Succession Planning
 The recruitment, hiring, development and retention
of talent have become a priority for sustaining leadership in business.
Having the appropriate talent at the right time is necessary to
execute an organization’s business strategy. Succession planning
is a process that ensures that employees are recruited and developed
to fill key positions in an organization. It is often cited as
the single most important factor in reducing voluntary turnover.
While successful companies recognize that a comprehensive succession
planning and development strategy must fit their own specific needs,
there are some basic criteria required for an effective process:
- Best practice companies make succession
planning and development part of their business strategy and
require the leadership and commitment of senior management
- There are clearly defined leadership
competencies and standards required for success
- Assessment tools including testing, interviews,
performance reviews and simulations are used to provide an objective
evaluation of a manager’s strengths and weaknesses
- Structured performance feedback is provided
to assess progress in developing leadership competencies
- Succession planning is integrated with
recruiting, selection, development and retention processes
Succession planning and development identifies
successors for existing positions and also plans for the development
of a company’s next generation of leaders. Successful companies
develop their bench strength and have a pool of ready-now candidates
to fill critical leadership positions. Executive Development Consulting’s succession planning and development processes
help clients identify their goals and measure desired outcomes
including:
- An available bench of successors who
are ready to assume critical leadership positions
- Managers are prepared to assume these
positions and meet business needs
- An actively managed leadership development
process which is linked with succession planning
- Optimum retention of key leaders
Effective succession planning is integrated
with an organization’s leadership development processes and
utilizes many approaches to develop talent including assessment,
coaching, training and on the job experiences. It is a part of
an overall talent management strategy
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