The need for succession planning in public power has been talked about for nearly a decade but unfortunately the majority of organizations have not yet implemented a robust workforce and succession planning program. Most organizations see the need for and urgency to implement succession planning but may be unclear where to start or believe they have too few resources to make succession planning a success in their organization. Baker Tilly recently published a whitepaper with the American Public Power Association (APPA) which not only dispels some of these myths related to succession planning but also provides a simple, low-cost methodology for implementation of a succession plan. Highlights from the whitepaper are included below.
While succession planning does not have to be expensive and overly complicated, there are some critical steps your organization can take to ensure its success. Some key aspects of a successful succession plan include:
As retirements loom and niche, skilled positions become harder to replace, all organizations should be asking, “How do we recruit and retain the most talented individuals while also maintaining institutional knowledge?” Implementing a succession planning program is the answer to this question. Not only does succession planning help an organization to retain top talent and institutional knowledge by providing defined career paths, education and mentoring opportunities, it also ensures the organization has a recruitment plan in place for positions that cannot be filled from with the organization.
For more information on this topic, or to learn how Baker Tilly energy and utility specialists can help, contact our team.