May
29
Written by:
Leonie Pretorius
29 May 2012
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