Succession planning in your Procurement team - Part 1
Tuesday 16th January 2018
What is succession planning and why it is important?
Succession is defined in the dictionary as;
'A number of people or things of a similar kind following one after the other.'
When we hear the term succession we conjure images of royalty following in the footsteps of royals before them or at the very least family succession - in today's world of procurement this archaic description is not what we mean. Succession in procurement means planning which, if any person can fulfil another person's role if that person at best retires or more realistically leaves for pastures new. (Jobs for life are also a thing of the past, with many procurement professionals jumping ship every few years to progress or climb the career ladder).
In a report published last year the UK Procurement Engagement Director from Hay's in conjunction with CIP's found 50% of employees planned to move jobs within the next 2 years with 71% wanting to progress to a more senior role within the next two years.
Retaining and retraining are two areas that must be focused on extensively if we are to keep our procurement professionals content, motivated and engaged.
Embedding a business culture into an individual equates to a number of key benefits to the business long-term. Productivity, commitment, a good reputation through the loyalty and subsequent promotion by these employees.