According to a survey conducted by the Corporate Leadership Council:
- 72% of companies predict they’ll have an increasing number of leadership vacancies over the next 3-5 years.
- At the same time, 76% of respondents are “less than confident” in their abilities to staff these positions
Companies that create an effective Succession Planning management process:
- Quickly anticipate and fill succession gaps
- Identify employees with high management potential and actively plan their careers
- Align their “people strategy” with their “business strategy”
An organization’s ability to meet these requirements creates the kind of leadership and management capacity that delivers sustainable business results.
Ed develops succession plans by working with your management team to identify high-potential employees, evaluate and hone their skills and abilities, and prepare them for advancement into positions which are key to the success of business operations and objectives.
Succession Plans are typically developed through the following steps:
- Identify legal and diversity issues to consider.
- Establish present and future leadership roles and objectives.
- Select key employees
- Evaluate the strengths, weaknesses and readiness for succession in key employees.
- Plan for the individual development of and ways to retain key employees.
- Identify “emergency” positions without successors.
- Plan for positions that cannot be filled internally.
Our Succession Plans address both short-term, emergency vacancies, as well as long-term, retirement vacancies. As such, your management team will be consulted to determine priorities and timeline of the training and development plans. We also include a coaching element for the incumbents which assist them in effectively implementing the Succession Plan.
Input of the current key executives is critical to this process. The development plans designed must account for the ability to solve tomorrow’s problems. The value of the wisdom and years of experience the incumbents have with the organization cannot be understated. The goal of this process is not to make current management replaceable, but to secure the continuity and continued growth and success of our clients.
Interested in learning more? Contact us today.