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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
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