Global Trend in Succession Planning

Succession planning management is a process of identifying future job openings and recruiting, developing, and retaining specific employees who show potential to fit into future job openings in the organization. Most companies look at internships and management trainee positions to identify and develop such prospective employees to become leaders of the future within the organization.

With globalization and an unpredictable business environment organizations have been forced to configure rapid change. In the past companies would identify a candidate and once employed would groom the employee to take on a specific future role within the company or were busy looking for suitable employees when existing employees were due to leave. In today’s world, the company is forced to use pools of high-performing employees with the potential to take part in future openings.

In addition to the issue of globalization and fast-changing markets, there are generational characteristics that play a role during succession planning which companies need to identify to get employees engaged in the workplace. Social media and job searchers can help companies look for suitable employees quickly with a fraction of the cost to fill existing and future openings.   

 

  (October 31 and 2017, n.d.)

Trends throughout the world that affect succession planning and management.

1.    Time is critical – It is important to find high-potential talent quickly and train and develop these individuals within the shortest period of time to fit into job roles today.

2.    Skills Market – There is a wrong assumption that there is an abundance of talent globally and that companies that are willing to pay enough can find the right talent.

3.    Talent pools – Companies create talent pools that might have individuals with different strengths this could be useful when working as a team and lets the company find the right profile type in the event there is a need.

4.    Reduced Loyalty – Employees no longer look for employment that lasts a lifetime because they do not trust companies to make the right choices to suit their objectives and needs.

 

Identify future job roles.

Looking at the existing company performance and the employees that are expected to leave, retire or be redundant would shed light on some of the job roles that need to be filled in the future. There would also be expansions and diversification of the company that might result in the need for specific job roles to be filled. Trends in the market that might push the company towards a different approach to business also need to be considered when identifying future job roles.

Recruit suitable candidates.

When recruiting suitable employees that can handle future job roles one must take into consideration the future needs of the business, technological advancements globally, and mobility in some cases. Ideally, the employee should stay at the company long enough to be developed to the fullest potential and to be productive. Some skills that were needed in the past are not that important since AI and other technological advances have taken place (Roberthalf.com, 2018)

Develop employees to fit future job roles.

A company should evaluate existing employees’ skills to identify which skill sets are available and which required skills need to be developed. A learning process should be developed keeping in mind the skill set needed for the company to achieve its goals and objectives. Reskilling might be needed in some cases to sharpen and refresh employees of the skill set needed. When recruiting employees, select employees that are willing to learn and develop themself so that both the company and the individual can benefit from the training and development. (Institute, 2019)   

How to retain employees

Besides salary and benefits employees need a purpose, mentoring, the opportunity to grow, a work-life balance, and a clear set of goals and rewards for them to stay at an organization. During the industrial age, people held on to a job for food and sustenance but in today’s world employees look for a purpose (Vantage Circle HR Blog, 2018).  “Help Them Grow or Watch Them Go is an important contribution to leading organizations where people and talent growth matters to success.” —Kevin Wilde, Vice President and Chief Learning Officer, General Mills

Conclusion

With globalization taking effect on companies and employees different approaches should be taken in order to plan, execute and develop strategies to attract, develop and engage employees to perfume duties and tasks to achieve company goals in an ever-changing world.  

 

 

REFERENCE

Employee Experience Magazine. (2021). Generations in the workplace training: multi-generation workplace. [online] Available at: https://www.emexmag.com/generations-in-the-workplace-training[Accessed 15 Apr. 23].
‌G-P (2022). 6 Strategies to Boost International Employee Retention. [online] G-P. Available at: https://www.globalization-partners.com/blog/international-employee-retention-strategies/#gref [Accessed 15 Apr. 23].
Institute, T.M. (2019). 4 Strategies to Prepare Your Employees For The Future Of Work. [online] Medium. Available at: https://medium.com/@McQuaig/4-strategies-to-prepare-your-employees-for-the-future-of-work-c91efb8aa073 [Accessed 14 Apr. 23].

October 31 and 2017 (n.d.). Managing Five Generations in the Workplace. [online] BSCAI | Building Service Contractors Association International. Available at: https://www.bscai.org/Contractor-Connections-Hub/BSCAI-News/managing-five-generations-in-the-workplace [Accessed 14 Apr. 23].

Roberthalf.com. (2018). How to Recruit Employees Who Will Thrive at Your Company. [online] Available at: https://www.roberthalf.com/blog/evaluating-job-candidates/how-to-recruit-employees-who-will-thrive-at-your-company  [15 Apr.2023].

SHRM (2019). Engaging in Succession Planning. [online] SHRM. Available at: 

https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/engaginginsuccessionplanning.aspx [15 Apr. 2023]

SPARK. (2016). How to Improve Retention in an Increasingly Global Talent Market | SPARK Blog | ADP. [online] Available at: https://www.adp.com/spark/articles/2016/06/how-to-improve-retention-3-strategies-for-an-increasingly-global-talent-market.aspx [Accessed 15 Apr. 2023]. 

Vantage Circle HR Blog. (2018). The 20 Best Employee Retention Strategies. [online] Available at: https://blog.vantagecircle.com/employee-retention-strategies [Accessed 15 Apr. 23].

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