Succession planning recognizes that some jobs are the lifeblood of the organization and too critical to be left vacant or filled by any but the best qualified persons. Effectively done, succession planning is critical to mission success and creates an effective process for recognizing, developing, and retaining top leadership talent.
Here are some of the factors to consider for a successful plan:
1. Senior managers need to be personally involved and held accountable for growing key managers.
2. Managers need to be committed to self-development.
3. Succession planning is linked to a strategic plan and investment in the future growth of the business.
4. The company needs to have a performance system in place to measure competencies that can be used for selection and development of key potential managers.
5. A pool of talent needs to be identified early that can fill key positions for the long-term health of the business.
These are a few of the key points to consider for implementing a succession plan; succession plans address challenges such as recruitment and retention to ensure key positions are always protected in the near term and long term as well.
Good luck with your planning; let me know your thoughts: gerry@polarisgroupmc.com
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