Here’s a quick question for all you savvy business leaders and HR superheroes. Have you ever watched a game of snooker (stick with us if you haven’t) and marvelled at how the top players pot a ball and perfectly set themselves up for their next shot? Well, now imagine your company is Ronnie O’Sullivan and your workforce are all the balls on the table. We want to share with you the art of workforce planning and succession management, the tools to secure your companies future.
Just imagine for a second, things are going amazing; you’re smashing your targets, the company is hitting all of its milestones, it’s looking like it’s going to be your organisation’s best year ever, and then…. Boom! Your star employee drops a bombshell, and says they’ve decided to go travelling, or explore new opportunities elsewhere. Whilst things are going amazing, you start to think “hmm, who’s going to fill their shoes?” Well don’t worry too much, this is where workforce planning and succession management saves the day. If you’ve not thought or heard about this before, don’t panic that’s why we’re here – just keep reading.
Workforce Planning
Ok so what does it mean, what’s the plan? It’s the process of attracting, hiring, and training suitable candidates within each of your departments to build a robust organisation. With the end product being the avoidance of under or overstaffing, and supporting the hiring of employees with the right skills, knowledge, and experience.
Incorporating a strategy of analysing your current talent pool, predicting your future needs, and identifying any skill gaps you may have. This plan helps your company respond to any potential economic, or technological trends that may disrupt the workplace.
What is that famous saying “Failing to prepare, is preparing to fail.” We couldn’t agree more. So, get planning!
Succession Management
Succession management is the art of cultivating your next generation of leaders. Imagine this as Premier League’s youth academy; great organisations will identify high-potential talent (spot a good young player), provide them with growth opportunities (game time and training with the first team), and groom them for leadership roles (a place in the first team). It’s not just about building the best team for the here and now, it’s about covering all positions and future proofing the club’s interests.
It’s alright describing this, but we imagine you’re saying, “How do I do that for my company?” Don’t worry, we’ve broken it down for you in steps.
Step 1: Have a broad knowledge of your people
It starts by taking stock of your current talent pool. Who are the rising stars within your organisation? Are there any people that may leave the company soon for any reason e.g. Retirement. Regular performance reviews of your staff will help you learn what the individual is aiming for and will help you pick out potential successors.
Step 2: Know where you’re headed
If you know where your organisation is headed, you will then know what you need to help you get there. What skills are imperative for your staff to possess in order to navigate the challenges ahead? Determine which positions in your company are ‘critical roles’ and would be the most difficult to replace.
Step 3: Spot your future leaders
It’s key to look out for the best and brightest staff available to you. Whether this means searching out new talent outside of your organisation or nurturing your own. You must ensure your company is equipped with the skills it needs to succeed now and moving forward.
Step 4: Train and empower
It’s time to start training your staff with the tools they need to thrive. From training programs to mentorship initiatives, you need to invest into their growth, as the returns will be the future of your company. Regularly review your staff and update your plans as you do. Continuous monitoring will help you guide/adjust staff development plans as needed. Feedback mechanisms will ensure that your succession plans are aligned with your companies needs and the employees’ aspirations – your ideal option may not want to go in the direction you would like them to, or perhaps somebody you had previously not thought about may suddenly begin to shine!
Step 5: Always be ready to adapt
The only constant in life is change. We need to stay agile, adaptable, and ready for what may happen. There are so many elements that can affect your organisation. Technological advancements, market shifts, or changing consumer expectations have the power to disrupt industries overnight. So let’s make sure we’re ready!
Collaborate with recruiters
It is in your organisations best interests to work closely with your recruitment agency. Treat them as a strategic partner, rather than a vendor. If you share your organisations long-term visions and goals, you can work together to achieve this. Sharing workforce data and insights helps a recruiter understand the organisation better and identify trends. Together you can develop and maintain talent pools for critical staff and those hard-to-fill roles.
This is your opportunity to utilise your recruitment agencies market intelligence and expertise. Seek their advice on future proofing your company and let them feedback on your succession processes to help implement improvements.
Major Recruitment have branches across the entire UK and each branch is filled with experience recruiters who are ready to help you and your organisation. If future proofing your business is something that you haven’t thought of yet, give your local branch a call and have a little chat about how we can help you out.
If your company is currently flying high and is constantly developing, now is the time to have this talk. Hurried hiring of mediocre staff for the sake of filling a vacancy, could result in high expenses and decreased productivity. On the other hand, effective future proofing and workforce planning can reduce needless spending, eliminate inefficient hiring practices, and enable accurate predictions of future job developments.