Richard Ghilarducci Discusses the Importance of Succession Planning
Succession planning puts emphasis on making the right talent available for future leadership and business-critical positions. As per Richard Ghilarducci, the popularity of succession planning has considerably gone up over time in response to talent gaps, and today is widely used in organizations of different sizes. It largely involves identifying and training prospective future leaders and senior managers to fill business-critical roles.
Richard Ghilarducci sheds light on the importance of succession planning
While bridging the gap between open roles and leadership positions is an important aspect of succession management, this process does go beyond that. Succession planning also takes leadership development into account, to make sure that a workforce is able to reach its fullest potential. Employee development and succession planning go hand-in-hand. At its very core, succession planning is about investing in employees that can help lead a business to its full potential. Regardless of the size of a company, leadership transitions can be made a lot more effective and simple with proper succession planning.
A promotional policy that prioritizes the advancement of employees can help companies to maintain top talent. A robust, transparent succession plan that puts focus on generational differences can help ensure that the employees stay productive and happy, as they know that they have a path to grow at the organization. Most businesses market themselves as great places to work, but having succession plans can actually help back up this claim. Leadership development, internal hiring and transparent succession planning are some of the ways a company can show that it truly values employees.
As Richard Ghilarducci mentions, it is vital to include varying perspectives when it comes to building teams and organizations. Individuals who efficiently embrace inclusive practices usually become more effective leaders, and their firms experience higher levels of success. Leaders must be intentional in regards to how they source candidates, as well as train and break biases in the workplace, so as to develop inclusive leadership skills. Succession planning can lend itself to increased diversity, when leaders put emphasis on bringing a culture of belonging to the workplace. When done right, succession planning can go a long way in strengthening the culture of a company.
Leaders typically have a high level of influence on the actions, behaviors and mindset of the employees. As good leaders retire or leave, it becomes vital that the people filling their shoes also model a similar set of values. Thoughtful succession planning is needed to make sure that organizational leaders are able to continue the embodiment of the core values of a company.
The business landscape is constantly evolving and changing. Hence, to successfully prepare for the future, business leaders must consider what is looming ahead. Even though many companies may need to weather rough patches and constant change, future-mindedness can go a long way in softening the impact. A company with a proper succession management and planning process in place shall be better equipped to thrive in changing conditions. Hence, these companies are able to enjoy improved resilience and organizational stability, which ultimately fosters market confidence and drives shareholder value.