If you are ready to create a succession plan, you may be wondering: What is a succession management strategy? How do you go about drafting it? What are the key elements to include? The answers are here. A Succession Management Strategy is essentially the process of identifying key roles in the business and identifying people in the business, or the industry, who could meet the future requirements. Although it is a leadership development and career management exercise, it is more fundamentally a risk management exercise for the business. To get started, ask yourself:
- What are the critical roles in my business?
- What is the risk to the business if we do not fill these roles?
- How do we define "potential" for these roles or in the company in general?
- Who may be an internal candidate?
- Does the candidate want the job and do they intend to stay?
- What are their strengths and gaps? And, what process will we use to assess them?
- How could we build each successor’s capability and retain them?
- If there are no successors internally, then an organization must target external candidates and proactively build relationships with them, especially if the job in question is highly specialized and it poses a risk to the business to have it left unfilled. So the question is: "Who are some potential candidates externally?
- If there is no target candidate, the final question is: "How do we re-organize or re-distribute this work?"
You typically answer these questions by conducting a project kick off meeting with your core project team, and then conducting a talent review to review the roles and potential candidates.