A Succession Planning Program At The Managerial Level And Above Is A Characteristic Of High Performing Businesses.
The experts report that strong performing companies are assessing potential with a consistent process across the organization. 82% have made at least one complete assessment and 32% are doing it as part of a standard process. Weaker performing companies do not assess potential as a standard process.
- Are you worried about what the unexpected departure of an executive or key employee would do to the business?
- Do you suspect that many workers are not in the roles where they can add the most value?
- Are you Concerned about talent gaps down the hierarchy as promotions create new vacancies?
- Are you Worried about the impact on the business of promoting people into key positions when they are not yet ready?
- Are you Overwhelmed by how to keep track of Succession information and manager nominations?
- Are you prepared for the cost, headache and risk of replacing key staff who depart unexpectedly?
What is SuccessFactors Succession Management?
Succession management is a set of tools which enable companies to anticipate and plan for leadership gaps. Leadership gaps or the talent gap occur because workers are not in roles where they can add the most value or a key employee departs unexpectedly resulting in a gap that is difficult to fill.
Succession management gives your organisation the visibility it needs to identify and anticipate the talent gaps in your organisation as well as provide the insight required to help you bridge those gaps. Succession information allows organizations to:
- Understand who they need to retain, and who needs to be hired.
- Predict which positions are at high risk for loss.
- Drive relevance of development planning and engagement in learning.
- Increase the relevance of the performance management process.
Succession management increases workforce readiness and improves goal execution over time.
SuccessFactors Succession Management reveals talent gaps and provides the insight and tools to plan for organizational change.
What does â€œSuccessFactorsâ€ do?
Succession Management gives your organization visibility into your existing talent pool, reveals talent gaps, and provides the insight and tools to help you bridge those gaps and plan for organizational change.
How does â€œSuccessFactorsâ€ work?
The core capabilities of Succession Management give you effective visual charts and reporting tools that let you easily assess your talent pool (i.e. Performance-Potential Matrix, Org Chart) to help identify the top performers best qualified to fill your talent gaps (Search, Side-by-Side comparison).
How is â€œSuccessFactorsâ€ used?
For example, the dynamic Succession Org Chart gives managers a clear picture of their future leaders, who is at risk of loss, and the depth of each positionâ€™s bench strength. Managers can leverage the full power of our integrated suite by clicking on any employeeâ€™s Quickcard to get one-click access to their goal plan, performance review, development plan, etc.
It enables your business to effectively fill business critical positions. It enables organisations to focus on supporting, motivating and developing talent rather than face the cost and headache of replacing them.
What benefits will you receive from SuccessFactors?
It provides quick visibility into your talent gaps including key indicators such as:
- Bench strength
- Retirement eligibility
- Flight risks
- Key positions etc.
Succession Management is a Key Component of an Integrated Suite
Succession Management is one component of an integrated Talent and Performance Management suite. When combined with other modules, the value of the solution increases exponentially.
- Visibility into career opportunities provides increased relevance for the performance management process.
- Compensation can be adjusted based on succession planning outputs such as who needs to be retained, and which positions are at high risk for loss.
- Succession nominations and internal placements drive relevance of development planning and engagement in learning.
- Succession information allows organizations to understand who they need to retain, and who needs to be hired.
- Constant workforce readiness ensures goal execution over time.
SuccessFactors Intelligent Features Drives Real Results
- Succession Org Chart reveals leadership gaps and bench strength (helps managers identify talent gaps).
- Talent Search â€“ Company-wide successor searches using comprehensive search criteria.
- Performance-Potential Matrix (9-Box) plots employees along an easy to read chart that clearly identifies top and under performers.
- Side-by-Side Comparison allows easy candidate comparison by dimensions such as education, experience and more.
- Employee Scorecard provides vital metrics for each employee in a single snapshot.
- Instant Nominations â€“ let leaders instantly search for successors and nominate them on the fly.
- Lineage ChartÂ gives insight into the â€œDomino Effectâ€ that could take place if a high-level succession plan is put into action.
- Know Your Talent – The organization will have a better understanding of your talent and employees to make more informed decisions. (talent review)
- Identify Talent Gaps – Easily identify where current and potential talent gaps lead to poor execution within your organizational structure. Assess the impact of loss to your business and gain visibility to your bench strength.
- Broaden the Nomination Pool by expanding your talent search beyond your immediate sphere by leveraging robust nomination capabilities and a company-wide talent search engine.
- Promote the Right Talent by identifying the right candidates to fill leadership gaps quickly and objectively using competency based search capabilities and side by side comparisons of top candidates.
- Reduce turnover and increase engagement through internal placements.
- Find out if putting a Succession plan into place would expose any talent gaps down the hierarchy as the replacement creates a new vacancy.
- Provides improved visibility down the hierarchy as managers can view paths where there is an insufficient readiness of successors.
- Shows Successors that are on critical paths but have too many nominations so managers can take proactive steps to find other nominees.
Enables a Best Practice Approach Succession Management
- Talent review
- Analyse bench strength
- Identify talent gaps
- Profile position requirements
- Search candidates
- Compare candidates
- Nominate successors
Benefits at Every Level
- Constant workforce readiness to tackle issues in an evolving business.
- Reduced turnover and increased engagement through internal placements.
- High visibility into team talent readiness.
- Direct influence on succession plans via succession ratings, flexible search, and nomination.
- Greater influence on career path with self-service profile.
- Equal opportunity to grow professionally and advance career.