How do you handle performance and succession management during times of change and uncertainty?

1 What is succession planning?

Succession planning is the process of identifying and developing potential future leaders and key employees for your organization. It helps you prepare for the inevitable changes in your workforce, such as retirements, resignations, promotions, or transfers. Succession planning also helps you align your talent strategy with your business goals and vision.

2 What is risk management?

Risk management is the process of identifying, assessing, and mitigating the potential threats and opportunities that may affect your organization's performance. It helps you anticipate and respond to the internal and external factors that may impact your operations, finances, reputation, or compliance. Risk management also helps you create a culture of accountability and learning in your organization.

3 Why are they important in times of change and uncertainty?

In today's dynamic and complex environment, change and uncertainty are inevitable and can create both challenges and opportunities for your organization. Succession planning and risk management can help you cope with these situations by ensuring the continuity and stability of your leadership and key roles, enhancing the agility and adaptability of your workforce, building the capacity and capability of your talent pool, reducing the costs and risks of turnover and disruption, improving the performance and productivity of your teams, and strengthening the trust and engagement of your employees.

4 How to conduct succession planning and risk management?

Succession planning and risk management are not one-time events, but rather ongoing processes that require collaboration and communication across your organization. To conduct them effectively, you should define your objectives and criteria, assess your current and future talent and performance needs and gaps, identify and prioritize your critical roles and potential successors, develop and implement your plans and actions, monitor and evaluate your progress and outcomes, and review and update your plans and actions regularly.

5 What are some best practices and tips?

Succession planning and risk management can be difficult, but they can be done effectively with the right best practices and tips. Involve senior leaders and stakeholders in the process and get their buy-in and support. Utilize multiple sources and methods to assess talent and performance, such as feedback, data, tests, or simulations. Offer successors and high-potentials with diverse and challenging development opportunities, such as coaching, mentoring, training, or assignments. Communicate plans and actions clearly and transparently to employees and address their concerns and expectations. Lastly, celebrate successes and learn from failures.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?