So, what can you do to keep employees satisfied when you have limited financial resources? One useful strategy is succession planning. Letting people know theyre being groomed for advancement can reinforce their value to your firm and boost loyalty. At the same time, youre ensuring your team has the personnel in place for key management roles should they become available due to retirement, turnover and other factors.
Identify the right individuals
You may be surprised at how your list of potential successors narrows as you undergo this exercise. The most obvious choices your highest-ranking direct reports, for example dont always have the appropriate skill sets. Someone may be the go-to person on network security issues, for instance, but lack the tact and diplomacy to negotiate resource allocations with executive management.
Keep in mind that some abilities can be learned, while others cannot. Someone who isnt known for thriving under pressure may not be able to adjust to the daily stress of a high-level management position.
Be clear about the requirements of the change
Once youve made your selections, let protégés know your intentions to gauge their interest in assuming higher-level positions. Each person will likely have questions about the responsibilities of the new role, time commitment involved and the impact the change will have on their personal life, for instance. Be honest about the demands of the position but, if someone seems hesitant, also do your best to explain why an upward move would be beneficial to them and the firm.
In addition, be clear about the potential transition time. If a manager wont be retiring for several more years, let the successor know. At the same time, dont delay with training. The unexpected can come up, and you may need the person to make the job change earlier than expected. Protégés also can play valuable roles as substitutes when senior managers are out of the office for an extended period of time.
Help them develop new skills
Chances are, an IT professional will require at least some training before being prepared to assume a senior-level position. Begin by including designated successors in key meetings and discussions. You want to give them plenty of opportunity to observe the roles and make sure they are well prepared to assume them. In addition, these interactions allow successors to start building key relationships within the firm and get a feel for the thought processes, discussions and judgments that come into play at higher levels.