Succession planning (or a succession plan) refers to a process and document that identifies potential candidates who could take over a key post within a company in the event of the departure of an employee or manager. It sets out the steps to be followed to ensure a smooth transition.
How To Draw Up Succession Planning?
The creation of a succession plan within a company usually includes five steps:
- Identifying key positions: identify the most important positions in the company.
- Identifying of required skills: determine the skills necessary for each of the key positions.
- Choosing the succession planning strategies: determine the best strategies to put in place such as career development, welcoming and onboarding practices, and outside recruitment.
- Documenting and implementing the plan: clearly define time frames, roles, and responsibilities.
- Evaluating: evaluate and adjust the succession plan if needed.
Why Make a Succession Plan?
A succession plan helps businesses identify interesting, qualified candidates to replace directors or executive roles more quickly. While it is generally used for management roles, it can be useful for any position within a company.
Succession planning also allows to better plan the labor needs of a company, manage retirements, and identify potential departures.
It is an interesting tool for identifying high-potential employees and planning their career development to stimulate their commitment and motivation.
A succession plan can be used to predict various departures and ensure smooth and efficient transitions. It is also an excellent practice for recognizing and awarding high-potential employees and building their loyalty.
What Questions Should Be Asked During Succession Planning?
The questions that should be asked during succession planning usually include:
- How many people are likely to retire in the short, medium, and long term?
- What are the key positions in the company?
- What strategies have been implemented to ensure the transfer of knowledge within the company?
- Which employees have excellent potential?
- Which skills do employees need to achieve succession within the company?
- Are skills development plans in place to develop employees’ skills?
What Are the Advantages of Succession Planning?
The advantages of having succession planning include:
- Identifying key positions in a company
- Planning of labor needs
- Improving knowledge transfer
- Easing transition when employees are promoted
- Drawing up of detailed job descriptions
- Identifying high-potential employees
- Creating professional skill development plans
- Increasing employee retention
- Stimulating internal mobility
How To Decide Which Employees Should Be Promoted?
To decide which employees should be promoted, managers can use employee performance evaluations. They can help identify the abilities and skills candidates possess.
Managers can also consider employees’ interests to decide on promotions and develop skills according to their succession plan.
