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Validity : 04th Jun'23 to 14th Jun'23
Succession Plan Defined
Objectives and Benefits of Succession Planning
Fortune 500 companies and small family businesses alike share a business need - insuring 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, on-board 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 from a Succession Planning program are to:
- Identifying career paths
- Conducting formal performance appraisals
- Providing daily coaching
- Creating Individualized Development Plans [IDPs]
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:
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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