Finding leaders is a challenging task these days. Neither online recruitment portals nor enterprise social media websites are reliable for finding the best leaders. Besides, they are expensive and does not serve the overall recruitment purpose of the company.
However, one of the easiest and most reliable methods of finding a leader is to seek talent within the company workforce. Unlike recruitment online recruitment portals, finding talent within the company enables an HR professional to evaluate candidate performance in all fronts.
A good way to find leaders within a company’s workforce is succession planning. It is an effective and no-fail method to find leaders in potential employees.
Here is how succession planning can benefit your company:
It saves time, money & energy:
Your workforce is the greatest asset to your company. They help your company realise organisation goals by bringing in revenue.
Sourcing leadership candidates on online recruitment portals can be tiring. It is a waste of time, money and energy. Instead, you can rely on experienced employees for leadership roles. This can benefit the company and the candidate. For the company, succession planning becomes an exercise to retain the best talent by drafting different career paths and responsibilities to the employees. Similarly, an employee realises their career goals and brings in additional responsibility.
Reduces attrition:
Succession planning is an effective method of reducing attrition which has been a relevant cause of concern for several companies. Employees seek career growth and if a company offers them a chance to enhance their future through internal mobility, there is a likeability that employees might continue their services for a longer duration.
Training costs reduced:
Even if you manage to find potential leaders through recruitment portals, there is an element of grooming that you will have to put in to make them a perfect fit in your organisation. However, this might not be the case in succession planning. Your employees would not need much training. Unlike an outsider, your employees know how to treat potential customers and clients. Besides, they are already acquainted to the company’s norms, values and work culture.
Business secrets kept safe:
One of the major benefits of succession planning is your company’s business secrets are kept safe. When it comes to hiring a leader through recruitment portals, there is a chance they might serve the company for a shorter duration. Trade secrets and other crucial details about the company cannot be shared with such candidates. On the other hand, leaders selected from company staff can be relied upon for work and management of the company.