Why Learning and Development Are Crucial for Succession Planning
Succession is all about identifying high-potential employees, then preparing them for future leadership roles. Because these roles are so important, this process should be undertaken carefully and centred on learning and development.
Too often, organizations overlook the long-term nature of true succession planning. Many only consider succession when it’s too late — when a leadership role is vacant and urgently needs to be filled.
To truly prepare for succession, companies must take learning and development seriously — well ahead of time. That means providing plenty of upskilling, learning and professional development opportunities for all employees. Then, those with the greatest potential will be ready to step into leadership positions when the time comes. In this article, we’ll explain why learning and development is such a crucial part of that equation.
Investing in internal talent
The majority (86 per cent) of leaders believe succession planning is a top priority. But only 14 per cent believe their current strategies are effective, according to a study from Deloitte.
Learning and development is all about future-proofing your organization. That’s exactly what makes it such a natural fit for succession planning. Use development planning to cultivate talent within your organization. Preparing your best people ensures there’s a pool of candidates ready when key executive roles open.
Succession planning shouldn’t be something reactive, kicking in to patch up a leadership vacuum. Instead, it should be an ongoing process — the art of identifying and cultivating promising internal talent.
Even before a leadership position needs to be filled, development planning can create plenty of positive value. Today’s workforce is evolving rapidly and has become more competitive than ever. That makes training employees on the latest technology solutions and nurturing their leadership skill sets incredibly important.
Of course, learning and development should be available to everyone. But these programs are also a chance to identify the qualities and skills that could make someone an exceptional future leader. Then, more resources can be directed to these individuals, nurturing them along the leadership track.
Succession planning for stability, continuity and opportunity
Learning and development programs prepare employees to take over leadership roles. But they also promote employee engagement, satisfaction and retention.
Today, many Millennial workers are reassessing their interest in leadership roles and questioning if these positions even have value. Even when these employees are promoted, they’re less likely to stay in an organization or role if they don’t see themselves moving closer to their goals. Development planning can increase the likelihood that employees can grow into leadership roles, finding greater meaning and satisfaction in work.
Learning and development are especially meaningful to younger workers. In fact, 87 per cent of Millennials cite professional growth and development opportunities as important to them. Meanwhile, members of Gen Z prioritize wellbeing at work. Learning opportunities tied to wellness specifically and making a priority of personal and professional development generally can feed this sense of wellbeing. Learning and development create dedicated, highly engaged workers, because they can see that their organization cares about their needs and values.
Hiring internally for success
Learning and development programs don’t just help companies retain great workers. Did you know that leaders hired from within a company are much more likely to succeed than external hires? Half of leaders hired from outside of an organization fail within the first 18 months, because they can’t successfully integrate with their team.
When leaders are hired internally, they’re already part of the company’s culture. There’s less of a learning curve, and less of a gap to bridge before they and their team can get to work.
With internally promoted leaders, succession transitions tend to feel more organic. The result is less disruption, stabilized productivity and, ultimately, stronger business outcomes.
The evolution of leadership skills
Exceptional leadership is part of why your organization has come so far already. Replacing these leaders is no small task. But by making learning and development part of your long-term succession planning, you can be well-prepared when the time comes.
LC Extension specializes in helping your organization develop the leadership skills you’ll need to thrive in the future. Connect with us today to learn more.