Succession planning is a strategic framework used to identify and develop new leaders who can replace existing executives/other key employees when they transit to another role, are fired, leave the company, retire or die.
Succession planning is vitally important for ensuring the continued success of any business. A strong succession plan is to identify and put together an agenda to train and mentor the right people that will take up leadership positions. It is important that organizations of all sizes focus on succession planning to ensure their future leaders are well sourced for and are readily available.
Whether you have a small, family owned business, or a multinational corporation, these tips listed below will help you kick start your succession plan.
- Be proactive: start planning for a successor ahead of time.
- Keep an open mind: even when you have found a successor, still look out for people with the best skills irrespective of their current positions.
- Make the vision known: share your succession plan with your managers, board of directors and human resources.
- Provide training to those with peak performance: identify and train your top performers.
- Tests run your succession plan: create an opportunity for your potential successor to step in and assume some responsibilities (e.g. during your vacation).
“The number one role of any leader is to identify and prepare their successor” – Bill Bliss. Succession planning is as critical as creating a business strategy. Your goal is to ensure that your business will continue to run successfully without you. That’s why it is important to spend time grooming your successor to be sure that he or she has thorough training and quality leadership experience.
Source: Robert Half “What is succession planning? Your steps to success.” April 18, 2018.