StalconN

Succession planning (sometimes called talent management) is an ongoing process that ensures your key positions are always filled and that knowledge your bank has accumulated over the years does not leave when people do. It does this by providing visibility into your workforce; who they are, and what banking related competencies, skills and experiences they possess. And what you can see and understand, you can manage. Succession planning is most often done for executives, based on the thinking that they are the most critical pieces of their banks.

But there’s a succession revolution afoot. Imagine if you could ensure continuity for every position in your bank; the ones you have today AND the ones that are coming tomorrow. Can you see it? Recruiting costs go down. Vacancies are shorter. Shareholder confidence is boosted. Things are good. How is that you ask? Through JSCS Appraisal System; the ideal appraisal system that was specifically developed for banks.

Here is why it works: once you know who is where in your bank you can actually figure out how to organize your people into the most effective and productive positions. You can understand who in your bank might leave, and who might be able to fill their shoes. You can understand why a person might leave, and work on ways to retain them. You can understand who your high-potentials are so you can work to engage them, and who your low performers are so you can train them. And even beyond that, you can manage your bench strength to make sure the right people are in place for your next generation of leaders and managers.

Succession planning is no longer the exclusive domain of huge banks with massive workforces and gargantuan budgets. Succession planning is something that’s doable for every bankand should be high on the list for forward thinking HR practitioners who realize that tomorrow is but a day away.

For more about Succession planning, take a look at these sites:
www.graincon.com