Succession Planning – What is it and why is it important?

Succession planning is the long-term strategic process that organisations use to guard against inevitable future disruptions or unplanned job vacancies. It is used to identify and develop talent within the current organisation and to ensure a smooth transition of leadership and key roles.

Succession Planning is a key component of long-term sustainability and continuity, therefore allowing organisations to plan for the future, minimize disruptions and to grow smoothly.

The Succession Planning process;

1. Identify key positions – These are usually critical roles and positions within the organisation.
2. Assess current talent – Assess the skills, competencies and potential of existing employees to determine who could potentially fill any future roles. The assessment often contains performance evaluations and profiling.
3. Creating Succession plans – These are individualised plans for employees identified as potential successors. These will outline any specific development activities needed to prepare them for these roles.
4. Talent Development – This could include training, coaching, mentoring and job shadowing.
5. Identifying external candidates – While most organisations like to focus on nurturing talent already in the business, they may also want to identify any external candidates suitable for the positions.
6. Managing Development – Succession plans need to be flexible and have a degree of fluidity therefore, should be regularly reviewed and updated to reflect any changes within the business or talent pool.
7. Communication – Any succession planning needs to be communicated effectively to all employees allowing them to understand opportunities for growth within the organisation.

Benefits of Succession Planning;

• Ensures continuity of leadership and critical roles
• Allows a smooth transition between leadership roles.
• Decreases hiring expenses.
• Reduces timescale to hire and fill roles.
• Demonstrates opportunities for career growth to existing and future employees.
• Develops a pool of skilled and capable leaders.

Succession Planning is a continuous process that builds and maintains a skilled and adaptable workforce. It can help organisations maintain stability and ensures a pipeline of skills leaders by providing clear career development paths.

If you would like any advice or assistance on Succession Planning for your Management/Exec team then please get in touch with Sophie Reeves to see how I can help you