You also need to have conversations with your employees to find out what their career goals are, where they see themselves in the future, and what development they and you feel they need in order to get there. You need solid performers at every level of the organization. Done right, succession planning can be a powerful recruitment tool, helping your organization improve retention and company culture. Your employees are the backbone of your company, especially the ones who do a good, solid job, day in and day out.
Employees can also grow and develop laterally, positioning them to continuously improve at their current jobs and even find new meaning in them. Let them know that you will continue to help them develop so they can stay fresh in their positions. To feed their need for recognition, you may need to expand their responsibilities to include training less-experienced employees or encourage them to speak at industry conferences. The possibilities are endless when it comes to personal development.
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Succession planning is a strategy for passing on leadership roles—often the ownership of a company—to an employee or group of employees. Also known as "replacement planning," it ensures that businesses continue to run smoothly after a company's most important people move on to new opportunities, retire, or pass away.
Succession planning can also provide a liquidity event enabling the transfer of ownership in a going concern to rising employees.
Succession planning is not a one-time event; succession plans should be reevaluated and potentially updated each year or as changes in the company dictate. In addition, businesses might want to create both an emergency succession plan, in the event a key leader needs to be replaced unexpectedly, and a long-term succession plan, for anticipated changes in leadership.
In large corporations, the board of directors , not just the CEO , will typically oversee succession planning. Also, in large corporations, succession planning impacts not just owners and employees, but shareholders as well. The company encourages using four criteria to identify which positions are critical:. Not every position needs to be planned for, but these criteria might lead you to some surprising positions that are deemed critical.
Take that cross-functional input to determine the right people to train and mentor to eventually move into key positions, or to determine which positions will require an external hire. If hiring from within, evaluate each candidate against the demands of the position. The team at Deloitte advises developing a template against which to evaluate each candidate.
That profile should include job-related facts, informed predictions of future behavior, and subjective assessments. This will help you determine the best person at the company for each position in the succession plan. In order for a succession plan to achieve its goals, employees need to know they are being targeted for important positions.
While there are some dissenting opinions on this subject, most professionals agree that employees should be made aware of the plans and shown a career path to achieve that end. Doing so builds trust and motivates employees to do their best. Before locking in any names, CHROs should take the time to discuss career plans with those employees and identify those who are not only willing to advance, but also open to developing new skill sets.
The best way to do this is to call these workers in for one-on-one meetings to explain the situation and the opportunities it presents. Whether the move would be lateral or vertical for the successor, that person will need to develop the skills needed to take on a new position in the company. It falls to the company to ensure those candidates have opportunities for professional development.
Check out our Comprehensive Guide to Succession Planning to learn more. The ideal time to start succession planning is when your business is starting to take off. You want to protect all the heart and soul not to mention, money and resources that you put into your company, yes? It is possible to safeguard your business without it being an overwhelming process. Succession planning focuses on having the right people and financial structure in place so that the value of your business will continue to increase for many years down the road.
Ask yourself: who are the 1 or 2 successors that could fit into the most critical job positions in the future? Do they have the skills and experience necessary to be successful?
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