If we wanted to describe succession planning in a nutshell, we’d say that it’s your treasure map to identifying high performers within your company and polishing them until they shine. You’ll be keeping them happy by investing in their careers, and they in turn should keep your company thriving with their fueled skillset and enhanced productivity. But more than that, this on-going blueprint proactively fills in talent gaps that you may be seeing right now, or that you could suddenly have to experience without the foresight of succession management.
Let’s think of your CFO for instance. She’s served you well over the last two decades, but with her collective experience, she has options. Say she opts for an early retirement. Do you know who will replace her? Does anyone know the ins and outs of her day-to-day duties? With succession planning, you’d have all of that figured out. And not just on paper, but with all metrics carefully logged, calculated, and displayed within an intuitive system, like SuccessFactors Succession and Development.
But more than who’s leaving you, succession planning is about who you’re keeping and why. The beauty of the process lies in rewarding your existing employees who are already high performers by placing them into the system as potential heirs to essential roles. To groom them effectively for their possible next step, you’ll be able to offer them pertinent training, certification, job-shadowing, mentorship, professional development, and more. As you can imagine, this approved on-the-job training can be seen by employees as a valuable type of compensation, leading to continued engagement among these proven all-stars.
And because these natural leaders have an obvious effect on their peers, your succession planning becomes an effective trickle-down effect, leading to others within your organization rising to fill the roles of those high performers when they move on to their next post within your company.
Can you see how succession planning can be the well-oiled machine that keeps your company running at peak speed? And with the right software put in place, you can keep track of all of these points just as effectively as the treasure map itself.
Learn more from our experts here at AltaFlux, who know the SuccessFactors Succession and Development module like the back of their hand. Contact us today to get started!
AltaFlux understands what you and your organization need to excel, and can deliver rapid innovation to unleash your full workforce potential. Together, we can empower your business by streamlining, transforming, and optimizing your key HCM and talent processes with industry-leading SAP SuccessFactors technology—enabling you to adapt at the speed of change.
AltaFlux Corporation is a global HCM cloud consulting partner based in Troy, Michigan. We empower organizations by streamlining, transforming, and optimizing key human capital management (HCM) processes with industry-leading HCM cloud solutions like SAP SuccessFactors, Benefitfocus, WorkForce Software and Dell Boomi.