A change in executive leadership is inevitable for all organizations and can be a very challenging time. Succession planning can also be a key retention strategy for your company. For employees that translates into career development.
Succession planning enables your company to identify talented employees and provide them the necessary development so that they can take over vacancies for key positions.
Many organizations don’t give this very important strategic initiative much thought. Usually when they know someone is retiring or leaving the company, they identify the person who will take over, either internally or externally as the incumbent is leaving. However, this is not succession planning. Succession planning involves a strategy to ensure that the right person is identified; that they have the correct skill sets for the newly promoted or hired position and are ready to handle the added responsibility and strategic thinking the new position demands.
People Resource Strategies can help your company in its succession planning process by ensuring that individuals in succession are equipped to take on the challenges of their new role. This would involve identifying the benchmarks of successful incumbents and then identifying strengths and areas of development for the successor using one or some of various assessments tools PRS uses. Then based on findings, we can develop coaching and training programs to help prepare the successors for their new roles, whether it is middle management or the executive level.