Everyone wants a piece of the pie. Whether you’re an entry-level employee starting out at a new company or a sugar-craved kid at a birthday party, everyone wants a taste of the cake. In the case of working professionals, the sweets are the steps we take to ‘climb the ladder,’ get promotions and eventually take leadership positions at that same company we started working for years ago.
We all know what it’s like to aspire to be better or do great things in life. However, what about the other end of the spectrum? What about managers who are already in a leadership position? For those of you who are currently in a leading role at your company, it’s essential to think about succession planning to build both your talent and culture within your workplace.
According to Software Advice, an HR and recruiting technology research firm, succession planning is ‘the process of identifying and developing current employees for future leadership roles.’ If you’re a manager that helps your current employees build their talent and encourage them to work hard to earn success, there’s a good chance you’re going to build a positive, supportive work culture at the same time.
Key Findings On Succession Plans
Software Advice released a report that ‘surveyed a sample of employees, as well as employers currently implementing succession plans, to find out how these plans impact employee engagement.’ Here are some of their key findings from the report:
62% of employees surveyed say they would be ‘significantly more engaged’ at work if their company had a succession plan.
94% of employers surveyed report that having a succession plan positively impacts their employees’ engagement levels.
Over 90% of younger workers (age 18 to 34) say that working at a company with a clear succession plan would ‘improve’ their level of engagement.
79% of employers surveyed note they have succession plans in place for mid-level manager positions.
81% of employers report using some form of software to organize the process of succession planning.
Most people enjoy feeling needed or appreciated for who they are as individuals and they good work that they do. One way to improve the culture in your office is with talent management and succession planning. Combined, it’s a useful tool for employee motivation and is a great way to prove to your employees that your business truly appreciates hard work.