A 3-Step Process That Will Supercharge Succession Planning
Succession Planning is a perennial dilemma for Directors of all organizations. Some Boards leave the issue to the CEO, but that approach often fails.
The reasons for failure can be complex, however, commonly succession planning fails because it's an afterthought that doesn't appear in the CEOs top objectives.
It's assumed the HR team will be working on ensuring there are mechanisms in place to bring talent up-to-speed and be capable of stepping up when needed.
In other words, it's common that succession planning falls through the cracks between what Directors, CEOs, and HR Managers see their respective responsibilities to be.
That creates are large missed opportunity in terms of the human capital of your organization; it's a truism that your human capital is what ultimately delivers the business outcomes that shareholders signed up for.
So, how do you create a viable Succession Plan that delivers even better outcomes than you hoped?
There's a 3-step process using the Skills Studio pedagogy as the basis. And it's applicable whether you're a leader of a Fortune 500 company or an SMB.
Step 1 - determine the roles that matter most to your business objectives
You'll need and Organization Chart to do this. Some SMBs may not have one but this can be a helpful catalyst to get that done.
Step 2 - identify the high-performers in each of those roles
It's generally true that high-performers standout from their peers. Most managers can nominate their best performing staff, even if they don't quite understand why they outperform.
Step 3 - use The Skills Studio Assessment Tool to analyze skills profiles
When you know what roles matter most, who the high-performers are, and have a tool to analyze skills, you have a system that supercharges succession planning.
There are further benefits to The Skills Studio approach to Succession Planning.
Your people will know that:
- They work in a company that truly values skills and internal promotion
- There're opportunities to develop and refine new skills that are important to staff and the business
- There's recognition for staff efforts to develop skills the business needs to succeed
- There's alignment between the goals of the business and the staff of the business
- Staff development is directly linked to the business plan for mutual success
- Timely personal development plans are readily customized
- Staff in roles that are viewed as non-vital will be motivated to develop relevant skills
- Promotion is managed using a system based on transparent, objective assessment
- A community of like-minded staff are working for their own and the collective good
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