Succession Planning Best Practices
From OrgChart.net
Adopting succession planning is simply not enough. Without a well planned and thought out succession planning strategy, attempts to create meaningful career paths within an organization may stall or fail. There are many organizations globally that have not been able to fully grasp what effective succession planning means. Experts have various opinions regarding best practices regarding succession planning, but there are a few that are universally agreed upon:
Analysis
The most critical first step is to understand and analyze the challenges that an organization is likely to face in the coming six to eight years, or even farther. It also requires analysis of what competencies and skills will be required of individuals manning those key positions to lead the organization through them ably.
The organizations that look at incumbents as successors often miscalculate the requirements of the future. Skills that worked in the past may not necessarily prove to be of use in the future. Software solutions that are able to forecast the needs of an organization should be regarded as worthy investments at this stage and taken advantage of, as well as having a consensus in the organization about what skills are going to be needed. This may include analyst or industry research to answer such far-reaching questions.
Choice of a Successor
Organizations may choose a successor from within or may seek out an external candidate. Early implementation of succession planning facilitates readiness of suitable candidates when the requirement arises. There are a few practices that should be done prior to initiating him or her on the development route:
- Profile match for position
- Series of tests to determine competencies
- Willing to take up a role of higher responsibility and therefore undertake training and developmental programs
It makes sense that external candidates be selected only if none can be identified from within the organization. There must be something exceptional about the external candidate by virtue of which he or she is chosen. There should be a measurable plan in place for the successor candidate for at least a year.
Timing it Right
Apart from this, it is extremely important for an effective succession plan to pace its development appropriately. Although having a perfectly timed execution is an improbability, being far ahead or too laid back – both have their own disadvantages. A lagging development program spells an inadequately prepared person and thus exposes the organization to risk which may cost it dearly. Being ahead of schedule spells threat through headhunters who may lure away a ready man, leaving the organization in the middle of nowhere.
During this process, mentors may guide the successor candidates. They not only get handed down valuable knowledge and information, but also develop special skills from the successor candidate. Greater experience and competencies may be facilitated through cross training, rotation through departments and functionalities or international postings.
Clear communication during the entire process should be made available to every employee. One often overlooked phase in the transition phase is the successor’s on-boarding. There must be a clear plan for the first year of functioning, with measurable metrics in place and also some form of assured apolitical cooperation from all those in important positions that transcend personal interests in favor of the organization. Any transition is a period of extreme vulnerability for an organization and therefore it must be handled as a crucial part of succession planning.
