A succession plan includes, at minimum, the positions covered by the plan, potential candidates for these positions, steps to prepare and vet candidates and a process for evaluating the plan's effectiveness. Some sample plans also include analysis of workforce data, retention and turnover rates, demographics and retirement eligibility dates.Continue Reading
Succession plans include detailed information for each position they cover: job duties, required experience and the attitudes and abilities necessary for success in the position. A review and update of each position is key to plan development, with consideration not only of what is currently working, but also what is needed to ensure that the position and the person hired to fill it have the skills and abilities to achieve the organization's future objectives. Plans describe how the company will recruit potential candidates, including steps for assessing the interest and skill level of potential internal candidates and identifying on-the-job and professional development opportunities to ready potential candidates.
Plans also often include an analysis of workforce data informing the plan. For example, if the planning team uses analysis of workforce demographics, comparing line staff composition with management team composition to inform its decision-making, the plan includes a summary of the analysis and its impact on the final plan.
Succession plans require regular evaluation to ensure consistency with the organization's goals and objectives and to reflect changes in organizational structure and personnel.Learn more about Business Resources