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It is a documented strategic approach for management succession at all levels of the organization to ensure that the right talent and skills will be available when needed. This is necessary so that essential knowledge and abilities will be maintained when employees in critical positions leave. It creates a road map for the future talent of the Bank of Maldives (BML) and defines how managers will go about developing that talent.
Attract, develop & retain
motivated and talented individuals
The desired results of the succession planning policy are to:
Succession planning is a win/win for both the organisation and its employees. The overall wellbeing of the organisation will be better maintained with a well-planned, well-executed succession plan in place. Employee turnover, costs of replacing staff with external candidates, customer satisfaction and quality outcomes all stand to improve as succession planning is further integrated into the business. Less measurable will be the increased employee morale and organisational loyalty, teamwork, and shared vision which will have a tremendous impact on the organisation’s overall health and momentum.
To understand board, senior management and line manager’s responsibilities and how this can be incorporated into a regular process please get in touch.