Most companies still lack an adequate pool of internal candidates who could replace employees leaving key positions. Succession planning is therefore one of the HR priorities for this year. To succeed in succession planning, focus on the following steps.
1. Check the interest of top management
Don't start with a succession planning program before you get the interest of your top management. Show them evidence of how succession planning brings economic benefits in practice. Without their support, you will fail.
2. Perform a succession audit
Start by identifying key positions in the company. Then, find two types of employees from your internal sources for each of the positions - those who could take on the position immediately and those who still need some development to do so. Find out for how many positions there are possible successors and for how many there are not.
3. Involve potential successors
High-potential employees should not learn how much you value them as late as at the moment when they bring you their notice. Communicate with future leaders and offer them further development opportunities to advance their career.
4. Don't rely only on internal resources
It will not always be possible to fill the key positions from within. Therefore, it pays to monitor the leading personalities in your field. Cooperate with experts on search of talents who know your business and its culture and who can find high-quality external candidates for you if necessary.
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