Succession planning is a continual annual process through which an organization ensures that employees are recruited and developed to fill each key role in an organization. Succession planning is not just about replacing the CEO. A progressive organization will have a process for identifying highly qualified people in at least the top two or three layers of management who can be moved up when positions open.
Benefits
A sound succession planning process has many positive benefits:
- Assess Current Practices & Identify Key Jobs Needed in Future
- Proactive rather than reactive identification of talented employees that can be groomed for advancement
- Encourages individual development needs & promotes high morale, job satisfaction & reduced turnover
- Higher performance
- Time savings
- Cost savings
Process
In launching succession planning it is important that commitment, engagement & support at the top of the organization are secured. The process should be aligned with overall business strategy to clearly reinforce corporate goals and objectives. Five major tasks are involved as illustrated in the diagram below.
Contact us today to discuss how a succession planning process can be developed in your organization
