Succession planning is the process of identifying key positions within a company, determining potential employees who could fill those roles, and developing those employees to assume the positions in the future. It involves assessing the skills and competencies needed for leadership roles, evaluating current talent, and designing development strategies. An effective succession plan is created through obtaining leadership support, understanding business objectives, identifying key positions and their required skills, assessing current talent, implementing development programs, and periodically monitoring the plan's effectiveness.

1. Succession Planning
“Planning is bringing the future to present so that
you can do something about it now.” Alan Lakein

2. What is Succession Planning?
Succession planning is the process of:
• IdenBfying key posiBons within each
department,
• IdenBfying employees with potenBal in
assuming those posiBon, and
• Preparing and developing those employees to
assume those roles in the future.

3. Pros and Cons of Succession Planning
Pros
• Internal candidates are more likely to be
successful than external candidates,
• Can provide a sense of stability and direcBon
for the organizaBon,
• InsBll confidence with customers,
shareholders, investors,
• Cost savings

4. Pros and Cons of Succession Planning
Cons:
• There may not be internal candidates that
possess the skills to move forward,
• If not done right, or no commitment from the
top, it can be a waste of Bme and resources,
• Can run the risk of developed top talent
leaving to compeBBon,
• Wrong conclusions about successors can
derail success.

5. CompeBBve Approach to Succession
Planning
1) Get support from the top (board and senior
leadership),
2) Understand overall direcBon or future of the
organizaBon,
3) Determine the success factors (knowledge, skills
and abiliBes) of each key posiBon will need to
achieve the future state of the company,
4) Plans are not staBc and are evaluated
periodically.

6. Steps to CreaBng a Succession Plan
1. Obtain top leadership support,

7. Steps to CreaBng a Succession Plan
2. Understand overall business objecBves,

8. Steps to CreaBng a Succession Plan
3. IdenBfy key posiBons,

9. Steps to CreaBng a Succession Plan
4. IdenBfy Competency, Skills and Success
Factors of Leadership,

10. Steps to CreaBng a Succession Plan
5. Assess current “bench” strength for key
posiBons

11. Steps to CreaBng a Succession Plan
6. Design and implement development
strategies,

12. Steps to CreaBng a Succession Plan
7. Periodically monitor and evaluate
effecBveness of the succession plan.

13. Short on Bme but sBll need to deliver results?
Access our Succession Planning Timesaver Kit TM
Included in this Timesaver Kit TM:
• The Keys to a Strong Succession Plan
• CompeBBve PracBces of Succession Planning
• Step-by-Step Guide to CreaBng a Succession Plan
• Editable Tools to CreaBng a Succession Plan
• Editable Slides to Communicate to Leadership
• Example Succession Plan Policy
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