Key Elements of a Good Succession Plan by Cheryl Pope “When I win the lottery, the first thing I’m going to do is quit my job!” This is a fantasy shared by many in the workforce. However, the odds of winning the lottery are slim. In fact, a person has a better chance of dying from a bee or hornet sting, having conjoined twins or going to the emergency room with a pogo stick-related injury. This is great news for employers because the risks of finding a replacement for lottery ticket buyers are pretty low. (We couldn’t find any data surrounding the job vacancies related to pogo-related injuries). The reality is that people leave jobs for all sorts of non-lottery-related reasons, including: » Taking a new job » Hating their current job » Illness » Family responsibilities » Death » Retirement » Reputation and brand identity stays intact While the Human Resources function often coordinates succession planning, positioning the right employees to move up when the opportunity presents itself is a long-term business strategy. Details will vary by organization, but some key elements to include in a succession plan include: » List of key positions · Is the organization at risk if the person currently in the role suddenly leaves? · Does the incumbent have institutional knowledge that would effectively leave if/when they leave? » An organization chart · Provides a clear picture of the career paths of everyone » Job requirements for key positions · Create a skills and attributes checklist for each potential succession candidate · What exists at present and what needs to develop. » Potential successors · Identify individuals who have the competencies and potential to grow into key positions · Create written summaries of employees’ strengths and performance » Plan for building successor competencies · Increase potential successors level of responsibility to include things that require more leadership · Cross-train employees to give them a broader view of the company · Provide external professional development to build skills » Communication strategy · Determine how much or little to share with the broader organization » Measure progress · Develop metrics for each competency · Provide supportive and constructive feedback » Focus on retention · Provide a supportive company culture · Pay competitively · Conduct stay interviews Above all, be realistic about the process and remember... succession planning is preparation, not pre-selection. Not all potential successors will be ready when a position becomes vacant, and it’s important to be transparent with potential successors throughout the process. If you fail to plan, you are planning to fail. – Benjamin Franklin When a key person leaves, it can create confusion, disengagement from other team members and decrease organizational performance. Since many employee departures are made without the luxury of advance notice, employers often rush to fill the role quickly and wind up placing someone who is not the best fit in the vacated position. Having a plan for key positions can help reduce some of this stress. Succession planning is being intentional about making sure an organization has the right leaders in place if a change happens quickly. The benefits of succession planning include: » Reduced recruitment costs » Retention of high potential employees » Business continuity in case of a disaster » Identification of potential vulnerabilities within the organization » Clarity around training needs 20 / LIVING SAFER / VOL 13 ED 3
Living Safer Vol. 13, No. 3 2021: Page 20
