Succession Planning

Succession Planning

A process of identifying, developing and transitioning potential successors for the company’s present and future roles; aligned with the talent and ambition of current employees and the talent network.

5 key elements of succession planning

Pivotal roles

Roles that are essential to the company’s future.

Examples are roles with:

• Large span of control
• Large budgetary responsibilities
• Senior and strategic roles
• Customer contact roles
• Specialists roles

Bench strength roles

The competence and number of employees ready to fill vacant leadership and other positions when the need arises.

Bench strength speaks to:

• Depth of an organization, not just quality (developed successors)
• Quantity (number of developed successors)

Goals of the Succession Planning Process

• Prioritize people performance
• Highlight the link between performance and business success
• Identify potential leaders, talent opportunities and skill gaps within the business
• Manage succession as leaders depart and establish business continuity
• Increase accountability for talent growth and assessment throughout the business
• Provide a compelling career path within the organization
• Aid recruiting and retention and be known as a business that develops leaders