As a talent management consulting firm, we see time and time again that succession planning is critical for a sustainable business. We’ve noticed the businesses that intentionally spend a good chunk of time EVERY year to develop and implement succession plans thrive under transitional periods by appropriately filling talent and knowledge gaps when needed.
We appreciate good planning, and strategic leader, Brent Holland, has identified 8 of the top qualities of an effective strategy. Our four favorites are the following:
Having a constant pool of talent available, rather than waiting for a need-to-fill basis.
Customization to the specific organization, not just industry focused.
Having open communication with potential candidates regarding succession planning.
Development programs for the high-potential candidates.
To read all of Brent’s 8 suggestions, click here.
Companies get desperate when they try to fill roles and they almost NEVER have the talent pool built to support their efforts. Through our experiences with implementing best hiring practices, we’ve learned that succession planning really goes a long way.
What has worked or not worked for your succession plan?