What is succession planning?
Succession planning is the process for identifying, nurturing and developing people to take on progressively greater responsibility and leadership in the organization.
It's more than just replacement planning, which is a process for identifying one or two potential individuals who can step in on an interim basis for each executive/leadership position. It is temporary, tactical and does NOT replace a succession plan. Succession planning is more strategic and develops several employees for all key areas in the organization.
The benefits of succession planning
Great succession plans support organizational growth, help you recruit and retain the best talent and ensure that your organization can quickly and effectively react to change. According to a recent report by Software Advice, 94% of employers surveyed stated that having a succession play positively impacts their employees; engagement levels.
Maintaining talent pools ensures your organization always has several potential employees at various levels of readiness prepared to take on greater responsibility. This kind of succession planning also helps impart knowledge from current leaders to up-and-coming talent.
Keys to success
Putting together a leadership succession plan can be intimidating. We've got the forms and templates, white papers and how-to articles to help you set up a 3-5 year strategic plan for your organization to ensure it has the knowledge, skills and experience required for continued success.