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The value of succession planning
Effective succession planning
Identify potential leaders
Develop a plan
Key elements for effective succession planning
While the succession management process differs from one organisation to another, there are certain characteristics of an effective program that are universal. Succession planning should be:
Aligned with the overall business strategy
This will ensure that the investment in future leaders is targeted and reflects the organisation’s strategic direction.
Driven from the top
Senior executives are best placed to review business plans and identify future skill requirements for their various business functions.
A coordinated effort to ensure ownership over the process
HR, managers and senior executives should all be accountable for growing leaders.
Linked to broader HR processes
This includes performance management, compensation, recognition, recruitment and retention and workforce management.
Cultivating soft skills
Skills in areas like communication, negotiation, presentation and time management become increasingly important as people progress their careers to more senior levels.
- Review business plans
- Identify the crucial skills in high-performing employees
- Provide coaching on key leadership roles