Implementing an Effective Succession Plan

Fortune 500 companies and small family businesses alike share a business need - insuring that they have the talent necessary to effectively lead their organizations in the future. One of the most significant contributions a leader can make is insuring his/her business'continuity and sustainability - by having employees who are willing and capable of filling each key position with a plan for doing so when the need arises.

Succession Planning is a:

• Deliberate, systematic process of anticipating the need for talent and ensuring that the 
  necessary employee competencies and experience are available when needed in the 
  future
•  A strategic approach for avoiding an under supply of talent, enhancing the organization's
   current talent pool and meeting its future needs

Not having a Succession Plan can be costly and sometimes disastrous; it's expensive to recruit,
interview, select, on-board and train a new leader and significant opportunity costs are incurred
 when a key job is not being performed.

• Objectives and  Benefits of Succession Planning
  • Sustain the business through a systematic effort to ensure leadership continuity in key positions
  • Attract, retain & develop high potentials [HiPos]
  • Encourage HiPos development by:
    • Identifying career paths
    • Conducting performance appraisals
    • Providing daily coaching
    • Creating Individualized Development Plans [IDPs]
    • Holding Talent Review meetings
• Tools and Processes Commonly Utilized for Developing and Implementing
  • Self appraisals and career goals
  • Performance appraisals, 360 feedback and ratings
  • Assessment instruments
  • GE grid
  • Individual development plans [IDPs]
  • HiPo talent development interventions
  • Talent review meetings