Succession planning can have an impact on your organization for years to come, particularly if you’re in the Manufacturing industry like Pro Tapes® is.
According to data from the United States Census Bureau, nearly a quarter of the manufacturing workforce in the United States is age 55 or older.
Not only do these upcoming Baby Boomer retirements lead to hiring challenges, they could also result in the loss of substantial company and industry knowledge, if not successfully planned for in advance. This is the motivation behind our Succession Planning Program at Pro Tapes & Specialties, Inc.®
We are now almost one year into our maiden voyage of succession planning, and I would like to share 5 tips I have learned from the process.
#1: Re-evaluate Job Descriptions
A position does not need to fill the same duties and responsibilities that exist currently. See succession planning as an opportunity to evaluate what is and is not being done, and redistribute the work if necessary.
#2: Seek Feedback
To learn more about potential successors, get input from a variety of sources. 360 Feedback Surveys are a great way to gather confidential information from employees throughout the organization.
The results could either support or alter your successor decision.
#3: Talk with Potential Successors
Talk to potential successors to ensure they are in fact interested in moving to another role and assuming other responsibilities. Sometimes, people are happy as individual contributors, and that is OK. We set others up for failure if we assume they want more at this point in their career.
Additionally, if an employee passes on the successor opportunity this time, do not assume that will always be the case. Their answer could change over time based on changes to their personal situation, skillset, desire, etc.
#4: Review Your Plan Often
A succession plan cannot be a static document that is you complete once a year, or even less.
Developing your succession plan should be a process you frequently revisit. The needs of the business and its employees change over time. Follow your process, but remain fluid.
#5: Let the Plan Inform Your Work
A robust succession plan affects almost every aspect of Human Resources, especially recruiting, training, and employee engagement. All of these specialties must work together to prepare your company for the future.
Succession planning is certainly about playing the long game. You will not see the results of your efforts right away, but know that the work you do today will have an impact on your organization for years to come!