Engaging the stakeholders and determining the kind of person needed for a successful succession are some steps for succession planning. Other steps include conducting a stress test and simulation and bringing the successor on board.Continue Reading
Succession plans have many stakeholders, and it is important to bring them into the process at the beginning. Doing so prevents disagreements at the end of the process because everyone involved took part in the decision-making process.
It is important to determine the kind of person needed for a successful succession. The succession-planning team should look at, among other things, the character, background, experience and shared vision of succession candidates. Once the team identifies those skills, it should define what to expect on a daily, weekly or monthly basis. Also, the team should define how to assess the performance of the successor.
After the team develops the criteria for selecting a successor, it should measure candidates against short- and long-term time frames. For example, the team should ask itself whether there is a candidate who can fill the position immediately if the successor decides to resign. Also, the team should put measures in place that ease the transition process.
Planning what happens after the naming of a successor is also important. The successor has to go through the learning process, and he can make mistakes along the way. Therefore, the succession-planning team must ensure that the successor has access to mentors and good staff who can provide assistance and ensure his productivity.Learn more about Managing a Business