Our Insights on Succession Management
Given the challenges so many organisations are facing globally, Somerset House Consulting would like to share some global best practices for effective succession management – a topic that has become even more pronounced given the global pandemic.
Research into succession management suggests that Global Top Companies focus extensively on the following:
- Identification of a leader’s current performance versus his/her future potential
- Development of high-potential (or equivalent) pools of candidates
- Assessment of potential for advancement
- Assessment of leadership skill gaps
- Identification of which jobs / roles are critical to the future success of the organization
- Preparing workforce plans (e.g., 3 – 5 years in advance)
- Identification of internal successor pools (e.g., high potential)
- Development of successors for specific positions
In relation to this, organisations need to ask a number of critical questions:
- Who in your organisation has strategic capability?
- Which employees and managers have the potential to lead your organisation in the future?
- Have you crafted a comprehensive succession management plan?
- Do you understand the difference between technically strong employees versus future leaders at the next level?
Somerset House Consulting embraces a holistic approach to assessing employees’ ‘strategic potential’, and we do so using sophisticated and powerful assessment tools that match current employees to future requirements.
These tools enable your organisation to:
- Select managers and leaders into their organisations
- Understand their internal capability i.e. developing capability scorecards
- Understand their bench strength
- Develop succession pools
- Develop potential-performance matrices
- Select young talent with the propensity to be leaders
For more information on our ability to help you with your success management please email: firstname.lastname@example.org