Succession Planning….sounds good…right? No matter the size of the company – large, small, or family owned – a succession plan is the basis of being prepared for the present and future workforce needs. Grooming existing employees for key positions is a proactive way to create a positive impact throughout the organization. Succession planning encourages staff development and sends a message to employees that the organization is serious about developing people. It may also persuade talented employees to remain with the company rather than looking elsewhere for growth opportunities. A successor groomed from within the company can save the time and expense of hiring a new leader from outside. So the question is…why go searching when what you are seeking could be within reach in your current organization?
Succession planning is a process, not a one-time strategy to check off the to-do-list. A good succession plan can be the backbone of the company if executed properly. It also needs the support of executive leadership in order to create the desired impact across the organization.
Let’s look at some of the concepts that make up a good succession plan:
It sounds easy. However, very few companies actually follow through with a plan. They may have a plan “on paper”, but it has never been established or implemented.
In the coming weeks, we will post about some key steps in the succession planning process. In the next blog, we will talk about identifying key positions and skills, and having open and honest discussions about executive performance.