Michael Page Logo

Language

  • English
  • Français
  • Deutsch

Main menu

  • Home
  • Candidates+

    Searching for a job?

    • Searching for a job?
    • Job search
    • Submit your cv
    • Join PageGroup
    • Join our SSC in Barcelona
    • Our recruitment process

    Looking for advice?

    • Looking for advice?
    • Career advice
  • Recruitment+

    Recruitment services

    • Recruitment services
    • Our Expertise

    Management advice

    • Management advice
    • Attraction and recruitment
    • Development and retention
    • Induction and engagement
    • Temp & Interim Management

    Recruitment

    • Recruitment
    • Banking & Financial Services
    • Commodity Trading
    • Engineering
    • Finance & Accounting
    • Healthcare & Life Sciences
    • Human Resources
    • Information Technology
    • Interim Management
    • Legal & Compliance
    • Office & Management Support
    • Procurement & Supply Chain
    • Property & Construction
    • Sales & Marketing
    • Sales Administration & Customer Service
    • Tax & Treasury
  • Advice & News+

    Career advice

    • Career advice
    • Job search advice
    • Cover letter and CV advice
    • Job interview tips
    • Growing your career
    • Temp & Interim
    • Work-Life-Balance

    News and research

    • News and research
    • Media releases
    • Salary Factsheets
    • Studies
    • Market updates

    Management advice

    • Management advice
    • Attraction and recruitment
    • Development and retention
    • Induction and engagement
    • Temp & Interim Management

    Profession

    • Profession
    • Engineering
    • Finance
    • IT
  • Interim
  • About us+

    About us

    • About us
    • Michael Page
    • Page Personnel
    • Page Executive
    • Page Outsourcing
    • PageGroup
    • Join PageGroup
    • Discover our Barcelona Shared Services Centre 
    Join PageGroup
  • Contact+

    Contact

    • Contact
    • Contact Michael Page
    • Submit your CV
    • Submit a job spec
    • Request a call back
My account
Saved jobs (0)

Language

  • English
  • Français
  • Deutsch
Saved jobs (0)
My account
My account
Search for a job

We are maintaining our support to you in these extraordinary times. Read more

You are here

Home>Advice>Management Advice>Development and retention>The value of succession planning

The value of succession planning

The value of succession planning
Employees leave companies for a variety of personal or professional reasons. Events such as retirement leave positions vacant, making a thorough succession plan an essential part of every successful, future-oriented company. Here we provide you with tips on how to create a succession plan. Following suggestions will save a company time, effort, and expenses any time a position opens up..

Identifying promising leaders in your organisation

Time should be dedicated to determining which employees have the ability to take on responsibilities. Such individuals fill leadership roles when a position becomes vacant. A sense of continuity is established within your company's management. Moreover, allowing qualified employees to shine in a position of leadership motivates them to stay with the company. They can see how their professional career could develop over time.

Planning ahead to ensure a smooth transfer

The key to a successful succession plan is creating it well in advance, ideally in periods of low stress. Knowing the competencies required for specific roles within the company hierarchy helps narrow down the employees qualified to fill said roles. Future managers then have ample time to prepare for their new responsibilities. Mentors and coaches can plan training and feedback sessions that will expand upon a potential manager's skills and qualifications. Job rotation is another great method of determining who is best suited to fill particular roles and which combinations work best. Allowing a transfer of knowledge between current and future managers ensures that vital information is retained within the company.

Guaranteeing success through succession planning

Remember that the choice of potential successors is an ongoing process. Management should identify where improvement would increase efficiency and which employees show talent. Constantly focusing on these areas guarantees future success, and it also ensures continuity in the here and now. With the right succession plan, your company has little to fear from sudden or anticipated departures of key employees.
Previous
Top tips for retaining staff
Top tips for retaining staff
Read article
Next
3 ways to boost employee engagement
3 ways to boost employee engagement
Read article
If you're a candidate and would like to apply, please refer to our candidates section.
CVs submitted on this form will not be actioned.

Get in touch

Topics

  • Career Advice
  • Management Advice
  • Profession
  • Market Updates

Popular Articles

  • The importance of networking
  • Switzerland is one of the most interesting e-commerce markets in Europe
  • Switzerland's FinTech sector is flourishing
  • Switzerland’s top three human capital trends 2018
  • Reach your goals with strategic career planning
  • Introvert vs extrovert, what we can learn from both
Michael Page Logo
  • Follow us on FacebookFollow us on Facebook

General

  • Site map
  • Recruitment Terms & Conditions
  • Feedback
  • Privacy policy
  • Imprint
  • Cookie policy
  • Country/Region

Find jobs by sector

  • Accounting, Audit & Advisory, Tax and Treasury
  • Banking & Financial Services
  • Commodity Trading
  • Consultancy, Strategy & Change
  • Customer Service
  • Engineering & Manufacturing
  • Executive Search
  • Healthcare & Life Sciences
  • Human Resources
  • Information Technology
  • Legal
  • Logistics, Procurement & Supply Chain
  • Marketing & Agency
  • Office & Management Support
  • Property, Construction, Facilities Management
  • Public Sector & Not for Profit
  • Sales

Employer Centre

  • Request a call back
  • Submit a job spec

About Michael Page

  • Corporate Site
  • Investors Site

Michael Page International (Schweiz) AG | Bleicherweg 10, 8002 Zurich | Switzerland 

© Michael Page (2020)