Succession Planning
Definition:?Succession planning is a process by which individuals are scanned to pass on the leadership role within a company. The process ensures that business continues to operate efficiently without the presence of people who were holding key positions as they must have retired, resigned, etc.
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The planning process is meant to create a talent pipeline?of successors that will keep the organization running with little to no interruption when inevitable staff changes occur.
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3 Steps to Improve Succession Planning in the Entire Organization
1.?????? Identify and engage strong rank and file employees.
2.?????? Develop and cross-train the replacements.
3.?????? Build and document job processes, procedures and controls.
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Key Objectives of Succession Planning in the Organization:
·???????? Ensures Continuity- Building a leadership pipeline by short listing or developing the skills needed to maintain a forward-looking trajectory automatically makes your company future-ready.
·???????? Identifies Critical Positions- identifies mission-critical front-line positions that are crucial to a company’s success.
·???????? Underlines the Organization’s Competency Levels- Implementing? competency mapping?criteria in an organization.
·???????? Identifies Potential and Promotes Development- By understanding their strengths and vulnerabilities, HR identifies existing employees’ latent talents or untapped potential.
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A succession plan acts as a contingency plan needed to thrive in the present and the future. According to the?Canada Business Network, succession planning should begin five years before the CEO plans to retire.? It is a means to decide who can assume the reins of your organization.
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Advantages of succession planning:?1) Effective talent management to ensure long-term success, 2) Minimizing random successor selection, 3) Smoothen leadership transition, 4) Encourages employee retention by boosting morale.
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Real-world succession planning example- As an example, for several years before Steve Jobs stepped down as CEO of APPLE?in 2011, he had groomed successor Tim Cook to take the top leadership role.
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Ultimately, a carefully crafted succession plan will help you engage and retain top performers in the present.??
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Thanks.
Leadership Coaching, Organization Development, Expertise in FM & HR Strategist