In the previous blog, we talked about succession planning and its importance for organizations. In this blog, we are going to talk more about strategic management and leadership development and steps that need to be taken to help your organization get started.
To design a powerful succession plan, organizations need to carefully determine the most relevant vulnerabilities and plan comprehensive timelines along with accurate metrics for assessment and evaluation.
Listed below are steps to help you get started:
- Determine Primary Leadership roles and assess the qualification of Internal Candidates
For a succession plan concerning top level executives, careful identification of leadership roles and positions that need to be filled is of paramount importance. Once you have a clear purpose and plan in mind, you’re all set to move on to the next stage that requires you to find out people having leadership potential and qualify internal candidates that are capable of filling the position perfectly.
- Evaluate the Current State of Affairs
Once you have carefully assessed people that have leadership potential from your existing workforce, their state of development needs to be carefully analyzed against set standards and timeline. Each candidate needs to have a well-defined action plan along with necessary checkpoints that align with your overall strategy. The primary purpose of this process is to prepare the candidate for the leadership role.
- Regularly Modify and Monitor
Needless to say, a lot of efforts and resources go into the process. The process needs to be monitored continuously in order to make sure the process goes on smoothly. The action plan will need to be modified continuously according to changing requirements and conditions.
While this does seem pretty challenging, in the long term, having a carefully planned succession plan, especially for top leadership positions, could heavily benefit organizations. After all, business continuity is the foremost priority and that’s exactly the objective of succession planning. The baton needs to be passed on to the right people!
Brad Sugars founded the brand Action International in 1993 when he realized there was a disconnect between business advice and implementation. The answer was Action! Brad Sugars created a business coaching company so that business owners throughout the world can realize their goals in business. Today the company is known as ActionCOACH. To learn more about business, visit Brad Sugars Review blog!