This is Part 2 of a series on effective succession planning. Part 1 focused on The 3 Main Tenets of Succession Planning. This post provides 5 key strategies for successful execution.
Succession planning is a dynamic process that takes place through a series of robust conversations about the future, which in turn develop the best organizational capacity to meet key business objectives. Companies need smart people involved who understand the goals of the business and are able to have productive, strategic dialog about the talent pipeline, and are able to execute on key decisions. Here are 5 key strategies will help to ensure a successful outcome:
- Align succession planning with strategic planning - Companies must include talent planning in their strategic planning practices to survive and thrive in the 21st century.
- Ensure senior leadership participation and training - HR should play a facilitative role in succession planning, but the real responsibility for managing the talent pipeline falls on senior management.
- Consult with potential successors - Validate assumptions about the ambitions and expectations of employees, especially those from younger generations, to deter false senses of security about the future.
- Break down organizational silos - Work to create company-wide teams and rewards, because it is too difficult to provide real development opportunities for employees when silos exist and managers hoard their star performers.
- Update plans regularly - Incorporate regular reviews of succession plans into strategic planning and management meetings to ensure ongoing relevancy with future talent needs.
A company's success and legacy across future generations depend upon new approaches to succession planning. My whitepaper, The 3 Main Tenets of Effective Succession Planning, addresses this topic in depth. Feel free to download it or contact me directly for more insight and guidance.
Amy Hirsh Robinson, Principal, Interchange Group
Workforce Strategies for the New Economy