There’s a lot more to succession planning that just making a list of potential candidates for crucial positions and then picking one “just because”. Unfortunately, some companies, if they’re doing succession planning at all does just that — then they scramble around looking for potential replacements, again, over-promote under qualified candidates, or hire risky outsiders because they didn’t take succession planning seriously.
To prevent this from happening to your company, follow these practical tips from Tanner Co for succession planning:
Ensure your Board and CEO’s involvement and commitment.
Your Board will provide necessary feedback, ask pertinent questions, and hold your CEO accountable.
Impose regular employee reviews.
The Board must review your CEO, your CEO must review your executive team, your executive team must review each other on a regular basis — this review process should also be imposed down to the lower-level employees. This ensures that all talents in all organization levels will be identified and consequently developed for the good of the whole company.
Determine feasible successors for only key positions at the “Chief” level.
In turn, they must determine those with high potential for top-level positions that may be created for positions even if they don’t yet exist today. In relation, make your executive team accountable since they’re the ones measuring critical activities and their results, and usually use these to justify their executive compensation.
Manage the emotional, political, and irrational aspects of succession.
Ask those who’ve been through succession planning Utah before since these can’t be found in any succession planning manual, but only from emotional intelligence and past experience.
Evaluate potential and performance.
Don’t just use past performance to determine the success of a person in a new position. Instead, utilize a range of methods for evaluating potential with consistent and relevant criteria.
Incorporate succession planning with selection, recruitment, development, performance management, and rewards.
Be seriously committed to talent development. Those who’ve successfully gone through succession planning spend more of their time and resources on their candidates’ talent development than on making lists of candidates.
Once you’ve successfully completed your succession planning, assess your efforts as truthfully as you can. Make recommendations and suggestions to better improve the entire process so it will be easier to implement next time. And if everything comes off without a hitch, your efforts will guarantee a smooth transition, as well as a leader who is prepared for whatever’s ahead.