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When a senior manager leaves an organisation, whether it’s a sudden departure or a well planned one, a gap is left that must be filled quickly, efficiently and by someone with the right knowledge and expertise. If the organisation has a good succession plan in place, this is normally a fairly smooth transition. But if you haven’t planned a proper succession system, you could find it tricky filling the position with someone appropriate and prepared for the role.
Succession planning is all about identifying and developing potential leaders for the future. If, say, a key executive suddenly departed the company, with a succession plan in place there would be someone ready to step up to the role, having had previous training and relevant exposure.
Succession planning isn’t just important for when executives leave; it applies to the teams below too. If your organisation is expanding, or offering promotions, there will frequently be roles that need to be filled. Having your developed internal talent pool ready can ease the process of placing people into higher level roles.
If you’ve considered devising a succession plan for your organisation but aren’t sure how to go about putting it in place, consider these seven steps:
A succession plan will only be effective if it’s ongoing. Once it’s been put in place, make sure it’s always up-to-date; revaluate talent pools, taking into account the shifting requirements of key roles. You may find that as your organisation expands, or as the market changes, your management requirements will change.
Keep track of the results of the succession plan; you should know how effective your development systems are. Succession planning can also aid employee retention, particularly at senior level. When an organisation puts the time, effort and money into training and developing its staff, they feel valued and are less likely to be tempted away by your competitors when one of their key figures leaves. With this in mind, ensure you don’t concentrate all your efforts on just one person, who could leave the business; you need to develop a group of talent.
If you’d like help with external hires for your succession plan, please contact your local Michael Page office.
If you are an employer and would like to talk to us about your current recruitment needs, fill in the form below and one of our consultants will call you back.
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Michael Page International (Ireland) Limited is part of PageGroup. Registered in Ireland No. 332479. Registered Office: 6th Floor, South Bank House, Barrow Street, Dublin 4, Ireland