Video Transcript: Hi! It’s Andrea with Revela and I want to talk about succession planning. Many leaders think about succession planning but put it off for their own reasons…until that day when someone decides that they are going to leave the company or announce their retirement.
Succession planning is more than a replacement plan. It’s about developing employees and giving them the knowledge, the skills, and the experience so that they can progress and move up into the positions that they desire. I’m going to give you a few steps that can help you with the process.
• The first step is to consider what it is that your team and the company is going to need in the future. Consider the knowledge, the skills, and the experience that the company is going to need to take the company into the future and to meet the demands and the competition. When you’ve updated that list, update your job descriptions. Make sure your job descriptions are as accurate as possible, reflecting the knowledge, skills and experience of the future position; not necessarily the position today or reflective of the skills of the person that holds that position today.
• Next create an org chart. With that org chart, put people in the positions as they exist today. Then underneath those names, identify one to two people that could replace those people because they have the potential to move into that role or they are currently ready to move into that role. Don’t list a name if you don’t have someone to put underneath a key role. That will tell you that you need to start recruiting for that position or start looking beyond those that are on your team to see if there is someone else who may be interested or has the capability to move into that position.
• Next, you’re going to want to talk to those individuals who might be on your team or someone else’s team to see if they have any interest in developing their skills or moving into another role in the future. Ask them questions. Do they want to move into management? Maybe they want to become subject matter experts. Do they want to take on more responsibility? Do they want to provide additional value or have different experiences across the company?
• Once you’ve talked to the individuals to identify who might want to be a replacement or develop new skills, develop and individualized development plan for each person. People truly do want to find out whether or not there is a career path for them or what it might look like. Identify the knowledge that they’re going to need to gain, develop the skills that they’re going to need to achieve, and identify how they’re going to gain that knowledge and experience as they progress through the company.
• Last, make sure the people that you report to know your plan. If there is someone else on the team that needs to understand that you have people potentially ready to move into another position, you might want to let them know. It might be someone you report to or a person in HR.
So is your succession plan ready? What can you start doing today to build your team to be ready for the future?
Hear what our partners are saying about their succession plan for the next generation. Watch here!
For more in-depth information to create a succession plan, download our Step-by-Step Guide for Succession Planning.