What is Succession Planning? (What are the Steps to Create a Plan)

Making future plans and raising concerns for the legacy that will go on brings the question, what is succession planning, to the core of research for self-development. Also, asking what are the steps to create a plan that will help give longevity to the established and active system that has been running the repute of the company for so long evn into the anticipated future when the actor is no long around?

This is where the succession planning comes to play by marking the beginning of the hunt for answers. Succession planning involves the process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions.

A succession plan identifies future staffing needs and the people with the skills and potential to perform in these future roles. In a more expanded perspective, succession planning and management is an essential component of the broader human resources planning process.

It also carries along an integrated, systematic approach for identifying, developing, and retaining capable and skilled employees in line with current and projected business objectives. However here are some of the common steps to take through the process:

  • Identify significant business challenges in the next 1–5 years.
  • Identify critical positions that will be needed to support business continuity.
  • Identify competencies, skills, and institutional knowledge that are critical success factors.
  • Consider high potential employees.
  • Select the competencies individuals will need to be successful in positions and to meet identified business challenges.
  • Capture the knowledge that individuals possess before departing the organization.
  • Develop a pool of talent to step into critical positions through targeted career development strategies.

Let us check them out below as we have provided details to questions such as what is succession planning? (what are the steps to create a plan?)

1. Identify Key Areas and Positions

The reason why paying attention to identify is important is that key areas and positions are those that are critical to the organization’s operational activities and strategic objectives.

  • Identify which positions, if left vacant, would make it very difficult to achieve current and future business goals
  • Identify which positions, if left vacant, would be detrimental to the health, safety, or security of the Canadian public

All these above will help you get the right answer and therefore the right human capital to infuse and represent the company’s values when you are gone.

2. Identify Capabilities for Key Areas and Positions

To establish selection criteria, focus employee development efforts, and set performance expectations, you need to determine the capabilities required for the key areas and positions identified in Step 1.

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  • Identify the relevant knowledge, skills (including language), abilities, and competencies needed to achieve business goals
  • Use the Key Leadership Competencies profile
  • Inform employees about key areas and positions and required capabilities

3. Identify Interested Employees and Assess Them Against Capabilities

Determine who is interested in and has the potential to fill key areas and positions.

  • Discuss career plans and interests with employees
  • Identify the key areas and positions that are vulnerable and the candidates who are ready to advance or whose skills and competencies could be developed within the required time frame
  • Ensure that a sufficient number of bilingual candidates and members of designated groups are in feeder groups for key areas and positions

4. Develop and Implement Succession and Knowledge Transfer Plans

Incorporate strategies for learning, training, development, and the transfer of corporate knowledge into your succession planning and management.

  • Define the learning, training, and development experiences that your organization requires for leadership positions and other key areas and positions
  • Link employees’ learning plans to the knowledge, skills (including language), and abilities required for current and future roles
  • Discuss with employees how they can pass on their corporate knowledge

5. Evaluate Effectiveness

Evaluate and monitor your succession planning and management efforts to ensure the following:

  • Succession plans for all key areas and positions are developed;
  • Key positions are filled quickly;
  • New employees in key positions perform effectively; and
  • Members of designated groups are adequately represented in feeder groups for key areas and positions

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