Steps to Take in Succession Planning
What is Succession Planning?
Succession planning is a business strategy for passing leadership roles on to one or more other employees. This business strategy will ensure that a business is preparing to promote and advance its employees. Not just those who are already at the management or executive levels.
Here are questions to ask yourself and your company about succession planning:
- Does your company have a succession plan that identifies key roles and potential candidates for those roles?
- What steps are you taking as a company to train your employees to take over when a management team member or another critical role vacates?
- What are you doing to identify, retain and engage the great employees you have identified?
- Are you allowing your employees to develop new knowledge and skills by cross-training them?
By cross-training, you will not only be giving employees an opportunity to learn new skills but you will also be safeguarding your business, making sure that more than one person can do a job. So if someone leaves, an accident occurs, or becomes unable to perform their duties, your business is protected because of your succession plans.
How to be Proactive in your Plan
- As a leadership team, take time now to identify key positions that are critical to the business and ensure you have potential successors to these roles. Additionally, make sure these employees know they are a critical part of the company’s succession plan. As a result, this will help with retention and perhaps avoid an offer enticing them to leave. On the other hand, if they aren’t included in this discussion, you may find out too late that these candidates are not interested in moving into the key management role you have in mind!
- Find a way for each generation to contribute. Younger generations may be able to see a new, faster, easier way to do things. While a more tenured generation will add the knowledge of why things have been done a certain way. Sometimes it’s good to have both sets of eyes and ask questions to make sure things are being done most efficiently and effectively.
- Building a collaborative team takes time and trust. Some may find it challenging to let long-standing tasks go or even feel like they are no longer needed. However, a long-term employee hoarding key information doesn’t serve the company’s best interests. Above all, make sure you are transparent with your motives and build trust among your employees.
When it comes to ensuring you have qualified talent ready to make an impact on your organization, we have the expertise, network of talent, and dedication it takes to get the job done. Contact us about your hiring need today.
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