How to Plan for Succession
Succession planning is a process that your organization can use to ensure every critical position is occupied by an employee with the right skills and experience. It aims to ensure workforce continuity by identifying and preparing suitable candidates so that positions aren’t left vacant.
1. Helps Identify your Most Qualified Leaders
- Identify those positions most critical to the future success of the company.
- Identify internal candidates with the values, skills, and desire to take on those critical jobs.
- This can be an incredible retention tool and motivator for junior managers and subject matter experts who want to advance their careers in management.
2. Creates a Structure for Training and Development
- Once your company has identified employees that are interested in moving into senior positions, you can identify any competency gaps and begin training them.
- You can give employees time to acquire the skills and experience they’ll need to perform well in their senior roles.
3. Maintains Brand Identity
- By identifying and training an internal successor, your company ensures it will be led by someone who shares its values and deeply understands the company’s brand promise.
4. Plan for Long-Term Goals
- The objective of a succession plan is to help your company grow with intent as you identify and build plans for vulnerabilities in other areas of the business.
- Succession planning can help in ascertaining which areas require innovation, setting realistic goals for growth, and planning for future talent needs that may result from that growth.
5. Protects your Business from a Sudden Unexpected Change
- You might be able to recruit effectively to replace an employee who left unexpectedly but how much will that cost you, in terms of fees, increasingly competitive salaries, and loss of intellectual capital?
6. Transfer of Knowledge
- When experienced employees retire or leave the business after a long tenure, they take with them the knowledge that will be hard to replace.
Prioritize succession paths that involve employees whose departure from the business is planned or otherwise anticipated, knowledge can be passed on to those who will take up the reins.
How to Plan for Succession
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