Take Stock of Your Succession Plan

Succession planning is mission-critical for companies of all sizes and spanning all industries. Simply put, a succession plan ensures that, when an important decision-maker or senior-level leader leaves the company, your organization isn’t caught flat-footed. A succession plan allows you to identify key roles, to recognize promising new talents, and to ensure future leaders are well-prepared to assume new roles as they become available.

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Succession planning isn’t a one-and-done kind of activity. On the contrary, it’s wise to review your organization’s succession plan on a regular basis, and to revise it as necessary.

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How to Evaluate Your Succession Plan

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As you try to take stock of your succession plan, here are a few questions that may help you to think critically, analytically, and systemically.

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1) Does your succession plan account for each member of your leadership team?

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Succession planning probably doesn’t need to encompass your entire team; for example, you are unlikely to need a succession plan for an entry-level sales rep. But neither is succession planning meant to encompass the CEO only. Every leader or executive should have a succession plan in place, ensuring continuity for if and when they leave the organization.

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2) Are you preparing your up-and-coming leaders?

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Your plan should help you to identify potential leaders, and to ensure they’re ready for success before they are promoted. Professional development is a critical aspect of any good succession plan.

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3) Do your leadership candidates know they’re being considered for advanced positions?

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It’s difficult to prepare future leaders for success without actually communicating with them about the opportunities that lie before them. Make sure your succession plan includes a communication plan.

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4) Are you hiring to get a diversity of views, or just to replicate the boss?

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A common succession planning error is looking for a successor who is, for all intents and purposes, just a clone of the current boss. Make sure you’re recruiting and hiring with the goal of bringing in a wide range of mindsets and perspectives. Your organization will be richer and more robust because of it!

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5) What tools are you using to evaluate your talent pool?

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From CVs to 360 performance reviews, there are numerous tools available to help you size up future leaders. Are you using all the tools and resources at your disposal to ensure an informed decision?

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6) Are you challenging your up-and-coming leaders?

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One way to ensure your top talents are ready for a promotion is to challenge them with new projects or expanded scopes of responsibility. Rather than allowing anyone to “fail forward,” provide employees with opportunities to prove themselves.

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Is Your Succession Plan Sufficient?

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These and similar questions can help you appraise your current succession plan. If you’d like to talk more about the role of HR in ensuring a viable succession plan, reach out to the FullHR team at your convenience!