Description
Succession planning is a process and strategy for replacement planning or passing on leadership roles. It is used to identify and develop new, potential leaders who can move into leadership roles when they become vacant. Effective succession or talent - pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression. In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business. The practice of business succession planning is conducted either by organizations themselves, or with the support of specialist management consulting firms. Succession planning helps organizations meet diversity and inclusion goals. Because succession planning allows organizations to strategically develop people to prepare them to take on more responsibility and higher positions, it removes barriers to internal advancement that may exist because of implicit bias. By making an effort to plan for the promotion of candidates from diverse backgrounds, you can ensure that you maintain equity throughout all levels of your organization. Perform competency evaluations that measure current team members leadership, technical skills, and readiness to step into new roles.
