Succession Planning Continued
Once you have identified your critical positions throughout the organization,
what is your contingency plan? Who are the people best suited to replace the current
individuals that will either get promoted or leave (voluntarily or not)?
Where to start?
The common first step is to determine the talent pool. Who are the rising stars?
Who are the individuals that have the most potential to rise through the ranks and achieve the
Secondly and critical to the process is the identification and evaluation of your
internal talent. What skills, competencies, abilities and potential do they have?
The third step is developing your talent to meet the needs of your business.
Do we have enough internal resources to meet the future needs of
What are the developmental needs for these individuals to prepare them for future key
What do they need to learn and acquire as knowledge to fulfill the future needs of your
Organizations that have succession planning well in
hand and continue to maintain and review frequently are well positioned to lessen the impact on the
business, should key players suddenly leave or get ill.
Having a succession plan is not enough, it needs to be known and communicated to
the key players and their respective ‘’benches’’. This is important in the retention of your ‘’High Potentials’’ as well
to attract top new talent. We have all heard the stories of top talent leaving companies because
they were seeking better opportunities elsewhere; oftentimes, the opportunities were already laid
out for them but were never communicated.
So, are you prepared for the worst or planning for the best?