Succession Planning

Do you have the right people working on the right things to achieve superior results for your organization? If you have not taken an inventory of your existing talent and aligned your succession planning with your business strategy, there is a good chance that you do not.

A successful business must identify and develop the right people with the right skills for the organization to compete successfully. Succession planning requires a business to review its business strategy as goals change in order to pinpoint the skills and competencies needed by its employees. It should not focus on specific jobs, but rather on the actions and strategies necessary to reach the goals. These actions and strategies then become the basis for developing a leadership competency model.

A competency model provides the right criteria for determining which managerial and professional employees exhibit the right qualities or show the promise of developing these qualities in time to help the business achieve its goals. PSP's assessment services allow companies to inventory their existing talent, identify their developmental needs, and learn when to seek talent from the outside to meet critical strategic needs. Use of a competency model moves succession planning away from job titles and traditional experience, and focuses on the qualities needed to lead the organization.

Planning succession based on competencies, not job titles, will provide the flexibility necessary to have the right people in the right places doing the rights things at the right time to reach the right goals.

For more information on Succession Planning, please contact PSP and/or view the articles in the links below.