In a recent Malcolm Gladwell podcast he talks about an idea that is applied in sports – probably made famous by the movie Moneyball, starring Brad Pitt.
Succession planning is not simply replacement planning. Replacement planning suggests that an organisation simply identifies one or two potential individuals who can work as a backup, for a temporary period, in a role, until someone appropriate is found.
Poor succession planning can have detrimental effects for an organisation such as reputational damage, profit loss and structural inefficiencies.
Over the past few years the debate about talent retention has been characterised as a debate about performance appraisal ratings – whether or not they are fair, and whether or not they achieve their stated objectives. But perhaps the spotlight needs to be focussed from a different vantage point, says Harvard Business Review.
Within the context of disruptive innovations and rapidly changing business environments, performance management has recently become one of the most debated topics with the HR arena.