Succession Planning
Succession planning is the process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions.
It is crucial to retain and develop the existing workforce to promote them to higher positions. There is a war for attracting and retaining talent in NBFC, MFI, BFSI, Housing Finance, and Small Finance Bank for BM, UM, RM, and TM positions. Recruitment occurs throughout the year, incurring significant costs and leading to business losses.
Strategy for Competitive Edge
To gain a competitive edge, we need a concrete strategy and plan for developing and advancing to higher levels. This strategy could involve a mix with a ratio of 75:25 for hiring internally and externally.
Role of HR in Succession Planning
The role of HR is to have a succession strategy, implement it, and measure its effectiveness for optimal outcomes.
From India, Bhubaneswar
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138Succession planning is the process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions.
It is crucial to retain and develop the existing workforce to promote them to higher positions. There is a war for attracting and retaining talent in NBFC, MFI, BFSI, Housing Finance, and Small Finance Bank for BM, UM, RM, and TM positions. Recruitment occurs throughout the year, incurring significant costs and leading to business losses.
Strategy for Competitive Edge
To gain a competitive edge, we need a concrete strategy and plan for developing and advancing to higher levels. This strategy could involve a mix with a ratio of 75:25 for hiring internally and externally.
Role of HR in Succession Planning
The role of HR is to have a succession strategy, implement it, and measure its effectiveness for optimal outcomes.
From India, Bhubaneswar
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Dear Abedeen, HR professionals often confuse career planning and succession planning. It appears that the post originated from this confusion. To clear up any misunderstandings, I would like to provide you with two web links:
https://keydifferences.com/differenc...-planning.html
https://www.tutorialspoint.com/talen...20organization.
Thanks,
Dinesh Divekar
From India, Bangalore
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https://keydifferences.com/differenc...-planning.html
https://www.tutorialspoint.com/talen...20organization.
Thanks,
Dinesh Divekar
From India, Bangalore
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
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