Building a plan for the future with a Human Resource Management System
There's an old saying that goes, "those who fail to plan, plan to fail." This is a mantra that holds particular relevance for the business world, where a lack of forward-thinking and awareness can result in even the most profitable of organisations falling by the wayside.
For that reason, succession planning – the act of identifying and developing future leaders and decision makers within a business – is one of the most important duties an organisation can undertake when planning for the future.
That's why it's surprising to hear about the number of Australian businesses that are not paying proper attention to success planning and leadership development, particularly when looking beyond the C-level.
According to PwC, while the majority of organisations today do claim to have succession planning programs in place, these efforts usually do not extend past "a handful of high-potential executives" who have been pegged for C-suite positions.
This is a crucial mistake, as often it is the employees below these high-level executives that are delivering true value for the organisation. These roles also require succession planning in order to ensure that capable individuals will be able to step into these mission critical roles without delay.
Many organisations neglect comprehensive succession planning due to time or budget constraints, believing that implementing such a process will be too expensive or time-consuming. However, through the use of advanced technology, succession planning can be more efficient and streamlined than ever before.
By investing in an advanced Human Resource Management System (HRMS) that is capable of generating comprehensive, flexible succession plans for a variety of positions, management can acquire the tools they need to ensure future leaders are identified and groomed as required.
Identifying how your existing employees fit into your future business objectives and requirements can enable you to get a leg up on the competition, by ensuring that you are ready for whatever obstacles may come your way.