Succession Planning
Why is succession planning like wills and estate planning?
When it comes to succession planning, many executives view it in the same way that individuals look at wills and estate planning. No way do I want to think about that issue!
However, succession planning is a very important part of any business. Much like a strategic plan, succession planning drives many critical talent management issues such as hiring, firing, training and development, performance management, compensation and retention.
The Process
When you use a professional business consultant their job is to help you develop a succession plan that provides a format for formulating specific strategies, converting those strategies into a planning process, and establishing measurable and attainable goals. It is a process that considers how an organization will look in the future and what are the steps to get there.
Critical Issues Addressed in this Process:
Develop a Communication Strategy
Identify Expected Vacancies
Determine Critical Positions
Identify Current and Future Competencies for Positions
Develop a Recruitment Strategy
Identify Assessment and Selection Tools
Identify Gaps in Current Employee and Candidate Competency Levels
Develop Individual Development Plans for Employees
Develop and Implement Coaching and Mentoring Programs
Assist with Leadership Transition and Development
Develop an Evaluation Plan for Succession Management
Outcomes from this Program include:
Better Retention
Valuable Training and Development Goals
Increased Preparation for Leadership
Greater Employee Satisfaction
Enhanced Commitment to Work and the Workplace
Improved Corporate Image
If your company does not have a succession plan in place, you should consider one!
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