WHAT IS SUCCESSION PLANNING?
The future-focused practice of identifying the knowledge, skills and abilities to perform certain functions and then developing a plan to prepare multiple individuals to potentially
perform those functions.
– Society for Human Resource Management
KEY STEPS TO CONSIDER
1. Identify Key Positions Identify which positions are critical to your organization’s ability to meet its strategic and operational objectives.
2. Analyze Leadership Skills Determine what competencies, knowledge, experiences and skills are needed to fill your leadership positions.
3. Identify Talent Pool Identify your high performing employees who may be potential successors.
4. Develop Potential Successors Provide training and development to ensure your high performing employees have the skills they need to successfully lead when the time comes.
5. Monitor & Evaluate Effectiveness After a leader has been appointed, monitor their progress and provide support and correction when needed.
A GOOD SUCCESSION PLAN IS AN INVESTMENT
Guarantees Business Continuity and Image building
Builds a Potential Leadership Pipeline
Retains Top Performing Talent
Ensures A Smooth Transition to the Next Leader