The competitive corporate world of today constantly challenges companies to have an efficient and competent workforce. However, global surveys conducted by HBR show that over 53% of companies put no effort into crafting a thorough succession planning process. This is quite shocking since a 2018 survey data conducted by WEF shows that 54% of people need to have a proper competency plan to develop. Only recently have people realized the importance of effective planning when it comes to the proper functioning of a workspace. What makes succession planning additionally important is that only 51% of board directors have a plan for the succession of their current CEO, this puts the company under a massive risk of mismanagement.
The competency framework development process is the primary strategy that helps address the challenges faced by modern workforces. Though it may seem not as significant, this crafts the backbone of a company. It is closely connected to the process of effective succession planning as well, which ensures the proper functioning of the company while keeping in mind the necessity of healthy productivity.
Understanding Competency Frameworks
The competency framework development process focuses on the knowledge, skills, abilities, and behavior of an employee. This goes beyond the acquired skills, emphasizing more on their core values. Therefore, this has become not only a vital tool in assessing performance based on the unique demands of an individual but also in proper succession planning that ensures the long-term success and stability of the company.
There are various ways in which an employee is expected to perform for the benefit of the company. Therefore, understanding the competencies that propel the company’s success becomes a vital aspect of the process. This is also what determines an effective succession planning process as that defines the future of this organization. An SHRM survey suggests that over 24% of companies do not have a formal competency strategy. This makes it all the more vital for companies to realise the necessity of having a proper plan.
A proper competency structure usually includes these key features:
Such frameworks are crafted to ensure the holistic growth of the company where employees are hired based on not only their acquired skills but also their core personalities. This minimises the scope of mis-hires and establishes a positive work environment.
How Is It Connected to Succession Planning?
The succession planning process is closely connected to crafting an effective competency framework. What connects them is the premise they are based on. Both these models draw from seeking identity and the development of skills that bring success to the company.
Competency models define what qualities can bring success in roles while succession planning ensures the selection of the right candidate when the time comes.
How Does It Help with Succession Planning?
An effective competency framework can help significantly in the succession planning process. For instance, it can set the right parameters along which a candidate can be judged. Here are some other ways that contribute towards better staff succession planning:
- Defines the Criteria for Success
Competency frameworks clearly describe the skills, knowledge, and behaviors needed for success in specific roles. This clarity allows organizations to identify who has these competencies and potentially. This simplifies the process of succession planning ensuring a more focused and effective approach. As this process provides more scope for better development, this helps significantly in employee retention.
- Analyses Areas of Development
By comparing a current employee’s competencies to those needed for senior jobs, a company can identify what skills need to be developed. A Gallup survey reports that over 65% of employees look for upskilling opportunities provided by the employer. It is this gap analysis that informs custom development plans so that potential successors are well-prepared for their future roles.
- Proper Evaluation of Objectives
A competency model helps analyse how proactive employees are. This eliminates the chance of biased opinions in the succession planning process. This means only candidates with true potential are considered. Proper evaluation objectives ensure that employees understand where they lack. This coupled with career development programs within the company has been said to increase engagement by 30%.
- Achievable Goals
By knowing what specific competencies various roles require, companies can develop targeted and effective developmental programs. This will train potential successors. A focused approach will speed up and filter the process ensuring a deserving successor.
Conclusion
In conclusion, a well-structured competency framework is crucial not only for an effective succession planning process but also integral to the core development of the company. Such models provide a company with a clear, objective, and strategic framework allowing the agency to succeed in various roles.
Combining competency frameworks and succession planning is vital for the company’s growth and employee development. This is evident in various surveys as data suggests over 60% of employees in management positions believe that leadership development should be a top priority. In most corporations with multiple roles and people working within, it gets difficult to manage. Here it becomes super important to incorporate such tools for better efficiency.
By making the competency model framework process a part of succession planning, companies would be able to create a more robust, productive, and futuristic workforce. A trained workforce will handle the pressures of tomorrow.
