Succession planning is essential for organizations of all sizes, no matter how certain the future is. Succession planning helps tide over unpredictable movements and gradual shifts on your maturity curve. We explain why technology plays a critical role, and how companies like Apple have leveraged cutting-edge HR models to ensure sustainability.
The modern workforce is heavily influenced by the growing ‘Millennial’ employee base. Born between 1981 and 1997, they are a dynamic and digital-savvy breed, always eager for the next opportunity and further progression. For HR teams, recruiting, engaging with, and retaining millennials is often a challenge. Here, a strong succession planning strategy and the use of technology to streamline its implementation could be a major game-changer. Let’s look at how succession planning can make a difference and how technology can help put it all together.
Direction is everything
Companies are now trying to embrace the new workforce and create a plan of action that secures the future of their businesses. Corporate training, L&D programs, and other change and talent management initiatives are integral to any company’s succession planning framework.
It is important to begin by emphasizing on the direction and focus — and a convergence of leadership programs, long/short-term goals, and employee sentiment analysis. Here, a digital curriculum which prepares the groundwork for high performing employees to gather greater competencies, develop cross-functional learning, and prepare themselves for future leadership roles, could be a true value creator.
Planning makes it tangible and goal-oriented
No matter the size of the organization or the industry type, it is important for companies to prepare for the future. This is where technology can be a genuine differentiator. There is a plethora of top-of-the-line software solutions which can help strengthen a succession planning strategy, guide candidates across every step of the employee lifecycle. Further, applicant tracking systems, video interviewing, virtual assistants, and other tech tools ensure that all employees regardless of the location are equally skilled and aligned to organizational culture.
A recent report revealed that there are over 600 LMS solutions available in the global market, each carrying unique features. The most common feature across all software was solid performance management capabilities and succession planning. Performance management systems, corporate training modules, and other LMS tools will help employees focus on growing, grooming, and nurturing themselves towards greater professional expertise. In turn, this will in turn improve profitability and employee productivity.
How software helps
Remember, there are leaders waiting to be groomed both inside and outside the company. With businesses focusing on talent management like never before, cutting-edge HR software can help track and train new leaders by creating a growth and leadership plan for every employee. Even as the employee progresses across the digital curriculum, senior management canmonitor their progression map and assign newer, more fitting roles.
Consider Apple, a leading consumer electronics brand which went through a major leadership change in 2011 after the death of Steve Jobs. Jobs had displayed incredible foresight by setting up Apple University in 2008. Apple’s corporate university has a leadership curriculum with content and materials based off of Job’s experiences. Its purpose is to “teach Apple employees how to think like Steve Jobs and make decisions that he would make.” Their digital curriculum is a great example of how technology can play a big role in a company’s leadership succession and can even go beyond just one person — you can read more about it here.
For larger businesses, it implies the centralization of team management and a single, end-to-end data repository, for better insights and analytics via a unified dashboard. For smaller companies without the manpower needed for a larger HR department, the technology can offer an end-to-end approach for talent management, training, and succession planning strategy.
A final word
A succession planning strategy is simply all about employee engagement, today, more and more workers are demonstrating an appetite for personal development and growth, made available through a variety of devices and technologies. When companies invest in succession planning and introduce new tools for implementing a calibrated pathway, it will result in greater synergy among millennials, enhancing morale and engagement. Over time, it will also help the next line of leaders find a deeper and more meaningful intersection with a company’s larger objectives.