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UKG Pro is a powerful, global HCM solution. Transform your business with a truly connected global workforce experience delivered through resilient and mindful HR technology. From payroll to talent, to service delivery, to surveys,...Read more
Dayforce, provided by Ceridian, is a solution for payroll, benefits, workforce management, human resources, talent management, document management, and analytics. As a single application, Dayforce provides organizations with acces...Read more
Workzoom is the all-in-one 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 an...Read more
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Motivosity is a cloud-based employee recognition solution, which assists small to large organizations with performance tracking and benchmarking. Key features include peer-to-peer social recognition, feedback collection, monetary ...Read more
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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.
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The BullseyeEngagement Performance Improvement System offers powerful talent and performance management while also increasing employee engagement in the process, a key factor in successful companies today....Read more
Pingboard is a cloud-based organization chart solution that allows businesses of all sizes to manage processes for hiring, succession planning, employee interaction and more. With an in-built calendar, organizations can streamline...Read more
With functionality for employee recordkeeping, PTO tracking, recruiting, and more, Built for Teams offers a web-based HR platform that is ideal for small to mid-sized companies in the U.S.
Along with detailed digital records ...Read more
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 organizational chart generator, a document manager and more.
Oracle Taleo Cloud is a cloud-based human resource (HR) management suite suitable for large and midsize businesses in all industries. Key features include candidate management and employee onboarding, especially for high volumes o...Read more
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, ...Read more
Saba Cloud provides companies across the globe with a cloud-based learning and talent management application designed to drive employee engagement, elevate skills and improve business productivity.
Saba Cloud provides traditi...Read more
SutiHR is a cloud-based suite of human resources (HR) applications that enable companies to manage workforce. Key features include personnel tracking, payroll, time and attendance, performance review, employee self-service and on-...Read more
ELMO is an integrated cloud solution offering HR, Talent and Learning through one vendor, one dashboard, and one user experience. ELMO’s suite of solutions can be used together or stand-alone and are configurable according to your...Read more
Saba TalentSpace is a talent development solution suitable for small and midsize businesses. The integrated suite offers comprehensive tools for learning and development, recognition, coaching and feedback.
TalentSpace offers...Read more
STRATWs ONE is a cloud-based solution that provides businesses with tools to manage projects and track organizational performance on a centralized platform. Professionals can create action plans, monitor the due dates of tasks and...Read more
No 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.
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.
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:
Provides a framework of the skills, knowledge, ethics and values that are required for different departments and functional areas.
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.
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.
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.
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).
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.