Succession Planning Steps

 

 

 

The scope and steps of succession planning will vary depending on the organizational context, size, culture, budget for retention and succession and employee demographics.  To get a manageable succession plan off the ground, here are 10 steps to follow:

 

 

 

 

1. Set retention and succession planning program objectives.  Typical objectives include:  improved business performance, decreased turnover, maintain competitive intelligence by filling majority of positions internally, offer a hiring advantage, and higher ROI for training and development expenditures.
    
   
2. Align implementation with organizational culture and practices. This requires careful planning and a clear delineation of accountabilities along with clarifying intent and identifying best practices for succession management.  Attach to core business drivers and cultural priorities. Decide if a basic computer and paper management process will suffice, or if software needs to be acquired and learned.
   
   
3. Identify critical areas to be addressed.  Interview leadership team members, develop a shared understanding of current strengths and weaknesses of the system being used or not used, and gain the buy-in of key decision-makers. 
   
   
4. Communicate the specifics of the succession program to all employees.  Make sure all managers understand their role in terms of identifying potential successors, responding to questions and managing their part of the system.  Give everyone an opportunity to understand the program’s purpose, process and expectations for performance.  Encourage feedback, questions and interest.
   
   
5. Create a master job benchmark for each key position.  Creating job benchmarks is like investing in gold.  It provides you with the critical information needed to make the best selection choices.  It is what creates a competitive advantage and sets in motion an organization’s future.  Create a binder for each position that houses critical information about the job’s core competencies, behavioural style, values hierarchy, knowledge and technical expertise, credentials and experience required.  Include a copy of the job description and other relevant information such as performance appraisal documents.
   
   
6. Assess organizational talent.  Assess current talent (both in the job and outside the job) for as far out into the company as your budget will afford.  In order to get best results, use an assessment tool that has the capacity to align and compare each employee directly against the job benchmark.  In this way, it becomes clear which employees are truly the best candidates to succeed others. Add printed copies of assessments for anyone currently occupying each position into their respective master job binder.  Add the assessments of others that have been earmarked as potential successors. Keep in a secure location.
   
   
7.  Communicate proposed learning plans to potential successors. Sit down with each individual targeted as a successor and explain your plan for and commitment to their success and development within your organization.  Co-create a learning and development plan designed to ready them for additional responsibilities and accountabilities.  Add the plan to the job’s master binder along with any information about an incumbent or successor's development successes. 
   
   
8. Measure, monitor and adapt.  Create a process for tracking where each position is in terms of grooming its successor and/or developing its incumbent.  Keep in touch with successors and make sure you know what they are thinking and experiencing as it relates to their job satisfaction and career plans.  Record any change in individual plans or employee status and adapt accordingly.  Make sure leaders and managers are fulfilling their requirements.  Measure the ROI for succession program planning and management in terms of reduced turnover/increased retention, ability to attract job candidates, impact on bottom line, attainment of business goals, and so on.
   
   
9. Schedule annual reviews of strategy and plan.  Revisit the program’s purpose and results annually and align this effort with a strategic planning process.  Schedule annual or bi-annual assessments of targeted successors and organizational newcomers that show high potential.
   
   
10. Celebrate.  Don’t forget to celebrate the positive impact you’ve made on individual lives, leader abilities, organizational culture, and company revenues.  Acknowledge every person that has contributed in one way or another.
    

Companies with foresight prepare for their next crop of leaders, thereby keeping morale high, reducing turnover, preserving excellence, and assuring continuity of leadership best practices.  If you could use help fine-tuning your current succession management system or designing it from the ground up, The Wright Group would like to help.  Call Catharine at 780-701-8178 to discuss how.