Effective succession planning in Singapore is the best “insurance policy for a company’s” sustainability and long-term success. For some, this is never easy to figure out but only becomes clear when an important position falls vacant. A good succession plan implies that you create a pool of talented and qualified staff that is ready to take up positions of leadership in the event that critical positions fall vacant to ensure that your company continues running optimally.
So, do you have a plan to fill the positions that might fall vacant through planned and unexpected departures? Here is a comprehensive guide to help you craft a strong and reliable succession plan for your company.
What is Succession Planning?
Imagine you are the coach of a major football team, and one of the most valuable players, perhaps a goalkeeper or striker, is leaving the team. You would need to have reserve team members who can match the skills of the leaving player to fill the left gap. Succession planning works in the same sense, ensuring that there is a ready replacement for different positions should they fall vacant.
The main target of succession planning in Singapore is the leadership at the top of the company. As a company, one of the most preferred methods of succession is identifying internal talents and grooming them to assume various positions when they fall vacant. Therefore, it is a method of reducing staff turnover and ensuring that operations run sustainably in an organization.
Succession Planning in Singapore: Tips for Success
Before you can set off with succession planning, it is important to have a clear policy about it in your company. This can help to ensure that enough efforts and resources are dedicated to building a reliable succession process. Here are some useful tips to help improve the success of your succession planning efforts.
- Develop a Formal Process of Succession Planning
Many are times when companies tend to overlook the process of succession planning in Singapore. This can result in inconsistencies and getting caught off-guard when one of the top positions falls vacant. A formal process can help to promote consistency and make communication with those involved easy. It also helps to improve the visibility and effectiveness of the program.
- Communicate the Process to All the Staff Involved in Succession Planning
When employees work in a company or project, they always look forward to climbing up the career ladder. Therefore, communicating to them that they are part of the plans of succession planning in Singapore can help to build trust and loyalty. It can also come in handy in building their morale at work, enhancing innovation, and an inherent drive to help the company move to the next level.
- Plan Across All Ranks and Craft a Good Training Plan
Many are times when companies target the top position only, especially the CEO, and leave out the rest. However, including other positions, such as HR, chief finance officer, and operations manager, can help to make the planning more effective.
People who have been earmarked to take up positions might only be equipped with standard skills for operating in their departments. Therefore, they have to be equipped with the skills required to adequately run the positions of interest. The training plans should include practical sessions where they are allowed to take up the positions temporarily to ensure they understand how to run them. For example, the company or departmental leader might be given an emergency off and the task of running a company bestowed on the trainee for a few days or weeks.
As you can see, succession planning in Singapore is an important process for sustainability and should be executed with a lot of commitment. To make it more effective and ensure you identify the best talents to help the company continue growing, consider working with an agency of experts, such as Hawksford. They have the best professionals to not only help with succession planning but also other executive services, such as immigration, tax matters, accounting, and payroll management.