SUCCESSION
As retirement approaches for you or key employees, we can take you through the steps you'll need for a smooth succession.
To prepare the company for both planned and unplanned succession there must be a succession plan for every key position in leadership, management, and technical specialties. Plans for each position will identify specifically who will replace the incumbent and how they will be developed over time to be fully ready when the time comes. If there is no specific person internally to replace an incumbent, the plan needs to include a recruiting element to identify and retain the right talent.Our Process
- Succession is about people and is highly individualized. It’s more than legal documents and tax implications.
- Consider business continuity, legacy, and what owners or senior staff will do next.
- Determine your future leaders and key staff, and make sure they are ready when the time comes.
- Monitor progress and be ready to take remedial action.
Succession from the inside requires a clear picture of the capacity already on staff for leadership, management, sales, project management and technical production. STM provides a precise picture of your current talent, and can help turn potential into productive results.
If you do not have people on staff to fill all future roles, you can hire highly qualified new people, or hire less technically qualified people with the right capacity, and develop their full potential. STM can facilitate both outcomes.
Whether your Talent is home-grown or brought in from the outside, the critical phases of your Succession Plan are orientation, performance management and retention. Succession is the end-product of a well thought out and well executed management process.
Answer the following statements with yes, no, or I don’t know:
- We have a succession plan for each manager.
- We have a succession plan for every key position.
- We have written job descriptions for each position.
- We have development plans for every employee.
- Every development plan is tied to our performance management process.
If you answered no or I don’t know to 2 or more questions, we can help.
Speak with someone at Strategic Talent Management
Learn how help you with the steps you’ll need to take to create a successful succession.