The Basics of Succession Planning
To ensure the continuity of a business's operations, it is wise to implement succession planning – identifying and developing talent to fill key leadership positions.
Recruiting and training for key positions can be difficult, time-consuming, and expensive, even more so when filling a position that was unexpectedly vacated. Being proactive through succession planning makes the process more efficient.
Succession Planning Process
While every succession plan must be customized to fit the position's unique needs, the following steps are typically involved:
- Determine the roles and skills critical to the company's growth.
- Identify current employees who could fill the company’s key roles.
- Establish what training is needed for a smooth transition.
- Start to train backup employees on various roles to prepare them for a possible role shift.
- Ensure that all employees recognize and understand their career paths and the roles they are being trained to fill.
- Identify employees in all areas of the business and work to ensure they are highly engaged and satisfied with their roles and the organization itself.
- Understand the time needed to cultivate the talent needed.
- Review, evaluate and adjust the succession plan as employees transition in and out of key roles.
Losing a key employee can be a devastating interruption to business operations. Succession planning can help ensure the smooth transition of staff into the vacant position with minimal interruption to the business.
Still not sure how to get started with your company’s succession planning? Get more great tips by downloading our free playbook, A Guide to Successful Talent Management Amid COVID-19 & Beyond.