How to Implement Succession Planning
Succession planning, or the art in which corporate managers develop and prepare other employees to succeed them when necessary, is one of the most important policies a modern organization can have in place. Due to the volatile job market and the increasing incidence of senior managers reaching retirement age, it's crucial to have someone trained to take over the operation of a business seamlessly.
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Things You'll Need
- Succession planning policy
- Mentoring approach to leadership
- Leadership training materials
Instructions
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Devise a succession plan policy for your organization that clearly outlines the ways in which the business will address both expected and unexpected leadership changes. This policy should explain who will oversea managerial succession, such as the board of directors, the process for selecting the proper successor and who will act as leader in the interim if someone has not already been identified and properly trained.
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Identify a candidate or two who will be trained to succeed senior management when the times comes. According to Canadian consulting firm BDC, the successor(s) should be introduced to your staff, clients and community early, providing the boss-in-training authority to run the operation while still under your direction.
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Provide leadership development training programs to internal candidates to prepare them for the leadership challenges that might await the company in the future.These programs should focus on universal leadership skills, like effective communication, and also the areas of innovation and risk management, which might be critical for the future success of the organization.
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Utilize the performance review process to gain clarity of the accomplishments and shortcomings of individual employees as they relate to future leadership possibilities.
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Tips & Warnings
Start implementing succession planning policies early, before there is a crisis. Also, starting early allows you to really research the past performance of the company and attempt to predict the future needs of the organization
Some managers might feel threatened by having to groom their replacements. Making succession planning training available to all employees might alleviate some of the fear, while simultaneously boosting retention.
References
Resources
- Photo Credit handsome managers image by Andrey Kiselev from Fotolia.com
