Why is succession management important?

A succession plan is a key component of the strategic planning process .  In today’s business environment, the uncertainty of leadership transition can place stress on a company’s performance and bottom line.  Having a plan in place is an important factor in operational sustainability.  The challenge is to have a plan adaptable to the dynamic nature of the succession process and the shifting demands on the leadership team.

Is the process working?

If a company has to recruit outside the company at the time a position opens, the succession planning process is not working.  There may be a variety of reasons the process does not work.

• Stakeholders have not agreed on the criteria for success in the position.
• Capabilities of internal talent have not been identified and compared to the required criteria.
• Development opportunities have not been determined.
• Development programs have not been designed, implemented and measured.

We have the tools and expertise to address these concerns and make the succession planning process dynamic and successful.  Please contact us at rick@x-stress.com for more information.

The key factors are:

• Engage stakeholders to create profiles for the leadership positions.
• Assess the company’s internal talent and create a database.
• Identify potential future candidates for the positions using a Gap Analysis Report.
• Recognize development opportunities.
• Create targeted development plans to narrow the gaps.
• Execute, track and measure progress.