management, planning and strategy.
The key to sustainable success lies in effective succession management, planning and strategy. This trifecta of sound business acumen will set into motion the wheels of your business’ future success. It has a crucial long-term significance that will drive the competitive strategy by hiring and retaining talent. It will secure a sustainable future by increasing employee loyalty and reducing leadership attrition. Most importantly, it is both an economic and strategic requirement that will bridge the gap between mediocre and stellar business practices.
Loading the Dices of Success
While the terms are generally lumped together or used interchangeably, succession management, planning and strategy, each has its connotation.
- Succession Management: deals with the management of talent. It looks at both the job position as well as the person and maps out competencies and frameworks. The process is aptitude-based and hierarchal in design.
- Succession Planning: creates an evolving plan that captures and tracks critical index data. The end goal is to create a talent conduit that will supply the right talent for the right job at the right time.
- Succession Strategy: the art of coordinating the direction and scope of the company’s succession mission. It effectively ties succession management and planning together to achieve a blueprint for success.
Taken together, they form the basis of sustainable business success that ensures pivotal roles are always filled. It’s always best to start succession planning early, so you’re not caught off-guard when key talents leave. If you’ve left it too late, there’s still hope as you can engage succession planning consultants such as 3E Accounting. They have the industry experience and skill to put in place a plan expediently and mitigate risk.
If you’re going at it on your own, the first step is to identify key talents and positions in your company. Not everyone or every job needs to be earmarked for succession. Developing and using people analytics can provide actionable data. By mapping out organizational hierarchies and competencies, you will be able to identify talent or job gaps. This may lead to hiring people with different skill sets or creating a new job position or consolidating an existing one.
Next, you need to identify potential successors, communicate with succession intent with them and invest in their growth. Communication is essential as talents may not be aware that they have been earmarked for succession. Consider training them for latent positions. Training should include interpersonal skills, mentoring and coaching so that they are inspired towards strategic leadership positions.
It’s a good idea to test the waters and have your potential talents do a trial run at the positions they are being trained for. Understudying or being given partial autonomy is one way to start. This helps to review the viability of your succession plan and make changes as well.
From One Leader to Another
Getting the right future leader ready and in place will require careful planning. For the best succession management, planning and strategy, you need to hire the experts. 3E Accounting can help you plan and execute successful talent succession. From profiling to preparation to navigating transitions, 3E Accounting offers flexible solutions for all your succession planning needs.
Contact 3E Accounting today to learn more about business solutions and succession planning strategies.