Succession planning in 5 easy steps!
The need for succession planning has become more relevant in recent years. With the effects of the pandemic, many business leaders are re-evaluating their work-life balance and seeing the need for future successors to take their place. Not only that, with the increased number of absences during the pandemic, it has highlighted the need for a robust back-up plan, should that key individual be out of work for an extended period of time.
Benefits of Succession Planning
Family businesses benefit the most from having a clear succession plan in place. A lot of planning is required to pass the reigns to the next generation. Considerations must be given to whether the selected family member has the required skills to fulfil the role.
Succession planning focuses on identifying and growing talent to fill leadership and business-critical positions in the future. With regard to skills shortages, succession planning has gained popularity in more recent times, and is now carried out in both large and smaller organisations.
5 steps to creating a succession plan:
- The succession planning process identifies and develops potential future leaders to fill senior and business critical roles within the organisation.
- Having a succession plan for key roles within your organisation will ensure roles are filled effectively if a current post holder is absent or leaves the organisation.
- The succession planning process is carried out with senior managers who will identify the key roles by assessing their criticality to the organisation and their vulnerability, should they become vacant.
- Once the roles have been identified, employees are invited to make an application to be placed on the talent pool.
- Successful candidates will be set up with a learning and development plan, which will be worked on within a set timeframe, for that employee to reach the required level of ability to step into the role with ease.
Boyd HR has helped many businesses with succession planning and preparing for the future. If succession planning is something you are thinking about today, please contact us for more information.