There’s many ways to implement succession planning: training someone from within, career development of employees for future roles and responsibilities, career Management in creating now roles, replacing or directly hiring someone with the right experience and wider view to take the company to the next step. However you decide to go about it HR and leadership teams must clearly communicate processes and procedures and track their performance against it.
Keep evaluating your efforts
Although succession planning is an ongoing initiative, it’s important to take stock regularly with monitoring and periodic check-ins. Some metrics to consider are the reduction in the cost of turnover, the percentage of key vacancies filled by internal candidates and the total number of successful promotions.
Showcase your success stories
Succession planning is nothing if we don’t have outcomes and examples to follow. So, showcase your success stories, or you may risk your competitors getting in touch with them about an exciting opportunity.
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