Running a successful business comes with the challenge of balancing time management with sensitive employee matters – you want to be using your time as efficiently as possible, while at the same time being attentive and accessible to your employees.
One of the areas which requires a well thought-out approach and careful consideration is the issue of succession management. Whether you're preparing an existing employee for a future role or planning the transition of a key position, succession management is both a way of preparing for the future as well as having a strategy to deal with any eventuality.
We look at how communication can play a key role in the success of these programs, and how teleconferencing can help.
Performance and planning for the future
The recent High-Impact Succession Management study conducted by Deloitte's Bersin found there were several key factors related to succession management which contributed to a company's overall performance.
According to the Bersin findings, having "broad communication" throughout an organisation was the most influential factor affecting the outcome of a succession management program.
This communication can be either through daily exchanges, or through a more strategic effort to bring disparate teams together through a teleconference call. Ensuring that lines of communication remain open throughout the process means that there is a better chance of a successful outcome.
By utilising technology such as web conferencing, businesses can ensure that nobody is left in the dark about upcoming developments.
Keeping everybody involved
Identifying "critical positions" within an organisation was also indicated as one of Bersin's top performance drivers. By pinpointing the individuals most likely to be effected by change, business leaders can make sure they are kept in the loop.
Deloitte's Vice President of Leadership and Succession Research, Kim Lamoureux, advises caution when it comes to the new generation of millennial workers, who are not afraid to quit their jobs if there appears to be a lack of opportunity for self-advancement and growth.
"Informing employees that they are highly valued and that the organisation wants to invest in their development provides them with a good reason to stick around," Lamoureux says.
"Employees who are provided with performance feedback and are alerted to potential future opportunities within the organisation are more likely to be engaged in their work and therefore more likely to stay with that organisation."