New global solution will enable HR and business leaders to prepare for planned and unplanned talent transitions to effectively manage business growth and continuity in the future
SilkRoad Technology, a software and services platform that helps organizations attract, retain and align people to its business, announced a new global solution called SilkRoad Succession Planning, part of SilkRoad’s Performance solution, to maximize performance and drive business outcomes. SilkRoad Succession Planning enables organizations to prepare for changes in their future workforce by identifying and analyzing critical positions for their business growth and then, focusing on the development process for talent that can fill those roles in the future. With this new solution, and SilkRoad Technology CHRO Essentials professional services, HR leaders can incorporate succession planning within their current talent strategy to prepare for potential vacancies and future transformation needs.
“HR and business leaders can and should begin planning now for unforeseen changes to their workforce and business operations in the next decade. Lack of planning will increase business risk as well as the cost and effort necessary to replace talent, which will negatively impact business performance overall.”
According to the APQC’s Open Standards Benchmarking, most organizations have significant gaps in succession planning for roles outside of the executive suite. Ninety-four percent of top performing organizations have succession plans for executive-level employees with 75 percent having middle management plans. However, only eight percent of organizations have succession plans for operations or office staff. Many operational and mid-level roles have significant impacts on business continuity. Companies need to identify these critical positions within their business that directly impact their ability to compete and perform.
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“While executive-level succession plans are necessary, many operational roles are critical to ‘keep the lights on’ and have significant impacts on customer service. As we look to what the workplace will be in 2030 and the years beyond, organizations need to identify the critical positions within their business that directly impact its ability to produce revenue and profit,” says Robert Dvorak, President and CEO of SilkRoad Technology. “HR and business leaders can and should begin planning now for unforeseen changes to their workforce and business operations in the next decade. Lack of planning will increase business risk as well as the cost and effort necessary to replace talent, which will negatively impact business performance overall.”
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With SilkRoad Succession Planning business and HR leaders will have a mechanism by which to understand the potential impact and risk of talent loss within the organization, and enable fellow leaders, managers and staff to prepare for change. The solution will identify position-centric and high-potential talent pools giving organizational leadership a data-driven approach to identify skills required, the correct talent to act as successors and ultimately, implement development plans to enable talent to step into different roles in the event of an unplanned exit. With targeted development plans, new goals and frequent feedback throughout employee transitions, the succession plan is created to run seamlessly and fill the business objective of each role within an organization.
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