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LEARNING RESOURCES

experienced workers who are seeking to
Succession Planning downsize their responsibilities as they
head toward retirement.
This session will provide insights into the business case for To better match workers’ preferences
succession management and how to build a plan that is simple, and abilities, an organisation might also
comprehensive, and serves as a talent retention tool. consider mixing job content rather than
VIDEO having everyone at the same level in the
hierarchy doing the same thing. “There
should be more consideration of how
How to Develop Tomorrow’s Leaders Today: Succession work is packaged and how retiring
Planning That Works workers want to work,” Chaplain said.
When a critical leader takes another position, who can step in? This can lead to a more agile hierarchy
Succession planning is a highly orchestrated process to train and and greater retention of institutional
develop tomorrow’s leaders today. knowledge.
Similarly, while the person next in
COURSE line on the organisational chart usually
fills an open slot, Flanders advised
organisations not to overlook other
promising employees. “Look for people
who display the skills necessary to
Actions to deal with the risk of director to learn about his experiences, thrive in higher positions, regardless of
departures to ask questions, and to share ideas. As their current title,” he said. In addition,
However, organisations can take a the organisation was undertaking a debt when a talented person moves up into a
number of steps to prevent or mitigate financing, the retiring director was able critical role, be aware of the talent gap
the problem. to walk Parkison through how it had that they leave behind and what it will
been handled in the past. take to fill it.
Plan for transitions before they People may feel threatened when
happen their organisation plans for their Rethink the value-add
Succession planning should be part of departure, West said. But companies can Rather than focusing on an employee’s
the corporate culture, said Amy West, reassure workers about important departure, organisations can consider
CPA, CGMA, executive vice-president and contributions they have made and the chance to rethink their teams.
CFO of AHRC New York City, an agency explain that succession planning “While there is a loss of specialised
that works with people with ensures they can share their experience expertise in the short term, some
developmental and intellectual and leadership abilities with following companies have taken the opportunity to
disabilities. West, who is also chair of the generations. restructure functions to more closely
AICPA & CIMA not-for-profit conference, reflect what their customers want,” said
suggested that succession planning, Reconsider the hierarchy Chand Panditharatne, FCMA, CGMA,
which is often undertaken for the CEO or Following World War II, organisations finance director at pharmaceutical
board chair, should be done for any were traditionally structured in company A. Menarini Australia Pty Ltd.
critical staff function throughout an chronological hierarchies — with young in Sydney. “When a vacancy does occur,
organisation. people coming in at a designated entry we must take a step back and evaluate
Before key players leave, “ideally, you level and retiring after they had moved rationally where the value-add is
have already been investing in the up the pyramid. Organisations should try required,” he said. “Organisations can
professional development of your to break out of that mid-20th-century look at the quiet heroes who may not
employees,” said Jason Flanders, global pattern, advised Kim Chaplain, associate have got a look-in before in a crowded
executive director of management director for work at the Centre for Ageing field.”
resources practice at Robert Half, a global Better in London. In fact, those entry-
recruitment firm. level jobs may be perfect for more Document and share knowledge
Succession planning includes At Volvo Financial Services in North
allowing emerging leaders, when Carolina in the US, finance team
possible, to take on new roles and skills members kept a record of how projects
while their predecessors are still on the are handled so that information was
job. Jeffrey Parkison, CPA, CGMA, became available to incoming team members or
director of treasury and financial new leaders, said Alyssa May, formerly a
planning and analysis at City Utilities, in finance manager at the company and
the US city of Springfield, Missouri, three now a finance business partner at H.B.
months before the outgoing director Fuller, an adhesives producer in the US.
retired. During those three months, “If someone has been involved, for
Parkison regularly met with the outgoing example, in building a KPI dashboard or

28 I FM MAGAZINE I December 2022