Every business leader’s day in the sun ends at some point. And when that day comes, the company has to look for other leadership options. Typically, an outside replacement is sought, but the wise ones look within.
Smart business owners look for a successor among existing employees, and they plan ahead. Training current employees for leadership succession is a good way to be prepared when the next retirement cycle hits.
This blog post sheds light on how fractional HR provides succession planning support as part of the larger talent management gamut. If you’re ready for a fractional HR-led succession solution, contact us.
What Is Succession And Why Is It Important?
Leadership is one of the most crucial elements of an organization, driving the company forward and guiding culture, morale, and work ethic.
Hiring specifically for leadership positions can be challenging. An outside hire will require more time to understand the enterprise’s nuances while trying to guide other employees. HR experts turn to succession planning so new leadership can be selected from existing employees.
Future-focused HR professionals begin succession planning by developing key talent for leadership positions from day one. HR identifies top performers and potential leaders to mentor them so they can advance in the organization and move into top-level company roles.
Choosing someone exceptional from within to fill the leader position provides a better and smoother transition option. A current staffer aligns with your business goals and is also invested in seeing it succeed.
A ready-to-go leader creates continuity and reduces company risks and disruptions. Promoting and mentoring an existing employee to a leadership position reduces the stress that accompanies the position.
Viewing Succession Within
Identifying and developing the skills of an existing employee who will take over the big seat one day means important company wisdom can be preserved. This approach sets up your company and employees for success. Here are some more reasons to look within for succession planning.
- Reduced turnover: Throwing an outside hire into a leadership position without the transfer of the previous leader’s knowledge increases their stress and creates barriers to success.
- Stakeholder and employee assurance: Investors and company staff watch the business very closely. Both these stakeholders get nervous when companies go through big changes. Having a succession plan in place can put them at ease.
- A chance for the company to grow: Succession planning is the remedy to any power struggles that may arise in a leadership vacuum. Having a leader in the wings, ready to take over, enables company and staff growth.
Bringing An Outside Perspective With Fractional Hr
Fractional HR services are cost-effective, efficient, and objective solutions that answer the call of a variety of HR problems. When planning for leadership succession, fractional HR consultants use an impartial approach to evaluate all employees, identifying the diamonds in the rough to polish and shape into future leaders.
How Fractional HR Prepares Employees To Move Up The Ladder
The HR department is involved in talent management, from recruitment to onboarding to conducting ongoing evaluation. The HR staff is ideally positioned to identify candidates for succession planning. HR is deeply aware of company goals and strategic direction and can use that knowledge to select the perfect candidate from the existing workforce.
Here are some steps fractional HR consultants take to identify leaders and put in place a succession plan.
- Talent development: Fractional HR experts work with each employee to design a progressive professional development track. Using this plan, HR consultants recommend specific upskilling opportunities for each candidate, eventually taking them in the leadership direction.
- Identifying leadership talent: Regular evaluations tell fractional HR specialists which employees are interested in and have leadership potential. Once that is done, HR creates focused leadership development paths. Some of the qualities to look for include high levels of competence and character, communication, people skills, and visionary behaviour.
- Guiding toward leadership: Fractional HR consultants use all of this information to create a thriving environment, facilitating the chosen candidate’s journey toward leadership.
- Preparing the rest of the company for succession: Fractional HR experts also pay attention to bringing the rest of the staff up to speed once the succession plan has been set into motion. Doing so ensures a buy-in from everybody and makes for a smoother transition for the new leader.
Succession Is The Way To The Future
A comprehensive succession plan involves many moving pieces. In-house HR teams excel at taking care of crucial day-to-day business and HR operations. Fractional HR consultants can work with them when it comes to success planning.
Don’t know where to begin? We can help .
