succession planning

Succession Planning:

Succession Planning Presented By: Sanyog Chaturvedi 1

Definition of Succession Planning:

Definition of Succession Planning “Succession planning is a means of identifying critical management positions starting at manager and supervisor levels and extending up to the highest position in the organization.” William J. Rothwell Effective Succession Planning (2001) Succession planning should not and must not stand alone. It must be paired with succession management which creates a more dynamic environment. 2

Succession Planning and Management:

Succession Planning and Management A deliberate and systematic effort by an organization to: ensure leadership continuity in key positions retain and develop future intellectual and knowledge capital encourage individual advancement Integrated into the HR System Succession Planning is managed to ensure success Should also address the needs for critical backups and individual development in any job category 3

Succession Planning:

Succession Planning Do you have an established succession plan? Replacement versus Succession Planning Do they have the skills and experience need to fill critical positions? 4

Succession Planning Components:

Succession Planning Components 2. HR Audit Develop a Pool of High Potential Candidates Monitor and Evaluate Progress and Results Make Adjustments 1. Replacement Planning Identify Readiness of Successors for Key Positions Review Performance and Development with Key Management Staff 3. Identify High Potential Successors Establish nomination criteria. Experience, Education, Manager/Mentor Recommendation 4. Identify Successor Developmental Needs Identify skills gap, set goals, create development plan Determine measurable goals and outcomes 5. Create Development Opportunities Developmental Activities/Projects Mentoring/Coaching Create a Leadership Succession Plan Integrated Leadership Development 5

Establishing a Succession Plan:

Establishing a Succession Plan Understand the critical position being vacated - what are the requirements of the job Benchmark the job against future job requirements Determine what the ideal candidate will look like Evaluate potential replacements Determine their performance and potential readiness level Establish a Development Plan and Goals Implement development plan Provide Coaching and Feedback Track and Monitor the plan 6

Succession Planning Policy:

Succession Planning Policy Identifying those employees who have the right skills to meet the challenges facing the organization Evaluate the quality and “readiness” of named successors Define development requirements and implement development plan Review performance and development with key management staff Make recommendations Monitor and evaluate progress and results 7

Checklist to Succeed:

Checklist to Succeed Identify a systematic approach for identifying, nominating and selecting potential successors  Review background information on potential successors, such as education, experience, skills, appraisals and potential  Determine training and development requirements of potential successors  Develop skills of potential successors through work experiences, job rotation, projects and other challenging assignments  Establish a system for monitoring candidate's development plan progress by senior management  Succession planning must include a system for providing feedback and encouragement to potential successors 8

Conclusion :

Conclusion Succession planning should not and must not stand alone. It must be paired with succession management which creates a more dynamic environment. Thank You 9