| Succession Planning
What is it?
Succession planning is a deliberate and systematic effort made by an organization to ensure that a well-stocked pipeline of qualified individuals are equipped and ready to assume key positions. It identifies grooms and broadens skills of the most talented employees. It’s about retaining and developing the often misunderstood component of an organization…its intellectual capital. It’s not just about “replacement,” it’s about survival!
Committing to succession planning will excite, engage and ultimately help you retain your top people.
Impact if not addressed
Besides having key positions left vacant, here are other impacts to consider... If you're organization is not paying attention to your most talented people, odds are they will find somewhere that does. If you want your most talented to stay, thrive and contribute then they must be held out as special
and thus treated differently. If this is not currently happening, you and your organization could be left exposed and at the mercy of competitive recruiting efforts. At the very least you will incur inflated costs associated with hiring and training someone from the outside. You are better off investing in a preventative process that results in the retention of top talent and ensures growth is sustained by having well equipped people waiting in the wings.
3 Questions
1. If you or key members on your staff were hit by a truck tomorrow, do you know who would replace you/them?
2. If so, would this person have the requisite skills, knowledge, and experience to be successful immediately?
Would the transition be seamless?
3. What short/long term impacts would it have on the organization, revenue, your team, and the customer?
What else?
What needs to be in place for succession planning to occur?
A formalized process for Succession Planning with accountabilities in place for execution
Commitment to train, equip, and develop those down the chain
Delegation/empowerment/trust - a willingness to push responsibility and decision making down the chain
Performance accountabilities
Provide frequent feedback regarding expectations and performance
Succession plan integrated into the business/strategic plan
Not being threatened by the "up and comers"
Allow top talent to participate at the strategic level
Commitment and participation from upper management
Insight Strategies can assist you every step of the way. Call us at 310-316-9263.
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