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Safeguard the Future with Succession Planning

by HR Resources by Aquire on Jul 28, 2010

2,318 views

Tom McKeown, President and COO of Aquire, offers five steps to creating efficient and effective succession plans in order to safeguard your company's future.

Tom McKeown, President and COO of Aquire, offers five steps to creating efficient and effective succession plans in order to safeguard your company's future.

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hr workforce management talent management succession planning

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Not just for the C-level players anymore. Consider the aging workforce, company reorganizations and the slow but steady rebuilding of the economy – all of these scenarios produce workforce change through retirements, internal promotions, transfers and creation of new positions.
many companies allow complex succession planning ideas to derail their planning process or prevent them from launching the initiative.
There are the obvious C-level players, but also consider any positions that you’ve filled in the last two years. If you’ve hired anyone during this lackluster economy, it was probably for a critical role
Many companies assume that, because they lack a formal competency model, they cannot launch a succession initiative. Not true. To put it in plain English, ask “What does someone need to be great to do this job?” Then answer that question with a maximum of three to five bullet points.
Even if you don’t have a formal competency model in place, you can jumpstart your initiative by identifying the most obvious candidates. Doing so will help you understand you create a working process.
Task leaders at all levels to discover top talent. Succession candidates found outside of the inner circle are often the best choice. And, as a result of the economic downturn, many companies have employees who currently are under-employed. These could be excellent candidates for early promotion or transfer into key positions, but only their managers may know their true qualifications.
It’s more cost effective to promote from within and often results in better leadership Many of the greatest companies are run by executives who came up through the ranks of the business itself. With visibility into your talent pool, you can identify potential future leaders and put them on the path to success.
take advantage of the technology tools that are available to help you create and maintain successful succession planning systems. Retire the manual org charts, hand-colored spreadsheets and email round-robin. Instead use secure, collaborative, comprehensive OrgPublisher Succession.

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WaTaShiaa 1 year ago

Safeguard the Future with Succession Planning — Webinar Transcript

Safeguard the Future with Succession Planning Tom McKeown, President and COO
Nearly 60% of surveyed companies do not have a formalized succession plan in place. – 2008 Forbes CEO Network Survey of 204 C-level respondents
Succession Planning grooms firms for success. The right principles provide a foundation and philosophy, but the right process must be in place to build a robust succession strategy.
Don’t make that process harder than it has to be.
Step 1 Identify the critical positions in your company.
Step 2 Define what skills people in those positions need.
Takeaway // Step 3 Find and assess potential successors.
Step 4 Involve managers and leaders at all levels.
Takeaway // Step 5 Commit to developing internal talent and monitoring their progress.
OrgPublisher Succession Plan smarter, not harder.
Lois Melbourne, GPHR CEO [email_address] + 1 214.574.5020 Aquire 5215 N. O’Connor Suite 300 Irving, Texas USA 75039 Thank You!