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Building Bridges with Succession Planning.

Updated: Jul 29, 2021

When did you last step back from your business and observe? Do you work on your business or do you work in it? Do you know the difference?

The business landscape is forever changing. The five stages of Business Growth by Churchill and Lewis dives into the mentality of the common thought process we all find ourselves in which has been renamed 'do or die'. This is a common practice for small and large businesses alike. Within the stages of business growth, it is imperative to pause and reflect.

In fact one of the most important elements of strategic planning is establishing a strong succession plan, building capability and capacity.

The HR Research Institute has been working in conjunction with members of the international network to analyse the influence of pressure due to succession planning on business strategy with business owners; an alarming 85% of business owners identify internal succession planning as an issue. To address each key area of succession planning it's important to follow an Internal Succession Plan Framework, such as the Human Resource Framework HRF101.

The National Standard Human Resource Framework was evaluated by a joint technical committee comprised of industry representatives. Based on four years of research by HR Coach, the Standard is designed to suit the full array of organisations from large to small, government private or not-for-profit. First published in 2010, the Human Resource Framework enables organisations to gain efficiency and focus in Human Resource Management. The Standard also supports the credibility of the human resource discipline, and positions human resources strategically as an essential component of competent business practice.

For organisations without a structured internal human resource function, the framework also provides a guide to good HR disciplines within the organisation, much the same as accounting standards.

If you would like to know and read more about the National Standard Framework, visit our website and download the White Paper: Business Succession Bridge Builders.

The HR Coach Network is all across Australasia. If you are looking for HR professionals to help you lift performance and increase profit, take a look at our website and find a local coach for you.

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