Performance Management and Succession Planning
Many organizations invest a huge amount in employee training and development, create a healthy and positive environment in the organization for employees but cannot predict for how many years these people will stay in the organization. Employees leave organizations for several reasons it may be personal and professional which organizations cannot predict.
Succession Planning – it is nothing but a process where we start developing and identifying the leaders for future roles/critical roles. Succession planning is also talking about the position in an organization that is at stake and organizations must prepare for that in advance.
When organizations start implementing succession planning, they are preparing themselves for unpredictable situations where they have to hand over any role to another employee. We can also say that it is a part of the strategic decision-making process.
To make the succession planning process successful, effective implementation of the performance management process is important. Ongoing or regular feedback, regular communication with employee’s will help management in identifying their strength and weakness, their areas of improvement, and prepare them for future roles.
Let us see how organizations can use the performance management data as a tool for implementing a successful succession planning process:
- By tracking the employee’s performance on regular basis and giving them feedback helps the management in categorizing the employees based on their work achievement, strength, development needs, and can take a decision on whether the employees are eligible for further responsibilities or not.
- One to one conversation between manager and employees also helps the management in preparing their succession plan effectively. As during their talk manager can discuss about employee’s future (career) plans which gives an important insight about the employees to the management.
- Identifying training needs and preparing employees for higher responsibilities are also part of succession planning and these training needs can be identified with the help of the performance management process, or any other kind of assessment process.
- Effective succession planning helps the organization in cost-saving as well. As in advance organizations prepared themselves for uncertainty so that they can fulfill their requirement from the organization itself, and this reduces their recruitment cost.
On a closing note, it can be said that performance management and succession planning go hand in hand to fulfill the organizations’ requirements.
For more details can reach us at sales@prizma.tech and schedule a demo.
Written By: Preeti Sontakke & Compiled by Mayuri Pandya
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