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What is succession planning and why is it important? Succession planning is the process of identifying very important positions in the organization and creating a talent pipeline, by preparing employees to fill vacancies in their organization as others retire or move on.
Succession planning is the process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions. Taking a holistic view of current and future goals, this process ensures that you have the right people in the right jobs today and in the years to come.
WHY IS SUCCESSION PLANNING IMPORTANT? In Effective Succession Planning, William Rothwell defines succession planning as a “deliberate and systematic effort by a company to ensure leadership continuity in key positions, retain and develop intellectual and knowledge capital for the future, and encourage individual advancement.” Succession ...
Good succession planning can foresee where a mismatch in traits and skill sets might fall short of business needs. It looks at the range of talent needed across leadership for alignment with strategy, and plans for a balanced, long-term collection of relevant qualities tailored for business continuity.
In the long term, succession planning strengthens the overall capability of the organization by: • Identifying critical positions and highlighting potential vacancies; • Selecting key competencies and skills necessary for business continuity; • Focusing development of individuals to meet future business needs.
STRUCTURING SUCCESSION PLANNING. 2.1. Identify Key or Critical Roles. 2.2. Understand What is Important for the Critical Roles and Identify Competencies or Capabilities. 2.3. Identify Succession Candidates or High Potential Talent. 2.4. Assess Development Needs.
This paper covers: Why we need a new approach to making succession planning decisions. How considering context increases the accuracy of decisions. The insights needed for the various stages of succession planning. The additional benefits of a contextual approach. The four steps towards the most accurate succession planning decisions. Lucy Beaumont
