“Companies that allocate resources toward a long-term human asset strategy consistently achieve returns 30–50% greater than those who do not.”
—Jeffery Pfeffer, The Human Equation
Talent & Succession Management
Upwards of 11,000 workers are becoming age eligible to retire every day! Unfortunately, a large number of those are in senior management positions. To some, succession planning is about identifying replacements for vulnerable executive positions. But that limited focus is often the reason many succession planning efforts stall out all too quickly. High-potential employees quickly recognize that unless someone retires there’s nowhere to go (but out)!
At PLS, succession planning is viewed for its long-term strategic value.
We see the historic definition as short-sighted. We see the real value of succession planning as a systematic way to create leadership continuity:
- First, succession planning ensures a common language of leadership that is learned and practiced by all management positions. Not just for those replacing executives, but for managers to engage the workforce in a more productive and fulfilling work life.
- Next, succession planning links leadership competencies to strategic imperatives. Leadership continuity is about long-term organizational success. Not every competency is equally valuable to your strategy!
- Then, succession planning provides a framework for high-gain development initiatives. Not just training, but a systematic approach to strengthening the individual’s need – specific to the person that needs it and focused on the strategy of the business.
- Finally, taken as a whole, succession planning creates pools of existing talent and emerging leaders that work together effectively to carry the organization forward for years to come.
Our methodology has been honed from a variety of best practice research – small and larger businesses, private industry and government settings, large family-owned organizations, and a variety of business sectors such as utilities, manufacturing, the service sector and government.
Whether you are just beginning a Succession Planning program or trying to revitalize a program that has stalled it’s good to know there is someone to help.
Contact us today and ask for a free Succession Planning Readiness Assessment designed to help you get going on the right footing with your succession planning efforts.