Track Training Tips No. 18

10 Steps to Successful Succession Planning

Safeguarding the future by planning today.

What would you do if your FD handed in his notice?

Can you continue to function if  your Ops. Manager says she is leaving?

People at all levels, especially those crucial to your success, may leave your business at any time and for all sorts of different reasons. It pays to plan now before that eventuality arises.

 

The Key Steps:

  1. Identify those positions critical to business success. Who are those employees who appear to be irreplaceable? Put immediate plans in place for a successor.
  2. Ensure that managers at every level are tasked with identifying and training their own successor. Make sure that it is one of their KPI’s against which their own performance will be measured.
  3. Identify those within the organisation who want to progress, and those that you want to progress. What are their key Knowledge and Skill requirements, both now and for the future?
  4. Identify clear career paths and performance management systems that are company wide. Use competency based systems as the underpinning process.
  5. Recruit people with appropriate Knowledge and Skills for the ‘here and now’ but also for the future.
  6. Consider the use of Mentoring schemes at all levels, not just for the high flyers. The same goes for apprenticeships.
  7. Ensure that all managers are trained to Delegate and Coach appropriately.
  8. Ensure that Succession Planning is part of your annual business review strategy.
  9. Ensure that your Business Plans and your people Plans are aligned.
  10. Make your business appealing to new recruits – work hard to keep your own ‘stars’.

 

It’s not easy and it does take time, money and effort. But not as much as constantly replacing key staff through lengthy recruitment processes.

Links to workshops:

Personal Development Workshop

Transforming Potential into Capability

 

For further information and business support contact Dave Chesters on 01785 823583 or take a look at our website – www.tracktrainingservices.co.uk 

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