SuccessionPlanning

“Planningisbringingthefuturetopresentsothatyoucandosomethingaboutitnow.”AlanLakein

WhatisSuccessionPlanning?

Successionplanningistheprocessof:•  IdenBfyingkeyposiBonswithineachdepartment,

•  IdenBfyingemployeeswithpotenBalinassumingthoseposiBon,and

•  Preparinganddevelopingthoseemployeestoassumethoserolesinthefuture.

ProsandConsofSuccessionPlanning

Pros•  Internalcandidatesaremorelikelytobesuccessfulthanexternalcandidates,

•  CanprovideasenseofstabilityanddirecBonfortheorganizaBon,

•  InsBllconfidencewithcustomers,shareholders,investors,

•  Costsavings

ProsandConsofSuccessionPlanning

Cons:•  Theremaynotbeinternalcandidatesthatpossesstheskillstomoveforward,

•  Ifnotdoneright,ornocommitmentfromthetop,itcanbeawasteofBmeandresources,

•  CanruntheriskofdevelopedtoptalentleavingtocompeBBon,

•  Wrongconclusionsaboutsuccessorscanderailsuccess.

CompeBBveApproachtoSuccessionPlanning

1)  Getsupportfromthetop(boardandseniorleadership),

2)  UnderstandoveralldirecBonorfutureoftheorganizaBon,

3)  Determinethesuccessfactors(knowledge,skillsandabiliBes)ofeachkeyposiBonwillneedtoachievethefuturestateofthecompany,

4)  PlansarenotstaBcandareevaluatedperiodically.

StepstoCreaBngaSuccessionPlan

1.  Obtaintopleadershipsupport,

StepstoCreaBngaSuccessionPlan

2.UnderstandoverallbusinessobjecBves,

StepstoCreaBngaSuccessionPlan

3.IdenBfykeyposiBons,

StepstoCreaBngaSuccessionPlan

4.IdenBfyCompetency,SkillsandSuccessFactorsofLeadership,

StepstoCreaBngaSuccessionPlan

5.Assesscurrent“bench”strengthforkeyposiBons

StepstoCreaBngaSuccessionPlan

6.Designandimplementdevelopmentstrategies,

StepstoCreaBngaSuccessionPlan

7.PeriodicallymonitorandevaluateeffecBvenessofthesuccessionplan.

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