Planning for the inevitable succession can help reduce the confusion and even turbulence of leadership change. Although talking about retirement or death may be difficult, leaders owe it to their businesses to have these frank discussions. Not discussing succession and proposals for the company’s future, creates great risk on the business.
Succession planning is a process of identifying and developing talent to replace executive, leadership and those holding key positions in a company. This would be necessitated by retirement, exit or death of any of the leaders. Succession planning increases the availability of experienced and capable employees who shall then assume these roles as they become available, thus ensuring that the business continues to operate efficiently and with a smooth transition.
Succession planning is applicable from the smallest to the largest of companies. Effective succession planning works by assessing staffing needs, well in advance and creating long-term goals and strategies to manage those gaps.
There are four main stages in the succession planning process, which involve transition (movement of new role), initiation, selection, and education.
The concept may be extended to a broader range of employees and is rapidly gaining traction, through talent management. Succession planning may also be used to indicate the passing of company ownership onto a new strategic investor, the next generation or the employees.
Succession planning boosts employee engagement through career development, making the organisation an employer of choice.
It is important to gain the support of key stakeholders, decide which positions to focus on, identify high potential employees and nurture them, create effective learning and development processes that support the succession strategy.
What can The CFOO Centre Limited do for you?
With our years of experience and the succession planning toolkits which include:
(i) Identification of key leadership positions,
(ii) Identification of competency, skills and success factors of leadership,
(iii) Assessment of current leadership strengths and of the level right below the
leadership level,
(iv) Design and implement career development strategies,
(v) Monitoring and evaluation of the strategies
We will be your partner in undertaking, to completion, your optimal, tailor-made succession planning by developing tried and tested strategies for a smooth transition.