Succession planning What you need to know

Succession planning What you need to know by Michael Cheary Change isn’t always easy. But it could be good for you…There are a number of reasons why someone might choose to leave their job but finding a replacement fast is vital in minimising risk to the business, especially in a more senior position. And, with a bit of forward planning, you could be in a position to take advantage of the opportunity that is created and further your own career.We spoke to the experts at AVADO, one of the UK’s largest providers of professional qualifications, to find out some of their top tips on how to make succession planning work for you:What is succession planning?Succession planning is when a business prepares for the possibility of employees leaving in the future, primarily by identifying and developing talent already within their organisation.Why is succession planning important?As its most commonly carried out for business-critical positions, succession planning ensures that there’s always a contingency plan if a key s taff member is lost â€" meaning risk can be minimised.Additionally, by having a clear career plan in place and knowing that internal promotions could be a possibility, employee morale is another key benefit.And with a recent study suggesting that 62% of workers would be more engaged if their company had an effective succession plan, it could have huge potential when it comes to productivity.Do all businesses do it?No.In fact, many businesses feel as if they don’t have any viable internal candidates for their top positions â€" part of the reason why 79% of companies feel succession planning will be a problem in their organisation in the next five to ten years.This is where being proactive could give you the advantage. To help you make the most of your opportunity, here are our top tips on how to position yourself to be the next in line for a more senior role.Five tips for making the most of succession planning To help you maximise your chances of progression, here are some top tips on how to benefit from succession planning:Read the job descriptions Identify roles you could progress into and make a note of the key responsibilities, then use them as potential boxes to tick off when planning your own development. It’ll also ensure you have a better idea of the main duties you’ll need to be able to perform. If you find there are skills or qualifications you need for a more senior role, taking on a relevant course will help you get ahead.  Regularly check-in with relevant stake holders Ensure you have scheduled performance/objective meetings to discuss your goals, career ambitions and current progress with your manager. You should also use this time to identify any weaknesses you may have, or barriers which would prevent you from making a step up.Actively seek opportunities for developmentAs well as any work-based training on offer, actively add to your skillset outside of work. Taking an industry-recognised course in your field, such as CIPD for HR positions or AAT for Accountancy, will not only help make you a more viable candidate â€" but also add to your CV should you yourself decide to move on.Set targetsOnce you’ve highlighted some areas for improvement or potential skills gaps, agree a series of attainable (and measurable) goals to help you move forward. Additionally, use this opportunity to mention the possibility of promotion, should you hit your targets.Continue to evaluate your progressRegularly review your career plans with senior management, whether it’s quarterly, six monthly, or annually. That way everyone will be aware of where your career is heading â€" and the potential for moving forward will be made clear. Then you will be a strong position in the event that someone above you leaves.Why study with AVADO?AVADO  is the largest online provider of professional qualifications in the UK.Not only do they offer over 26 years’ worth of experience in online learning, they also have high industry pass rates on their AAT o r CIPD courses.Other benefits of studying with AVADO include:Interactive classes, where you can learn online with other studentsAn online learning platform built around you (and accessible by every device)Affordable, all-inclusive prices â€" with payment plans to suit your budgetDedicated tutors available directly via phone, email and onlineAn easy to understand, step-by-step syllabusFind out moreWant to learn more about how a qualification could help your career? Enquire now.AVADO is the largest online provider of professional qualifications in the UK, with courses available in HR, Accountancy, Bookkeeping, Business and more.