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isolved is the most-trusted HCM technology leader, providing the best combination of software and services to meet the needs of today’s People Heroes – HR, payroll, and benefits professionals. From talent acquisition to workforce management to talent manag...Read more about isolved
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Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, payroll, talent, workforce...Read more about Dayforce HCM
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Learn how leading mid size companies use Trakstar to quantify the soft side of HR. Uncover better prospects, train top performers, reduce employee turnover. Connect hiring, performance and learning to develop an engaged and productive workforce. Manage the...Read more about Trakstar Perform
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Factorial is a cloud-based human resources (HR) solution that caters to small businesses across various industry verticals. Key features include a time-off manager, an organisational chart generator, a document manager and more. Factorial helps HR departm...Read more about Factorial
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ClayHR is a comprehensive cloud-based human resource management solution that helps mid to large enterprises manage the entire employee lifecycle, from onboarding to comprehensive employee records to performance management to team retention, in one integra...Read more about ClayHR
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Workzoom is the all-in-one HR, Workforce, Payroll, and Talent solution that consolidates and automates your people management. Bring your whole team together with a centralized hub for accessing personal information, company updates, and much more from any...Read more about Workzoom
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Quantum Workplace helps make work better every day. We empower organizations to improve the employee experience, inspire impact, and create a magnetic culture of employee success that attracts and retains top talent. Our all-in-one employee success platfo...Read more about Quantum Workplace
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PerformYard is your complete employee performance toolkit. Build your vision of performance management and employee engagement with an easy-to-use system your people will love. Get streamlined performance reviews, check-ins, goal management, continuous fee...Read more about PerformYard
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Motivosity is a software for employee recognition that helps connect and unify your company. From peer to peer recognition to top down, we make recognizing and rewarding your employees easier than ever. We go beyond rewards too as we help build community ...Read more about Motivosity
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MentorcliQ is an employee mentoring platform for small to medium size businesses and global enterprises. It is available as a cloud-based system as well as iOS and Android mobile applications. MentorcliQ helps organizations design mentoring programs, match...Read more about MentorcliQ
Together is a cloud-based mentorship management solution that helps users to set up and administer a mentorship program. It helps businesses to automate the mentorship program workflow including registration, scheduling meetings, progress tracking and repo...Read more about Together Mentoring
Pingboard will help you deliver a better employee experience to drive engagement. From one platform, automate your onboarding experience, build a beautiful org chart, create employee profiles, play games to connect with coworkers, foster better one-on-one ...Read more about Pingboard
Ingentis org.manager is a leading software solution for people and organizational analytics. It is already used by over 2,000 renowned corporations worldwide and ensures transparency and clarity by automatically and demand-oriented visualizing HR and organ...Read more about Ingentis org.manager
ChartHop is on a mission to create healthy transparency within organizations, so that employees and organizations thrive. A dynamic People Operations Platform, ChartHop connects and visualizes people data to empower organizations through insights, alignme...Read more about ChartHop
StaffCircle is a cloud-based employee performance management, engagement and culture solution that helps businesses in software, IT, construction, manufacturing, logistics and other industries improve employee engagement using feedback collection and rewa...Read more about StaffCircle
Acorn Performance LMS (PLMS) is the dynamic AI-powered platform for Learning and Development (L&D) experiences synchronized to business performance. Corporate learning is broken. Acorn is the antidote. It’s the only solution that guides learners step by st...Read more about Acorn
Bullseye’s Employee Development Solutions enable organizations to align individual and organizational development needs. The interface mirrors a social media platform, making it easy for employees, managers, and HR professionals to stay engaged and keep tr...Read more about BullseyeEngagement Employee Development Solutions
OrgChart is a cloud-based and on-premise solution designed to help organizations in any industry manage operations for workforce planning and organizational charting. It allows users to automate processes for creating and maintaining org charts by importin...Read more about OrgChart
Beamery's mission is to put talent transformation at the heart of every business. Our Talent Operating System (TOS) lets companies attract, engage, and retain the best talent - it's the one solution that enterprises need to deliver exceptional experiences ...Read more about Beamery
Nakisa HR Suite is cloud-native software for workforce planning, organizational design, org charting, and HR analytics. Built for 5000+ employee enterprises, it offers powerful org charts, advanced dashboards, configurable reports, and enhanced org simulat...Read more about Nakisa HR Suite
A highly configurable global cloud HR and People solution, Sage People empowers HR to drive the people agenda across their organisation by relieving them from time-consuming admin and dated ways of working. Built on Salesforce, the world's leading enterpri...Read more about Sage People
The most complete, robust and secure all-in-one 360º Human Capital management software on the continent, which covers each of the stages of the employee life cycle from recruitment and hiring, organizational development, training, talent management, benefi...Read more about Rankmi
AG5 is a cloud-based plug-in-play skills management platform that allows HR, Operations, and Team managers to centralize and organize all information relating to employee skills. With AG5, managers can easily create visually appealing skill matrices withou...Read more about AG5 Skills Management Software
Eightfold.ai delivers the Talent Intelligence Platform, an AI-powered solution that empowers enterprises to acquire, engage, and retain a diverse platform with a single solution. This AI-based platform delivers numerous benefits. Customer outcomes hav...Read more about Eightfold.ai
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Buyers Guide
This detailed guide will help you find and buy the right succession planning software for you and your business.
