Technology and Workforce
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Way forward for succession planning
To attain successive transition for businesses, succession planners need to educate the company on the new trends in succession planning (Muhoho, 2014). Robust processes need to be built to overcome the challenges that may face the company during the transition stages. This succession education will enable the successor to steer the company forward following the current trends in the market. That will have the benefit of creating companies that will adapt effectively to the needs of the market (Cascio, 2011).
Succession planning has to integrate talent development in its strategies. The talent development processes have to include performance management, training, and development needs. Consideration has also to be placed on compensation and needs assessment for the company. This process will ensure that the company can get the best successor when that time comes. Succession will also be smooth since needs identification will already have been worked out and the best-suited person regarding performance and steering the strategies and mission of the company will have been identified (Adewale, Abolaji & Kolade, 2011).
The planning process also needs to be formalized and be made part of the company's strategic plan. Competency management should be made part of the succession planning and should include analytic components. A strategic plan for the succession planning needs to work towards career development. Automation of the succession process will be a significant boost to succession planning. Automation will improve efficiency and reduce operational risks during the transition process.
The place of technology in succession planning
Technology will be vital for succession planners effectively to manage succession planning. It will have the benefit of reducing administrative tasks as well as cut costs. Automation of processes will make companies' work easier and will ensure that systems are up to date and that successors can learn easily from the past. Companies are faced with a need to invest in technology to make succession-planning work easier and more productive.
In planning for succession, succession planners need to know that succession planning is not just a matter of changing the company’s chief executive officer; it involves changing of systems also. The other workers should also be taken into consideration also. Therefore, automating the systems will make the work of succession planners easier.
It is also important to know technological innovations are changing the way we do business. Those companies that ignore technology do so at their peril. Technology reduces the time taken for transactions to be handled as well as improves the marketing ability of the company. It is also necessary for integration processes and keeping of databases. The competitive advantage of companies is nowadays determined more by how well a company adapts to technology. Many companies have found themselves at the receiving end due to their reluctance to adapt to modern technology.
Workforce planning
Workforce planning focuses on proper utilization and development of human resources (Adewale, Abolaji & Kolade, 2011). Everything about the human resource needs of a company needs to be put in place. That includes motivation needs, succession needs, and training requirements. Taking into consideration these elements will form an effective planning needs of a company's total human resource requirements.
Labor planning becomes an essential part of succession planning. The company should be able to make a projection of the human resource needs while formulating its strategic goals. Identification of current and future human resource requirements should take center stage in formulating an effective succession plan (Ballinger, Lehman, & Schoorman, 2010). Human resource should match with the organizational needs of the company. These labor development processes should be geared towards meeting and improving the effectiveness and efficiency of the company.