Succession Plans – An Introduction

Succession Plans are an effective, but often under utilized tool that leaders can use to better manage their business.  Below we discuss in more detail:

• Why Bother with Succession Plans
• Where to Start with Succession Plans
• The 9 box system of Succession Plans
• Replacement Planning
• Development Planning
• Talent Management

Why Bother with Succession Plans

Many managers would not bother with Succession Plans unless their HR group insists they are done.  Good managers in competitive businesses must take on Succession Plans on their own, even if there is no organizational support.

The success of your business strategy depends on having the right talent in place to execute it.

“If I were to pick one marker above all others to use as a warning sign, it would be a declining proportion of key seats filled with the right people.”

           Jim Collins, How the Mighty Fall (Page 57).

Where to Start with Succession Plans

Any attempt to improve a business or its people is only effective if it is done within the context of better achieving business results.  Start by asking these questions:

• Will your Succession Plans advance the strategy of the business or your department?
• Do your Succession Plans enhance the competencies (knowledge, skills and abilities) required to achieve the business strategy?
• Are your Succession Plans consistent with the values of the organization?

Then look at where you are now

• What are the key jobs in your organization?
• What percentage of those jobs are filled with the right people?
• Do you have the organizational diversity that will drive innovation?
• How many people in those key jobs are nearing retirement eligibility?
• How many would you characterize as a turnover risk?

The 9-Box System of Succession Plans

Replacement Planning

Development Planning

Many organizations have significant training and development activity.  Far fewer do so in a systematic way that will advance the goals of the organization.  All training and development that does not change specific, targeted behaviors is a waste of time and money.

Targeted Development asks fundamental questions:

• What are the future requirements of the organization?
• What are an individual’s strengths and developmental opportunities?
• What are the current business needs?

Talent Management

Three Things to Remember About Succession Plans

1. All Succession Plans must be future focused.
2. Succession Plans must be action oriented.
3. Succession Plans are more than simply Replacement Planning.

Watch the ‘3-Minute Crash Course’ about Succession Plans (CLICK THE ARROW TO START THE VIDEO):

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