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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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