Succession Planning has never been more of an immediate concern than it is right now. But in the rush to fill a perceived talent management void, organizations must be careful not to rush into implementing initiatives that are more about taking action than about implementing a well thought out solution.
Human Capital Management (HCM) technology plays a strategic role in achieving a systematic succession planning and management program. Succession Planning is a critical component of HCM leveraging information collected from integrated performance management, cascading goals, compensation management, 360 multi-source feedback, competencies and coaching and development to help managers identify, prepare and track candidates for top of the organization, mid-level leadership ranks or for the front lines.
Careful planning culminating in a sound strategy that is tightly connected to the organization's overall business strategies and business needs is required for succession management to become ingrained in an organizations culture and practices. |