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How a Succession Planning Strategy Can Help Your Bottom Line

 by Patrick Allen, Vice President of Strategy and Development

Succession planning is the process in which valuable insights, knowledge, and skills are captured from outgoing employees and shared with remaining or incoming ones.

Why is this important for your business?  Often, the nuances and information pertaining to a specific job role are enormous.  Imagine there is a crucial role in your organization that only one person understands and can execute the functions of.  If this person left the organization, this absence could leave your organization vulnerable. By implementing a succession planning strategy, this kind of risk can be avoided.

In addition to risk mitigation, succession planning strategies are useful in the enhancement of onboarding.  When a skilled employee or manager leaves their position (whether it be advancement, secondment, or an opportunity external to the company), the ability to replace this individual with relative ease and speed is critical.  A good succession plan promotes both ease and speed. This translates to lessened cost in the transition process. Time is money and succession planning is designed to maximize time and minimize risk while expediting the process.

The Competency Group are experts employ a systematic approach to knowledge capture and competency-based training design. These two core competencies can be invaluable to any company that wants to reduce HR costs and mitigate risk in skilled worker turnover.  You can view the components of our Succession Planning Template here.

If you have any questions about succession planning or are interested in learning about the other HR services we offer, please contact us at info@thecompetencygroup.com.

The Competency Group is a recognized leader in innovative human resources development and management consulting services. Our practical tools, strategies, and products maximize your workforce capabilities to boost your organization’s productivity and profitability.

Tags: competency mapping, competency-based learning, competency-based training, knowledge capture, performance management, succession planning