Step by Step Guide to Implementing a Successful HR Succession Strategy
At some point in time, every organisation will need to address succession planning. Succession planning is the process of identifying and developing internal employees with the potential to fill key business leadership positions. HR succession planning is important for the continuity and sustainability of a company. It is a vital part of any HR strategy that prepares the company for any future leadership vacancies, allowing the company to ensure that it has the right people in place to drive growth and sustain a competitive advantage.
In this guide, we will go over the step-by-step process of creating an HR succession plan. This guide will help you to understand how to develop a plan that works for your organisation and how to implement it effectively.
Step 1: Identify Critical Positions
The first step in creating an HR succession plan is to identify the key positions within the organisation. These are the positions that are essential for the organisation to continue functioning effectively. Examples of such positions include the CEO, CFO, and other executive positions. Once you have identified these positions, you can then start identifying the key competencies required for each of these positions.
Step 2: Develop Competency Models
The next step is to develop competency models for each of the critical positions identified in step one. A competency model is a description of the knowledge, skills, and abilities that are required for successful job performance. Competency models help to identify the specific skills and behaviors that are essential for success in each position.
Step 3: Assess Current Employees
The next step is to assess the current employees within the organisation. This assessment helps to identify employees who have the potential to fill the critical positions identified in step one. This assessment should be based on the competencies identified in step two.
Step 4: Develop Succession Plans for Key Positions
Once you have identified the employees who have the potential to fill the critical positions, the next step is to develop a succession plan for each of the positions. The succession plan should identify the employees who are being considered for the position, the development activities that are required to prepare them for the position, and the timeline for the transition.
Step 5: Implement and Monitor Succession Plans
The final step is to implement the succession plans and monitor their progress. This involves providing the necessary development activities to prepare the employees for the position, ensuring that the transition is successful, and monitoring the progress of the new employee in the position.
Implementing an HR succession plan is a complex process that requires careful planning and implementation. However, it is essential for the continuity and sustainability of any organisation. By following these steps, you can develop an HR succession plan that works for your organisation and helps to ensure that you have the right people in place to drive growth and sustain a competitive advantage.
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