May 29

Written by: Leonie Pretorius
29 May 2012  RssIcon

Succession Planning is essential when preparing for the future of your Company, let’s have a look at the elements, advantages and pitfalls of a Succession Plan.

What elements do you need to include or consider when doing your Succession Planning?

  • Determine the Long-Term Direction of  the Company
  • Ensuring you have an effective strategic plan guiding your course and direction
  • Identifying the key areas which require continuity and development of people resources within your Company
  • Identifying the key people you want to develop and nurture for the future
  • Establish how the concept of Succession Planning fit into your strategies
  • Concentrate your efforts in the areas where the returns will be the highest
  • Establishing the career paths that your most talented people should be following
  • Your plan should be pro-active with people moving into different areas for experience and training before they are needed in critical positions

The Advantages of Succession Planning is:

  • An ongoing supply of well trained, broadly experienced, well motivated people who are ready and able to step into key positions as needed.
  • A flow of these capable people through various departments with the goals of educating them into the culture and processes of the Company
  • Availability of appropriate resources within the Company to conform with the future needs of the Company

Succession Planning Pitfalls

  • Lack of a formal written plan for each key person or position
  • A rigid, inflexible plan NOT tailored to the needs and abilities of the personnel involved
  • Too long a wait for real movement/promotion, potentially resulting in the best people leaving
  • Selection of unqualified or unmotivated people for inclusion in the succession plan

It is imperative that an Organisation ensures that they have a Succession Plan in place as this will form an essential part of addressing the future needs of the Organisation.

Copyright ©2012 Leonie Pretorius

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