Succession Planning - Why and How.
To key to a robust Business Planning is to build a strong foundation in your organisation’s Succession Plan. With succession planning, you will be able to proactively identify and develop a group of talents who can be groomed to assume near term and long term leadership positions.
Without succession planning, is like rowing a boat all by yourself in a deep ocean. It is crucial that you are able to switch rowers at the right time and place to achieve your goals.
Here are 6 steps to manage your succession plan: 1. Identify first your key areas and positions that's critical to your organisation now and in future. 2. Identify the competencies and capabilities for these key roles. 3. Validate that these identified talents are interested to be in your succession plan, if yes then assess them against their current competencies. 4. Develop a leadership development and mentoring program that would enable the acceleration of your talent’s development. 5. Develop and implement knowledge transfers and strategic hand over plans. 6. Revisit and re-evaluate your succession planning list as an annual review list.
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