Chinese companies don’t look at the talent already working for them and see potential leaders. It’s possible that the marketing assistant who works in the office at the end of the corridor could make a great Chief Executive one day. Succession planning that regards existing employees as potential candidates for new positions may save companies a lot of grief. Graval’s workshop in Hong Kong addressed what best practices need to be implemented to find successful successors.
Francis Chan, Country Manager—Hong Kong, Lumesse spoke at the workshop and raised the risks of not undertaking succession management that organisations may face. He also showed the link between succession planning, performance, learning and other areas of talent management by sharing business case studies and best practices of succession management utilizing manager and employee self-service platform with the audience. For example, companies may utilize the platform to conduct competency gap analysis, review skills inventory, and analyse performance and potential of candidates. As a best practice, companies were recommended to understand and define workforce potential according to their business needs and core values, develop their talent pools and recruit from within (searching the existing talent pools for internal candidates to fill openings), which would greatly minimize retention risks and facilitate companies to identify top talent and develop the next generation of leaders.
Manfred Lau, Business Director, Graval, said, “Succession planning is a forward looking HR and business activity that foresees future leadership roles and requirements for an organisation. Few companies today have the capability to structure, design and execute a succession plan that delivers the right candidate to the position.”
Chan added, “To respond to rapid organisational and market changes, succession management is key to a company’s growth and survival. An effective succession management strategy improves leadership, ensures organisational continuity and reduces talent shortage,” he continued, “with the unenthusiastic market outlook, companies should start rethinking their talent strategy for 2012 in order to minimize recruitment costs and improve employee retention rate. It brooks no delay to start succession planning today!”
Paul Arkwright
Publisher
