Succession Planning

What is Succession Planning?

Succession Planning is a process of recognising and nurturing new skilled individuals for future leadership and taking over in business essential positions. When an institution is experiencing a shortage of skills, succession planning becomes a vital tool for developing any new skill. The strategy has become familiar to both large and small institutions.

It becomes impossible to run any company without a plan of how the transition will occur in any key position. Succession planning will help mitigate any problem that might arise when your company loses some critical personnel. We are going to offer you some critical succession planning procedures.

What is the Succession Planning Process?

Understand the important positions in the institution

Understanding the key roles of your company is the most basic step in succession planning. It entails the identification of the important skills, experience, and qualifications in those roles. This helps you to know the general demands in certain positions for the success of the company.

It tends to be difficult when some critical employees retire without a plan for their successor. With this knowledge now, you can proceed to the analysis of such roles deeply.

Identify the successors

Once you have the most important positions, it’s important to know the order of urgency in those positions. You can try to see the individuals who are likely to retire, go for maternity leave, etc. Find out the individuals who can be a substitute in those particular positions.

Sometimes the most likely successor is the ones who have worked in that line closely. You are also supposed to consider other individuals in the company having necessary skills although working in a different line.

Inform the likely successor

You are supposed to notify any person who is likely to take over in any position. Let the specific individual understand that it’s not an assured offer but subject to the board’s decision and what might happen to the individual holding those offices.

Carry out professional developments

To the individuals already singled, organize for career development programs. It is very critical in enhancing their capacity and knowledge in that field of practice. You can plan for mentorship programs and training.

Test the succession plan

Hand over some of the responsibilities to the projected successor partially. The successor can assume some of the roles when the individual retires on leave or vacation. The employee will get an opportunity to learn through experience. The program is very effective because it helps you to see the need for extra training. It will also help see whether the projected successor is fit for the job.

Hand over the job

Once you have identified the right person for an important role in the company, integrate such a person into the full role of that position. Handing over should not be short; it is supposed to be accompanied by patience as this person learns to perform in the new position.

Documentation of the process

When everything is well and done, you have to keep a record of the entire transition. Make sure to record all the important steps followed for future reference. Ensure to note gaps that will need to be addressed in the future.

 

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