Exploring Succession planning
Succession planning is the process of identifying and developing potential future leaders within an organisation, in order to ensure a smooth transition of leadership when current leaders retire, resign or otherwise leave their roles.
It is an important process for any organisation, regardless of size or industry, as it helps to ensure continuity, maintain stability, and mitigate risks associated with leadership gaps.
Effective succession planning involves identifying key positions within an organisation, assessing the skills and abilities required for those positions, and identifying potential candidates who possess those skills and abilities.
This process can be approached in a variety of ways, depending on the organisation’s size, structure to ensure that the organisation can continue to operate effectively and achieve its goals in the future.
There are several key reasons why succession planning is important. Firstly, it helps to mitigate the risks associated with leadership turnover.
When a key leader leaves an organisation unexpectedly, it can be a destabilising event that can lead to a loss of productivity, decreased morale, and increased turnover of other employees. By having a well-designed succession plan in place, an organisation can minimise these risks and ensure that there is a smooth transition of leadership.
Secondly, succession planning helps to develop the skills and abilities of future leaders.
By identifying high-potential employees and providing them with opportunities to develop their skills and experience, an organisation can ensure that it has a pool of talented individuals ready to step into leadership roles when the time comes.
This can also help to increase employee engagement and retention, as employees who feel that they have a clear path for career growth within the organization are more likely to stay with the company long-term.
Finally, succession planning can help to ensure the long-term viability of an organisation.
By developing a pipeline of future leaders, an organization can ensure that it has the talent and expertise necessary to adapt to changing market conditions and remain competitive over time.
Below we explore here are some best practices to consider when carrying out succession planning:
- Identify key leadership roles: The first step in any succession planning process is to identify the key leadership roles within the organization that will need to be filled in the future. This may include roles such as CEO, CFO, or other key executive positions, as well as leadership roles in specific departments or functional areas.
- Identify potential successors: Once the key roles have been identified, the next step is to identify potential successors for each role. This may involve reviewing performance evaluations, assessing skills and experience, and conducting interviews or assessments to identify high-potential employees.
- Develop a development plan: Once potential successors have been identified, it is important to develop a development plan for each individual. This may involve providing additional training or education, assigning them to special projects or stretch assignments, or providing mentorship or coaching support.
- Communicate the plan: It is important to communicate the succession plan to all key stakeholders, including current leaders, potential successors, and other employees. This can help to build buy-in and support for the plan, as well as ensure that everyone understands their role in the process.
- Monitor and evaluate progress: Finally, it is important to monitor and evaluate the progress of the succession planning process over time.
This may involve tracking the development of potential successors, assessing the effectiveness of the development plans, and adjusting the plan as needed based on changing business needs.
In conclusion, succession planning is a critical process for any organisation that wants to ensure long-term success. By identifying and developing potential future leaders, an organisation can minimise the risks associated with leadership turnover, develop the skills and abilities of its employees, and ensure that it has the talent and expertise necessary to remain competitive over time. By following best practices and developing a comprehensive plan, organisations can ensure a smooth transition of leadership and position themselves for long-term success.
Chiedza Kadare is an OD Practitioner. You can get in touch with her on whatsapp/call +26377 283 0986 or Email chiedza.kadare@gmail.com. Paul Nyausaru is an OD Practitioner and leadership coach. For all your OD interventions and leadership development training you can get in touch with him on whatsapp/call +263774062756 or Email pnyausaru@gmail.com
