Implementing an Effective Succession Plan

Fortune 500 companies and small family businesses alike share a business need - insuring that they have the talent necessary to effectively lead their organizations in the future. One of the most significant contributions a leader can make is insuring his/her business'continuity and sustainability - by having employees who are willing and capable of filling each key position with a plan for doing so when the need arises.

Succession Planning is a:

Deliberate, systematic process of anticipating the need for talent and ensuring that the
necessary employee competencies and experience are available when needed in the
future
A strategic approach for avoiding an under supply of talent, enhancing the organization's
current talent pool and meeting its future needs

Not having a Succession Plan can be costly and sometimes disastrous; it's expensive to recruit,
interview, select, on-board and train a new leader and significant opportunity costs are incurred
when a key job is not being performed.

Objectives and Benefits of Succession Planning
- Sustain the business through a systematic effort to ensure leadership continuity in key positions
- Attract, retain & develop high potentials [HiPos]
- Encourage HiPos development by:
  - Identifying career paths
  - Conducting performance appraisals
  - Providing daily coaching
  - Creating Individualized Development Plans [IDPs]
  - Holding Talent Review meetings
Tools and Processes Commonly Utilized for Developing and Implementing
- Self appraisals and career goals
- Performance appraisals, 360 feedback and ratings
- Assessment instruments
- GE grid
- Individual development plans [IDPs]
- HiPo talent development interventions
- Talent review meetings