Succession Planning

Keep your eyes on the road and remember to look ahead

This blog is not just intended for those who sit at the executive table, but for all employees. Succession planning is something that should be on everyone’s radar regardless of their level within the hierarchy of a company. The concept of succession planning may seem daunting and like putting together a will, people have a tendency to avoid it. Like a will, having a plan for succession is essential for any business and provides peace of mind for the future.

At the core of succession planning is the identification of potential back-ups who will be able to step in when needed. Where do you look to find these people? Believe it or not you already have all of the gold at your fingertips. By “gold” we’re referring to the people who currently work within your organization. These people already possess a thorough knowledge of your business: the environment, the strengths, weaknesses, untapped resources and potential pitfalls.

Future Planning Requires a Skills Inventory

While a business’ success is mostly measured based on its financial capital, it’s the human capital of a company that powers it. Through succession planning you can identify key people to develop for the future so your business will continue to excel.

Look at your employees and determine their experience and the training they’ve received. How broad is their knowledge of the company and do they understand more than just one aspect of the business? Think of a relay race; are they only able to run one leg of the race or do they have the ability to run any and every leg of the relay?

It makes good sense to have employees who are cross-trained to fill temporary gaps such as when people go on vacation, are ill or on leave but it’s also important for the future of a company. Customers and vendors are able to rely on consistency and this in turn influences your reputation within the given industry.

Succession planning involves the continual training, development, nurturing and retention of your talent. Identify career growth for current employees and offer opportunities and training that will prepare them to take on more expanded and challenging roles. A cadre of well-trained and broadly experienced people allows a company to respond to situations proactively rather than reactively. Employees who can see the potential for growth opportunities are in turn more engaged and motivated to stay within a company. An organization that provides an environment that is challenging and stimulating is more likely to attract new employees thus insuring an ongoing growth of its human capital.

Personal Action Plan: Not all managers are aware of the tasks and activities that you perform. As you’re conducting your annual review, take time to inventory your job responsibilities and how they support the organization. It will not only give you a good refresher on what activities you are involved in but will also provide insight to senior management on how the organizational pieces of the puzzle fit together.

Management Insight: Succession planning is a journey and not something that happens overnight. Make sure you are aware of the End to Ends and the Customer Service requirements that support the organization. Think about your current workforce and the age demographics of your employees. When is the best time to start planning? Now.

Linda Craig (@LindaCraigRSVP)
More Supply Chain insights at www.Retention.ca