The Key to 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.
Succession planning requires a business to review its business strategy regularly to pinpoint the skills and competencies needed by its employees and leaders. It should not focus on specific jobs, but rather on the actions and strategies necessary to reach business goals. These actions and strategies then become the basis for developing your leadership competency model. This approach to succession provides 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.
The key is early identification of gaps between skills and job experiences necessary for future positions so there is time for development. Then, succession planning can be integrated with development programs so that high potential internal candidates gain the necessary exposure to key business areas while also developing the leadership skills and competencies required for success at higher levels.
This developmental approach to succession planning has another benefit: It helps retain your higher potential employees by getting them more engaged and connected with your company.
See A Brief Overview of How PSP Metrics Can Help Your Company
PSP’s management assessment and development services provide excellent tools for objective decision making and succession planning in the family business environment.
John F Bitzer III, CEO, Abarta, Inc.