Align your succession plan with your company’s core values to ensure a good cultural fit. According to Lois Melbourne author of Top Five Succession-Planning Steps, one of the most common concerns with succession planning is that it is too much of a difficult and time consuming process. It really doesn’t have to be that way. The practice of efficient planning can help your succession process become more relevant while allowing you to concentrate on selecting the right people who will provide the best future for your organization.
Lois Melbourne shared as much in her Top Five Succession-Planning Steps, listed below:
5 Succession-Planning Steps
- Identify the critical positions in your company
There are the obvious “C-level” players, but also consider any positions that you’ve filled in the past two years.
- Determine what skills people in those positions need
Identify the five top talents that a candidate has, and then matching those to a position requiring some or all of those skills.
- Find and assess potential successors
Identify the most obvious candidates. Doing so will help you create a working process.
- Involve managers and leaders at all levels throughout the company
These managers and leaders often know where hidden talent may lie outside of the “inner circle”.
- Commit to developing internal talent and monitoring their progress
By promoting from within, this will help not only with cost, but also in selecting a candidate that has proven loyalty, is more likely to have a synergistic fit for the new role which often results in better leadership.