Succession Planning: Planning For The Future
Succession planning is an essential component of a successful business. It involves identifying and developing future leaders within your company and ensuring your company’s continued success. Proactive companies use succession planning to keep their most talented employees around longer.
There are several steps businesses can take to prepare themselves for the inevitable change with upper management positions.
These steps include:
- Develop a plan
- Identify succession candidates
- Inform your potential candidates
Develop A Plan
Businesses need to conduct an analysis of each major position within the company to determine the day-to-day impact the role has on the company as a whole. They should also look at the fallout of a situation where that position becomes vacant. By identifying which positions are the most significant in your workplace, you can begin seeking candidates that fit the role.
Identify Succession Candidates
Look within your current workforce to pinpoint which employees could potentially handle a promotion into the designated position. Determine what training would have to be given, if any. While it may make the most sense to look at the employee next in line, it is a good idea to look at other employees. The key factor to consider in your search is which employees have the skills that would be best suited for the role.
Inform Your Potential Candidates
It is important to gauge the interest of employees you are considering in your succession planning. Be sure to let the employee know they are being considered for a promotion. You should also convey that there are no guarantees with promotion and that circumstances may vary. This way you can ease the pressure while allowing them to strive for the promotion on their own accord.
Demo Your Succession Plan
Companies should test out their succession planning to check whether your current strategy is heading in the right direction. This happens by placing more responsibility on potential candidates. In particular, you can bestow some of the responsibilities of the senior role to the junior employee to see how they handle them.
This gives upper management the opportunity to assess how a junior employee handles the responsibility. This will help determine what other training they need and which areas the employee already does well in.
Communication Is Key
Communication between upper management and their employees is important to any successful succession planning. Employers must sit down with employees to discuss their futures. Through conversation, you may find out some of your targeted candidates are not interested. The important thing is that you establish which employees could be tailored for long-term roles.
The Centennial Advantage
The executive search experts at Centennial can help businesses with their succession planning to ensure the right candidates land in the right positions. We work with companies to identify their plans for the future in order to develop and implement succession planning.
Contact us today to get started!
Would you like to hear more about how to successfully transition the leadership of your organization?
This podcast episode highlights the power of succession planning done well.