Succession planning – or smart talent management?

Purpose This paper aims to identify what succession planning actually is and the pro's and con's of buying in, or building talent in the organization. The paper is informed by BlessingWhite's 2008 global survey into employee engagement. Design/methodology/approach The paper examines the advantages and disadvantages of buying in and building talent to ensure the right people are in the right places at the right time within an organization. It describes five strategies for ensuring succession planning works. Findings The five key strategies are: aligning succession planning with business strategy, assessing leadership potential using the 3Cs, involve the talent in the planning, mixing development: experience/coaching/training, and casting a wider net for succession. Research limitations/implications The research quoted is the global BlessingWhite survey – The State of Engagement 2008. Practical implications The paper details changes to succession planning strategy. Originality/value This paper gives new research data and an approach to succession planning. It is of value to senior HR professionals and executive teams in companies concerned about effective succession planning and talent management.