Why a Succession Plan is Essential to Your Team’s Success
Originally published on dx-learning.com/blog
More than half of organizations do not have a succession plan in place. That means that when top leaders leave a company, there’s no plan for who will step in, when or how. A strong succession plan supports critical roles, guides selection and development of key talent and ensures continuity among the organization. In other words, when a senior leader leaves, it’s not mayhem.
What is a succession plan?
Succession plans are typically crafted and overseen by HR professionals with the goals of:
Identifying successors in the organization
Creating and implementing development plans and programs
Monitoring success and providing feedback
Encouraging a culture that supports succession planning and inspires employees to think about the next steps in their careers
A succession plan is designed to ease the transition when a senior leader or executive leaves their position.
A first step in the process is identifying critical roles. Whose absence in your organization would cause a significant impact? Which vacancies would be essential to fill quickly and successfully? Once you’ve identified these roles, you can begin identifying top performers in the company who may be future candidates for these critical roles.
From there, it's important to put support structures in place to prepare those candidates for leadership. This includes development opportunities, mentorship, and clear pathways for growth. Finally, ensure that there is as much continuity as possible when a transition occurs; develop a transition plan that minimizes interruptions and supports your people.
How is succession planning related to culture?
Succession planning is essential to your team’s success. It fosters a culture that provides clarity, trust, confidence and continuity for people at all levels of the organization.
Clarity: team members aren’t left wondering what would happen if their leader left the team; they know there is a plan in place and, ideally, know the path to the next level of their career.
Trust: with clarity comes trust. When your team knows there is a plan to support and take care of the team, they feel safe. This fosters trust.
Confidence: succession planning allows employees to feel confident in their path to career advancement, and confident in the strength and foresight of the company.
Preparation: with a plan in place, your organization can prepare appropriately for a transition. Rather than a great big unknown, risk is minimized, allowing for the organization to prepare for the change together.
What is the role of leadership development in succession planning?
To prepare top candidates for future leadership roles, you must have a development program in place. Leadership simulations allow you to assess the talent pool—both to determine who may be a good fit for a future role, and to learn what areas of leadership they may need to develop in order to be successful. An ongoing leadership development program prepares internal talent and creates space for continual feedback and improvement.
Explore our leadership simulations and training programs that can support your succession planning.
