“Organizations that extend development to all levels are 4.2 times more likely to outperform those that don’t.”
–Global Leader Forecast 2018
In order to thrive, organizations need to continuously develop people at all levels and across all teams. Success isn’t accidental. Intentionally assessing the capabilities needed and hardwiring learning opportunities builds competence, sustains personal commitment, and positions the organization to produce strong results.
Components of a Succession Plan
- Position description and core job responsibilities
- Unique certifications required and desired
- Team members currently in the role and a risk assessment
- Eligible and interested internal and external candidates
- Development plan for aspiring leaders
- Year-at-a-Glance outlining key job responsibilities
It is vital to “build the bench” of leaders at all levels. Each position is critical to success. Succession planning increases employee engagement and highlights the value of each team member’s role in the organization.
Growing leaders at every level of the organization retains your best!
“Turnover hardships can be managed through succession planning, especially when paired with employee development.” –Harvard Business Review
Businesses can begin by assessing risk and determining which positions would create the most disruption to the business.
Questions to Ask When Assessing Risk
- Are the current salary and benefits competitive?
- Are there enough opportunities for professional development and growth?
- Is cross-training available?
- Are promotions accessible?
- Does the position require unique skills?
- What kind of relationships exist?
- Has an employee been in the position for 4+ years?
Development is not just for retirement planning. Preparing in advance for employee transitions is a direct benefit to every member of the team and the organization. Developing a “Year at a Glance“ for each unique job role is a strong first step in preparing for transitions.
Succession planning is an improvement cycle. A coherent plan for development and succession can make the difference in building momentum, engaging committed people, preventing burn out, and sustaining long-term success. The impact of succession planning is most significant for those remaining in the organization.
“Few know that recruitment, feedback, and development are part of the key systems impacting organizational success.” –W. Edwards Deming