Succession Planning

Succession Planning solutions designed to instill trust, grow a diverse bench, and ensure that you have the right people ready to lead when you need them.  

Succession Planning is not a nice to have.  It’s a must have now.

How prepared are you?

Succession planning often gets pushed to the back burner for a variety of reasons, including competing priorities and shortage of time or talent to do it right.  With an efficient process, the right teams, and proper tools, experts say it can be done in 2 months.  If you aren’t convinced that you need to act now – or if you need to convince someone else – consider the below statistics.  

Fail less, save more.

Whether hiring from the outside or promoting from within without proper preparation, successors are more likely to fail than succeed.  In addition to the cost to replace the leader, failures cause disruption that leads to frustration, disengagement, and turnover. Source

Gain competitive advantage.

With the great resignation, high turnover rates, and a shortage of qualified external candidates, having a formal succession planning process will position you better than two-thirds of other organizations to fill critical roles from within. Source

Diversity in succession planning

Build a diverse bench.

Succession planning processes that lack transparency, structure, and objectivity can create systemic bias.  This serves as a barrier to diversity and the associated positive business outcomes.  A contributing factor is the use of a single nominator, which is still a widespread problem today. Source

Retain top talent.

High potentials want to know what opportunities you will give them and the steps they need to take to reach their career goals.  Transparency and visibility of a talent review and succession planning processes will keep them engaged while they prepare for future roles.  Source

Succession Planning Process Steps

An effective succession planning process requires a structured approach with well-defined steps.  The graphic below shows the process we recommend, which is based on best practices.  When you partner with us, we can provide guidance and support for the entire process.  Or, you can choose to leverage our expertise in Competency Modeling Read MoreLeadership Assessment Read More, and Developmental Support Read More.   

Succession Planning Fundamentals

While there are many factors that contribute to the success or failure of a succession planning strategy, three of the most critical ones are:

Transparent Communication

Some people believe it should be kept top secret to avoid competitors from stealing top talent.  But if you build a culture of trust and invest in preparing your future leaders, there is no need to worry about that!  

Objective Decision Making

Identify high potentials, fairly and accurately, with a standardized talent review process.   This should include objective assessment for an apples to apples comparison of nominees.  Having diverse committees also improves fairness by including different perspectives.

Baseline Metrics 

You may be tempted to skip this step.  Don’t.  Establish metrics and gather baseline data to give you what you need to show the impact of your hard work and identify needed process improvements.  Read More

 

The future of your organization depends on the steps you take today.  Get it touch to speak with an organizational psychologist who will help you to evaluate your current succession planning process and get you moving in the right direction.