One of the most common recruitment challenges organisations face is succession – Who is next to lead us forward? Who is next to lead the Board? Who will be the next CEO? Who is ready to move into the senior leadership team? Succession planning is so central to both survival and growth that more organisations than ever before are investing energy and resources into getting it right. SRI Consulting not only works with clients to help them identify who is next, but also to support those individuals who are next in line.
Here are our top 6 tips for effective Succession Planning:
One. Plan – Starting early enables a thorough and considered approach and helps reduce business interruption caused by sudden departures. While it might seem like a long time, Forbes says no less than five years is a good benchmark for high level positions.
Two. Collaborate – Succession planning is a responsibility that often falls to HR, but managers are the people who can most directly influence the development of identified successors. A collaborative approach is key to ensure meaningful and beneficial individual development planning.
Three. Mentor – Creating a mentoring programme allows senior employees to guide identified successors into future leadership positions. This type of program is hugely beneficial for the successor and often very enjoyable for the mentor as it helps them build and practice effective leadership skills. Mentoring can also be a great way to retain talent who might otherwise leave the organization.
Four. Prioritise – Identify the most business-critical roles and ensure there is a plan for each. Consider what’s important to your organisation including hierarchy, specialist experts, and the roles that influence culture and values.
Five. Diversify – Succession planning is a great way to be proactive about diversifying the leadership of your organisation. Making diversity goals an active part of your succession planning can help avoid unconscious bias and blind spots during the hiring process. Think about how diverse you want your leadership to be and leverage your talent strategy to achieve it.
Six. Adapt – Regularly evaluating your Succession Plan ensures it is aligned to the changing nature of your business. Remain agile, monitor risk, and keep the plan at the heart of your future talent strategy.
Succession Planning is a critical component of any organisation’s talent strategy regardless of size, scale, and sector. Harnessing your high-potential talent and minimising the risk of disruption will underpin continuity and optimise your internal talent pool.
SRI Consulting offers expertise and experience to support you wherever you are on your Succession Planning journey. Come talk to us about your plans.
