HR Matters: Succession Management

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Narrator 1: Hi, I am True Talent, and today’s discussion is on succession management. Succession management addresses anticipated needs by building talent benches for all positions in the organization. In contrast, succession planning is the process of identifying and developing a talent bench for a specific position. Both are an integral part of today's workforce planning.

Narrator 2: Strategies to develop a succession management model include:
1. Aligning Hiring Practices with Agency Goals - Prioritize candidates for newly vacated positions by considering your program’s needs and goals. Consider the skills most valuable for a particular position and review competitors, the local labor market, and wage comparability.

2. Developing Your Talent Pipeline - Important internal groups to identify are succession candidates who are ready for critical roles. This is your talent pipeline and other employees preparing to enter the pipeline, your talent pool.

3. Providing Opportunities for Professional Development - HR consultant, Josh Bersin calls this “growth in the flow of work.” Bersin reports organizations who facilitate growth in the flow of work are 29 times more likely to be a place where employees grow, develop, and unleash their full potential and 4 times more likely to innovate effectively.

When building your succession management model, beware of relying on performance only. Staff usually reach a point at which their current skill set is no longer as effective. That means past performance is only half the picture of future potential. This is why growth in the flow of work is so powerful.

Narrator 1: The Society for Human Resource Management shares, “Done correctly, succession management is a straightforward, action-oriented process that enables management to assess the capability of talent and determine three things: organization fit, readiness for advancement, and development needs to ensure a viable pipeline of talent.”

Which of these strategies are you using in your program’s succession management? Which would you like to enhance?

Ultimately, aligning practices with goals, professional development, and providing opportunities will enhance your succession management and build your talent bench.

Thanks for joining us! See you next time on HR Matters!

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