Succession Planning
Make certain that your company is prepared for all possible organizational changes with an effective succession planning strategy
In recent years there has been a marked acceleration in change of leadership activities in many sectors. Engaging an executive search firm to source and recruit superb replacement candidates is typically the most productive and efficient method to ensure that leadership and other vital positions are filled with high-performing individuals who also fit established cultural constructs.
However, it may also make sense in certain instances to implement a full succession planning process that takes into consideration the skills and abilities of internal team members and external professionals who may have the capacity to eventually assume the duties of a particular position. This will not only provide you with a template for implementing a more streamlined method to fill a role should a key employee depart but, equally important, it will also allow the company to have greater insight regarding the type of person who will perform well in the position left open.
The importance of having a succession plan in place cannot be overstated. Renascent Solutions can help you develop a comprehensive program to make certain you are well ahead of all potential changes and associated hiring requirements that may occur in key positions at any time.
Construct your succession planning team
This will typically require identifying individuals who have a strong understanding of the core business, are able to effectively communicate at all levels of the organization, and have full comprehension of the company’s primary goals and cultural structure.
Organizational chart
An essential component is to have all individuals involved in the process examine the current corporate structure and define particular complications for each position should one of them become open. It’s also important to assign a level of significance to fill each particular role and a relative time frame to do so without incurring substantial detriment to company production. This is also a good time to determine if there are additional positions or departments that may be desirable to add to the undertaking as the company expands.
Determine the specific positions that will be included in the final plan
These may include CXO, VP, and other senior level roles within the company. The essential factor during this part of the process is to make certain to formulate well-defined parameters to ensure that time and resources are fully optimized.
Devise a framework that will allow you to implement long-term and short-term succession planning options
It’s essential to be prepared to address changes on all time scales along the continuum thus we work with you to determine which positions in your organization are deemed most vital, calculate the various risks and probabilities of each role reaching an open stage, and build a plan to address all of those chosen with possible internal and external solutions.
Build models for each position
• Scope of duties
• Performance expectations
• Required competencies
• Characteristics of those who have been most successful in the role
Identify internal and outside individuals who have the ability to move into essential roles at all levels of the organization
These assessments may cover the following proficiencies:
• Performance standards and relative achievement.
• Domain proficiency.
• Ability to take on the demands of a particular position.
• Organizational and cultural fit.
• Leadership abilities.
• Growth capabilities.
• Formalized testing.
Construct professional competency profiles for each potential candidate
Our process integrates information derived from the aforementioned individual assessment along with supervisory input, details from colleagues/clients, and validated measurement results if so desired. All derived details are plotted on a matrix that provides a strong method of identifying strengths, congruent abilities, and potential areas that may need additional attention and training.
Formulate and implement educational and development programs
Primary factors to prompt individuals to achieve and expand short-term and long-term performance to ready them for advancement include:
• Additional mentoring by internal or external advisors.
• Refinement of personal goals and paths that will lead to success.
• Formal training initiatives.
• Incentive programs that will inspire team members to maximize their efforts and focus.
Determine soundness via incremental, temporary assessment
A very simple example of this step in the process of succession planning is to grant minor duties and responsibilities for brief periods to see how the individual responds and to proactively determine what improvements may be made to lead to a proper state of preparedness.
Regularly evaluate and amend as needed
It’s always a good idea to make certain that the succession plan is kept up to date to account for any changes in personnel, corporate procedures and objectives, or expansion/contraction of the organization. Take the opportunity to determine what has been effective during the evaluation sessions and revise components and approaches as needed.
Immediate and interim needs
There are often times when a rapid succession plan is essential. With a viable structure already in place we’ll be able to quickly determine the best course of action which may include:
• Delegation of duties to another team member for a short period.
• An interim executive.
• A long-term, external candidate from an already established list of viable individuals.