With the number of employees approaching traditional retirement age increasing dramatically over the next decade, succession planning has found itself on the front burner for many companies.
Succession planning is the process of preparing internal staff to meet the future needs of the organization. It also helps organizations retain their best people, because they appreciate the organization’s investmentin their development. It is sometimes referred to as succession management to reflect the ongoing natureof the process.
The succession planning process is similar to the recruitment process in that it entails:
determining the organization’s needs for current roles or for future roles that may not be clearly defined
assessing candidates for those roles
revealing where gaps exist, to probe in the interview process or to determine development plans As such, The McQuaig System can support the succession planning process in four key areas.