7 Steps to Successful Succession Planning

I’ve been reading some articles and I thought I’d share this one listing the 7 steps to successful succession planning. Here are some snippets from it.

What is succession planning?

It's a strategy for identifying and developing future leaders at your company — at all levels. Succession plans are used to address the inevitable changes that occur when employees resign, retire, are fired, get sick, or die. They make sure the business is prepared for all contingencies by identifying and training high-potential workers for advancement into key roles.

Here are seven suggestions to kick-start your succession planning, whether you have a small, family-owned business or a multinational corporation:

1. Be proactive with succession planning

It can take time to find and prepare a promising candidate for a leadership role. As such, don’t dawdle with this part of your plan. Even if you don’t think you’ll need a replacement in the near future, prepping someone to assume an important role creates an invaluable safety net.

2. Keep an open mind

While the obvious successor may be the second in command, don’t disregard other promising employees. Look for people who best display the skills necessary to thrive in higher positions, regardless of their current title.

3. Make the vision known

Include potential managers in strategy conversations to help them acquire planning and leadership skills, as well as a broad vision of the organization and its objectives. Consider sharing your succession planning with human resources and your board of directors.

Check out the whole article here and feel free to share your thoughts with me. Please feel free to contact me on (0467) 749 378 or email at [email protected] for any thoughts and perspectives.

Thanks,

Robert