Last Updated on March 16, 2023No business wants to lose its best employees. When employees retire or quit, it creates a workflow imbalance, resulting in lower productivity until their replacement is found. While this may not impact large businesses as much, small businesses like yours bear the brunt of it the most.
For that reason, you need to plan ahead to minimize this productivity loss and ensure stability in the structure and processes, despite attrition. You can do this by identifying valuable skill sets or potential in the current workforce to replace outgoing employees.
The process of identifying, nurturing and retaining employees for future roles is known as succession planning.
With the help of a succession planning tool, HR teams can aggregate vital data about employee performance, potential and development. This data can help them make decisions about how to replace outgoing executives and high-value employees.
But it's not always easy to find the right succession planning software on your own. You need a detailed understanding of the software features. Fully realizing the benefits of these features will help you purchase the right software. This guide will help you understand succession planning software, its features and benefits.
Here's what we'll cover:
What Is Succession Planning Software?
Common Features of Succession Planning Software
Benefits of Succession Planning Software
What Is Succession Planning Software?
Succession planning software helps HR managers make decisions about how to replace employees who are retiring or resigning. For business continuity, it's crucial to fill these employment gaps as quickly as possible.
The software helps in the following ways:
Defines the competencies required to undertake the required roles.
Identifies employees who have the potential to fill a given role.
Assesses employees against set criteria.
Trains employees to move into new roles by primarily leveraging the right experiences.
Builds a database that can be used to make future staffing decisions for key roles.
Succession planning in EmployeeConnect (Source)
Common Features of Succession Planning Software
In this section, we cover the key software features that a buyer should be aware of before they purchase a solution. Most small businesses will need some (or all) of these features in their succession planning software:
Competency modelling | Provides a framework of the skills, knowledge, ethics and values that are required for different departments and functional areas. |
Talent pools | Uses a talent database to help users locate the desired and most suitable talent for given roles. The feature lists the employees according to their capabilities and competency levels. |
Goal management | Allows users to create and assign employee goals that are aligned with the larger business objectives. Managers can track the status of employee goals and provide their feedback in real time. |
360-degree feedback | Lets you collect employee performance feedback from peers, supervisors, line managers and other stakeholders, and store it in a centralized database. |
Reporting and analytics | Helps users create employee performance reports based on the 360-degree feedback. These reports can help you identify performance trends, list the issues and make decisions regarding workforce planning. |
Training management | Lets users evaluate employee feedback evaluation reports to identify employees' key strengths and weaknesses. Based on these reports, managers can develop personalized training development plans for their employees. |
What Type of Buyer Are You?
Before you start shortlisting vendor options for succession planning software, you need to understand your buyer type. This will help you analyze your requirements and prioritize software features into "must-have" and "optional" for your business.
This section breaks down the most common buyer types. Here are the two main categories of buyers:
Small and midsize businesses (SMBs): They typically operate with a few resources and employees on tight budgets. Succession planning software can help them better manage their resources and employees, avoid disruptions in the workflow and sustain the business for a longer duration of time. The main features that these buyers need in a succession planning tool are goal management, talent pool and training management.
Large businesses: They operate in a complex hierarchy, with employees spread across different locations. Large businesses significantly benefit from a talented workforce that is keen to take on leadership roles in the future. They need a comprehensive approach to ensure that future leaders have the essential industry expertise. Succession planning software should help their talent climb up the career ladder. The primary features they will need are competency modelling and training management.
Benefits of Succession Planning Software
Here are some of the benefits of using succession planning tools in your business:
Centralized database to store, track employee data: Storing employee data in a central database allows HR managers to view, edit or update employee information easily. It also lets them pull talent metrics from the database for different jobs and filter employees based on location, skills, role and other criteria.
Periodic performance evaluations: Succession planning software allows HR managers to evaluate employees on a regular basis (weekly, monthly or yearly). The feedback helps managers identify the top talent in the organization.
Identification of skill gaps: By mapping employee skills to desired competencies, HR managers can identify employees' key strengths and weaknesses. They can then provide leadership training to the top performers and personalized training or individual development plans for those who lack the desired skills.
Business continuity: Irrespective of their size or industry, all businesses need succession plans to prepare for sudden resignations and terminations. Thirty-five percent of businesses have a structured succession planning process and 34 percent verified that their succession planning was highly effective. The top reasons to implement succession planning in their business are to identify and prepare future leaders (89 percent) and ensure business continuity (72 percent).
Key Considerations
Picture this: You find a succession planning solution that has all the relevant features, but lacks the option for integration. This could hamper your business in the future. Unfortunately, such instances aren't uncommon and require a thorough check before purchasing a solution. Here are some things you should keep in mind:
Support services: Before you start assessing succession planning tools, consider your employees and the type of support (email, phone or chat) they would prefer. In case, a support option isn't available, check if the vendor provides support forums and discussion boards to help employees resolve their queries.
Speed of implementation: The implementation time will depend on the type of software you choose—an integrated system or standalone software. Integrated tools require a significant investment of time and resources compared with standalone ones. Check with the vendor about the time it'll take to implement the tool and train users.
Data transfer services: When migrating from a legacy system, businesses need to transfer the data to the new system. Most vendors include a data transfer option in the software license cost, while others charge extra for it. If data transfer services aren't included, you may need to hire a third party, which would further increase your budget.
Scalability: Choose a tool that is scalable in terms of the number of licenses or users. This will help you prepare for future growth as you will be able to add new users as and when needed. You should also ensure that there aren't any hidden costs or fees before you purchase a solution.