Identify critical positions within your organization to successfully plan for the future
Organizations without succession plans will ultimately face the cost of replacing key leaders and dealing with constant turnover of talent. Succession planning is a crucial component for every organization that wants to be successful in an ever-changing business environment.
Stewart Leadership’s succession planning consultants will work side-by-side with your organization to help create your human capital strategy. Partner with us to ensure the right people are doing the right jobs for years to come.
Stewart Leadership’s Succession Planning Program
Our consultants will begin the succession planning process with a comprehensive business review to understand the existing strategies and unique challenges within your organization. We’ll work together to facilitate a systematic approach to help identify critical positions and review available leadership talent to continue filling these roles.
Determining talent potential and readiness is a vital part of succession planning, but it’s not easy. Past performance is not necessarily an indication of future returns. Instead, here are four key indicators and attributes of talent potential to keep in mind during succession planning:
- Having the ability to reflect and manage internal perceptions of one’s self is a key indicator of someone who has leadership potential.
2. Translating Learning-to-Action
- Having the ability to quickly see the value in something new and the boldness to turn it into something useful shows a willingness to grow.
3. Drive to Succeed
- Having the ability to rally themselves and their team together to consistently deliver high quality results is essential for motivation and success.
4. Reading the Room
- Having the ability to know when and how to introduce an idea into the organization speaks to a person’s emotional intelligence.
Understanding these four key indicators of talent potential can help an organization identify key team members and ensure they’re a part of the company’s leadership development and succession planning programs.
Stewart Leadership’s Six-Step Succession Planning Process
Managing the succession of talent is an important strategic process that helps to minimize gaps in leadership and enable companies to develop and retain their best employees. The key is to be proactive in identifying, developing, and retaining a pipeline of leaders for the critical organization positions in an attempt to drive operational success.
Organizations should avoid the idea that succession planning is only done when a key leader leaves or when there’s a shift in the executive team. Having a succession plan in place will avoid a mad scramble to find an adequate replacement for a critical position.
Stewart Leadership’s consultants follow a succession planning process to help organizations devise models to identify their succession and development strategies. This common process consists of six steps:
1. Identify Critical Positions in the Organization
To begin, team members must determine how deep into the organizational structure they want to succession plan. For this step to be successful, everyone must agree on how the company is defining a “critical position.” Most commonly, critical positions are defined as ones that, without them, the organization would not be able to effectively meet its business objectives.
2. Identify Competencies for each Critical Position
After identifying critical positions, it’s important to establish what knowledge, skills, and abilities are needed to perform each role. For this step to be successful, everyone’s focus must be on the future when it comes to competencies.
3. Identify High Performers and High Potentials
Stewart Leadership’s succession planning consultants will guide organizations through a unique evaluation process to assess talent. For this step to be successful, the tool must assess both performance and potential, be easily understood, and include key analytics that indicate success.
4. Develop Leaders
Talent management is a core business process that has an impact on overall business and financial success. For this step to be successful, there needs to be a balanced approach to developing a leader’s IQ and EQ. Successful organizations make developing leaders a part of their business culture.
5. Develop & Implement the Plan
By this point, organizations should have all the information needed to fully develop a formal succession plan by identifying key internal talent for each critical position. For this step to be successful, organizations must be sure not to force anyone into a role. If there is no internal talent, recruitment plans must be developed and this process should be updated on an annual basis.
6. Monitor & Evaluate Effectiveness
In this final step, organizations should systematically monitor important workforce analytics, evaluate development activities and performance, and make adjustments if needed. For this step to be successful, organizations must simply be disciplined enough to do it.
In order for organizations to benefit from succession planning, periodic check-ins must be a part of their planning process. Business succession planning is necessary for an organization to be effective and sustainable. Without it, organizations will likely struggle to sustain the critical positions beyond the leadership of those who are currently responsible for them.
Partner with Stewart Leadership to avoid the risks involved with not having a succession plan. Our succession planning consultants will work closely with your organization to develop, implement, and maintain a succession plan that everyone agrees with.