Succession planning can look like a long process, but it ultimately helps a company save time and money in the long run. Succession planning is a building block to offer a sound future to the company. It is a process through which companies ensure that employees are hired and developed efficiently to fill a vital role in the organization.
In simple words, succession planning ensures someone can take a role when the position opens up because of unexpected circumstances or promotions. It is a crucial process essential for all employees, but it begins with leadership and top management. It ensures a company’s growth, letting the superstar employees know that their organization values them and has bigger aspirations for them going beyond a good package.
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Here’s how world’s biggest brand – Apple benefited from succession planning:
Before stepping down as Apple CEO, Steve Jobs drafted his succession plan through Apple University. Set up in 2008, Apple University features leadership coursework with content based on experiences of Job. Its objective is to teach the workforce of Apple how to think like Jobs and make decisions. This virtual course is an excellent example of how technology is used to prepare leadership succession for a company.
Apart from Apple University, Steve Jobs did his best to prepare Tim Cook for the CEO position. According to his resignation letter, he strongly recommends executing his succession plan and assigning Tim Cook the position of Apple’s CEO.
Apple realized the significance of a proper succession plan to ensure that there are no issues in leadership in a company.
How to plan and execute succession planning?
When putting up succession planning, start from the inside. What candidates are excellent choices in your company? Check the top-performing employees with natural skills. Ensure you evaluate talent internally. Being high-performing is insufficient; you can also add a coaching plan to help your employees shine better. Potential is also a consideration when finding the right person for a senior position.
Then it is time to look outside your company. Evaluate your options and look for ideal hires for high-level positions. Once you have found your employees, invest in their skills and experience development.
Align them with your company’s goals and develop a positive workplace culture, finding motivational sources. You can assign mentors and coaches to engaged employees and leaders. This will encourage them and assist them in working their best and enhancing their potential to emerge as quality leaders.
How uExcelerate helps companies get the best results
Succession planning has become more critical than ever. Companies who select leaders from their inside have noticed a 70-80% success rate, and uExcelerate latest coaching techniques and one-on-one training have made it simpler than ever. uExcelerate offers companies the power to develop a perfect fit and effective leadership plan for every employee individually. Check out our latest PACE programs that offers one-on-one and group coaching based on your specific requirement.
With the progress of employees, their pathways are adjusted to fit the company’s needs. uExcelerate helps companies measure their goals and increases the odds of success of employees with their executive training and development. It aims to train employees by exposing them to the best ways to handle teams. By consistently assessing employee productivity, the coaches ensure efficiency increases over time. With consistent mentorship and support throughout, companies notice effective change and growth.