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Succession Planning for Leaders

Succession planning is the process of identifying and developing potential future leaders to replace current leaders when they retire or leave the company. It has several advantages, including allowing companies to conduct strategic leadership planning and develop internal talent over long periods of time. Effective succession planning requires engaging senior leadership, gaining buy-in from operational leaders, and aligning the succession philosophy with the plan's elements. When done correctly, it can result in seamless transitions of leadership and increased employee retention and engagement.

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280 views9 pages

Succession Planning for Leaders

Succession planning is the process of identifying and developing potential future leaders to replace current leaders when they retire or leave the company. It has several advantages, including allowing companies to conduct strategic leadership planning and develop internal talent over long periods of time. Effective succession planning requires engaging senior leadership, gaining buy-in from operational leaders, and aligning the succession philosophy with the plan's elements. When done correctly, it can result in seamless transitions of leadership and increased employee retention and engagement.

Uploaded by

Carl
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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INTRO to HRM

SUCCESSION PLANNING
•Objectives
•Advantages
•Steps
•Challenges
•Success Factors
•Tips
DEFINITION
 Succession Planning is a process of
identifying and developing new leaders who
can replace old leaders when they leave,
retire or die. ...

 In business, it entails developing internal


people with the potential to fill key business
leadership positions in the company.
ADVANTAGES
The advantages of succession planning include the opportunity
to:
 Conduct a SWOT Analysis of the business to determine its

leadership needs now and in the coming years


 Develop a strategic Leadership Human Resource Plan that

includes comprehensive position descriptions, needs analysis


and plans to bridge the gaps
 Study the performance and behavior of successors over a long

period of time
 Provide a sense of direction, stability and expectations for all key

stakeholders: employees, customers, shareholders and vendors


 Retain a critically important employee who might otherwise leave

if not formally recognized as the successor


DISADVANTAGES
 Appointing the wrong person can lead to a variety
of problems that result in poorer company
performance and turnover
 Quickly to appoint someone only to have a better
candidate appear later on
 Engaging in succession planning when the
business is immature may lead to erroneous
conclusions about leadership needs
 A poorly succession planning process will lead to
disharmony and ultimately poor company
performance as well
STEPS IN SUCCESSION PLANNING
 Step 1: Identify critical positions. Critical positions
are the focus of succession planning efforts
 Step 2: Identify competencies and skills
 Step 3: Find and assess potential successors
 Step 4: Involve managers & leaders at all levels of
the company
 Step 5: Develop internal talent & monitor their
progress
 Step 6: Document and implement succession plans
 Step 7: Evaluate Effectiveness.
CHALLENGES with SUCCESSION
PLANNING
  Deciding who to promote
 Resisting bias
--overcoming the “like me bias.”
--overcoming the “like us bias.” 
 prompts people to think of their own
mortality
--negative impact
--company morale
 success at one level on the organization chart
does not guarantee success at higher levels
SUCCESS FACTORS
 Engagement of senior leadership
 Buy in of operational leaders
 Institutionalization of the company culture
 The philosophy behind the plan must align

with the elements of the plan


 WIIFM (What's In It For Me) at all levels of the

organization
RESULTS OF THE KEY FACTORS
 Building bench strength
 Helps to determine who will be your consistent

stable performers
 Identifies next gen leaders and how and how

to most effectively invest in them


 Seamless capturing of Intellectual Property
 Increased employee engagement and retention
 Development of a culture of engagement, and
 Stronger customer service and retention
CONCLUSION
 For organizations to excel in today’s highly competitive
global marketplace, succession management is
imperative. Organizations that build up intellectual
capital by continuously cultivating the next generation
of employees can experience a distinct business
advantage.
 A comprehensive succession management process can

increase employee engagement and retention, which


facilitates
s. organizational growth.
 The organization’s corporate health depends on the

effectiveness, breadth, and depth of your succession


effort

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