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Experts: Succession Planning Crucial in the Year Ahead

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Companies need formal succession plans to be competitive in 2015.

In HR Magazine’s “What’s in Store for HR in 2015?”, Josh Bersin, principal and founder of Bersin by Deloitte, wrote that many organizations struggle to facilitate internal talent mobility. Fewer than one-third have formal succession plans for all but the very top levels.

“When an employee leaves a company, we are forced to bring in someone else who starts at the bottom of the curve,” said Bersin. “This means we incur the cost of hiring, the loss of productivity and the diminished learning curve of the new employee.”

However, if HR facilitates internal talent mobility, people are constantly being developed and challenged and engagement goes up. Tips include:

  • Make sure that all posted positions are marketed internally and that employees are encouraged to apply for them by creating incentives.
  • Invest in onboarding and new-hire orientation.
  • Assign career coaches to map patterns of movement and chart career paths.