Succession Management; Key to organisation’s success
For an organization’s success, succession management plays a key role, says Mario Ferraro, Director of Human Capital Consulting Team in Deloitte Southeast Asia.
He made this comment at a forum hosted by hSenid Business Solutions in Collaboration with Deloitte Consulting titled ‘Succession Management – A critical factor for business sustainability’ last week at the Hilton Residence in Colombo. Mr. Ferraro presented the importance of succession planning in today’s context and how to implement a successful succession planning framework using technology.
He said, “Succession management is extremely vital today due to global trends such as multi-generational values, globalisation and digitalisation, rise in retirement and uncertainty in a market place, which is making succession management more complex. Thus, without a proper succession plan in place, organisations could be significantly impacted with increased costs, lost efficiencies and lower shareholder confidence, as they struggle to fill vacancies and develop successors.”
He emphasized on how the top priority of all global leaders should be to develop leaders and engage in succession planning. He also highlighted that building a sustainable talent strategy should be a key concern in all organisations as talent strategy is the heart of all talent-related activities. The aim should be to build a talent strategy that is aligned with the business strategy and talent investments.
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