Succession Plan Defined
Objectives and Benefits of Succession Planning
Tools and Processes Commonly Utilized for Developing and Implementing
What an Organization, its Leaders, and the Program Participants Need to Do To Achieve an Effective Plan
What an organization needs to do:
What the leaders need to do:
What the program participants need to do:
Potential Measures of the Program’s Success
Fortune 500 companies and small family businesses alike share a business need - ensuring that they have the talent necessary to effectively lead their organizations in the future. One of the most significant contributions a leader can make is insuring his/her business’ continuity and sustainability - by having employees who are willing and capable of filling each key position with a plan for doing so when the need arises.
Succession Planning is a:
Not having a Succession Plan can be costly and sometimes disastrous; it’s expensive to recruit, interview, select, onboard and train a new leader and significant opportunity costs are incurred when a key job is not being performed.
The primary objectives for and deliverables of a Succession Planning program are to:
During Succession Planning Programs:
At the macro level the organization is proactively determining:
At the micro level, the organization is addressing - for each of its key positions - questions such as:
Experience has found the following two processes to be very effective in enabling organizations to have the talent they need when it’s needed:
#1 Performance Management and/or 360 Feedback Processes - through which the organization is able to:
#2 Talent Review Meetings - during which the executive team in a disciplined fashion:
Succession Planning initiatives also increase the levels of engagement and performance of your A Players and High Potentials - the talent your organization will most need in the future.
Pete Tosh is the Founder of The Focus Group, a management consulting and training firm that assists organizations in sustaining profitable growth through four core disciplines:
The Focus Group has provided these consulting & training services to manufacturing & service organizations across the U.S., Canada, Europe & the Middle East. Prior to founding The Focus Group 25 years ago, Pete had 15 years of corporate leadership experience including serving as the V.P. of Human Resources & Quality
Pete frequently facilitates a variety of leadership development programs. Employees from over 3,500 organizations have benefited from Pete’s experience and perspective. Pete is also co-author of Leading Your Organization to the Next Level: The Core Disciplines of Sustained Profitable Growth.
Pete holds a B.A. degree in Psychology from Emory and Henry College & Masters's degree in both Business Administration & Industrial Psychology from Virginia Commonwealth University.
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