One of the biggest challenges that companies face today is how to prepare for the next generation of management. Organizations need a succession plan because they require talented people to take up the key positions when the current holders leave. However, they rarely know where to start the process of succession planning in Singapore.
If you have not thought of succession planning or preparing the plan is proving a hard nut to crack, we are here to help. This post is your comprehensive guide, highlighting the main steps to succession planning in Singapore.
You cannot operate a company, no matter its size, without having a pool of talented persons to fill leadership positions when they fall vacant. Even the most respected companies on the globe can easily lunge off a cliff if they do not install a clear plan for succession.
Succession planning is a method of identifying and developing future leaders in your business. Note that it is not just the top leadership, but at all levels. The plan helps to prepare for all contingencies so that your company can grow bigger, stronger, and more profitable.
Now that you know what succession planning in Singapore is, here are the main steps you need to follow.
Many are times when you are able to pre-tell that an important member of the staff is about to leave. For example, you can tell when a manager is about to retire, or the contract of a selected member is coming to an end. However, there are times when the exit is sudden, and this is why you should be prepared with ready talents to step in.
The two most important questions to answer at this point when planning for succession are:
After assessing the ripple effect of the vacancy for a specific position, make sure to select team members who can potentially step in to fill them. Think of it this way. If you wanted to hire for a particular position internally, which specific employee would best fit the bill? Narrow down to the qualifications and experience of these candidates and determine if they require additional training.
This is best done in private meetings to ensure that the selected persons are ready to step in and take the company forward if called to. So, let them know that they are earmarked for leadership positions but do not give guarantees. This will make the selected persons start thinking of how they can excel, steer selected departments ahead, and grow the entire company to the next level.
Now that you have the best candidates, it is time to move to the next level. So, you need to identify areas of professional development to ensure they get the required skills. At this point, job rotation will also come in handy to build the experience required in different areas.
Do not sit back and wait until a crisis strikes to get the succession plan into motion. You need to help the successor be able to assume some responsibilities in real operations. So, let the successor take the role, say of a manager on vacation, and ensure he/she can run the department or team correctly.
Then, integrate the succession plan into your hiring strategy. This should highlight additional skills that the selected successors need to have to improve their work. You might even plan for an exchange program with sister companies abroad to expose the potential successor to more scenarios.
Does this process look tough? Many companies find the process challenging. If your company is complex, has a lot of work, or is in the process of scaling, succession planning can easily be relegated to the back seat. The best way to get it right in succession planning in Singapore is to work with an agency of experts. Reach out to visit Hawksford, one of the most respected firms in Singapore, for the most effective succession plan.