19th January 2016
January always has the potential to disrupt your business. It’s the month employees are most likely to consider changing their job, as the New Year offers the opportunity to make a fresh start. However, you don’t have to watch your most talented members of staff walk out the door for pastures new, provided you offer them the right motivation to stay. And when that’s not possible, effective succession planning can help ease the transition and ensure your company doesn’t suffer in the long term.
There are some contrasting approaches to succession planning, some more effective than others. Many companies focus on solely replacing the position that has been vacated, which can lead to a narrow-minded approach to recruitment. The companies that succession plan the best, however, have a continually evolving workforce, where a talent pool is identified and developed so that there are a variety of employees capable of making the step up and filling more senior positions.
This approach has far-reaching implications for the efficiency of your business. Your team will be highly capable as a result, with an increased skill level in junior and middle positions, and internal candidates ready to take on more challenging roles. But the benefits don’t end there; effective succession planning can also help improve retention, by investing in your existing employees and valuing them within the business.
As the ‘millenial’ generation begins to comprise more and more of the global workforce, employees expectations of jobs will continue to shift. Growing emphasis is placed on the empowerment of employees and stimulating work, with professional development becoming increasingly desired and in some cases, expected. Whilst pay remains the top reason an employee may want to leave their job, the offer of progression and future opportunities within a company certainly have an impact in making a member of staff stay in your organisation.
If you don’t want your members of staff to seek ‘a new challenge’, or want to stimulate them and provide them not just with the chance to excel, but to prepare to fill the most essential positions within your company, there are few better places to start than a management course. With new Level 4 courses available, and heavily subsidised apprenticeship programmes that allow existing employees to gain new skills and qualifications without disrupting your business, you can begin to empower and develop your workforce without having to secure an increased training budget!