There are a few things that contribute to a successful business. Succession planning is one of the most important ingredients that contribute to running that successful business. Of course, none of this could happen without the contribution of the employees within the company.
Employees are the backbone of a company and without them, well there will be no company. With that being the case, happy employees are crucial to the success of a company. A company with unhappy employees produce less productivity, creativity, leaders, and teamwork than a company consisting of happy employees.
With succession planning and happy employees being such key components of a well-oiled business, a good succession plan can help produce happy employees which in turn will produce a more productive and successful environment. Implementing succession planning to develop happy employees will not only help a company run well through the use of a good succession plan but will;
- Provide employees job security
- Promote retention
- Increase employee engagement
- Help employees perform at their best
A study done by Willis Towers Watson showed that more than 70 percent of high retention risk employees say they’ll have to leave their organization to advance their career. According to this study, employees are saying they have to leave because they feel as if they have reached the highest point they could while in their place within the company.
Ultimately no one wants to be stuck in the same position with the same pay for the rest of their career. Life is about growth and pushing ourselves to be the best we can be, and that especially includes the workplace. When people feel stagnant with where they are at they will feel mediocre at best. When there is progress being made, there will be an increase in overall happiness.
Many companies are now offering opportunities for their employees to grow within through the use of succession planning. Software like ProSky’s pathways is an excellent tool that allows employees to see their progress and what they need to achieve. When your employees have that transparency and know they can advance, they are more likely to stay.
As a succession plan is implemented, and employees will be able to see a pathway set for them on how they will be able to grow their career path and establish their financial security.
Retention rates are something that a company can control. If an employee leaves because they feel as if they are being curbed by the environment they are in, it’s not due to a lack of loyalty, but perhaps the lack of the company’s loyalty towards their employees. The same study done by Willis Towers Watson showed that 41 percent of employees listed job security as the most important reason to stay in a company.
Integrating succession planning into the company’s culture is one of the best ways to ensure job security into the culture as well. When employees have a way to see the contribution they make to the company and where they fit in, they will not only feel secure with their jobs but have pride in their work, happy that they are contributing and making a difference. Succession planning lays out a pathway for long-term growth with the company.
Having a voice within the company, helps employees know that they are valued and considered as an asset to the company. Employment engagement is crucial to the growth and success of a company, as well as a big part of their happiness. With successful employee engagement, companies will see benefits like:
- Higher retention rates
- Increased levels of productivity
- Creative innovations
- Higher profitability rates
- A boost in morale within the company’s culture
The lack of employee engagement can make a huge difference in the success of a company. Employees want to feel as if their talents are more appreciated, therefore increasing turnover rates. Through succession planning, employees will have a say in where they want to develop and what positions they want to achieve. That freedom of choice is important and helps them be happy.
Setting milestones for employees to reach through the use of pathways is an excellent way of integrating employee development and succession planning. When employees have a chance to work with management in setting their milestones, accountability and willingness increases. Fill these milestones with both goals and objectives.
By meeting with individuals while planning out their career pathway, both management and employees are given a chance to see and plan what direction the company and its employees are heading into. Proper communication drives employee engagement and boosts morale. Organizations with a successful succession plan know to communicate with employees regularly about their progress and process. By keeping an open channel of communication, there is transparency and awareness throughout the company. In addition, communication makes employees feel valued and will, in turn, produce a boost in productivity.
Employees are the grease that runs a well-oiled machine, so to speak. Productive employees are what turns the wheel. When employees are given the chance to develop new skills that fit within their succession plan not only do they continue to feel valued and have a boost in morale but productivity levels will increase along with skill level. Giving employees that chance to increase their skill set, will also build strong leadership and strengthen creativity and relationships. Remember, as talented as someone can be, there is always room to sharpen those skills. Often times, valuable talents might go unnoticed or never have been given the opportunity to grow and foster. When employees have a chance to hone their skills or develop new ones, they will want to have that chance to use those skills.
In addition, there might be specific skill sets that might be hard to develop without succession planning. Through the use of pathways, employees can develop leadership talent. Leadership talent is an extremely valuable asset to have. A good leader has the skills to foster a positive and happy company culture. What better way to implement those beliefs, than through the use of succession planning. If you can implement the need for employee satisfaction through the development of skills in a succession plan, the only result can be successful.
Happiness is one of the keys to a fulfilled life. To be happy means having a life devoid of stress, worry, anxiety, and fear. While those feelings might be impossible to be completely rid of, minimizing those feelings in the workplace is completely attainable. The best way to take the negative components out of your life is to replace them with positive influences. What better way to foster happiness and encourage morale into the company’s culture than implementing succession planning into the culture. By doing so companies will show their employees that they value them and that they have a place in the company to stay, grow, and prosper.
Author of this post is Isabella Ang. Isabella is a content marketing specialist at ProSky, a company that gives you the ability to innovatively evaluate candidates and develop employees through succession pathways, so you can recruit, hire, and retain the best diverse talent & culture fit.
When she’s not working on her next or ongoing projects for ProSky; she spends her days’ rock climbing, practicing yoga, completing her degree in Computer Science, and tutoring writing skills.
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