Succession Planning-Tip #6 Metrics to use in effective Succession planning
Previous posts in this series:
Succession Planning- Tip #1- it’s never too early to begin planning!
Succession Planning- Tip #2- what’s the real difference between workforce and succession planning?
Succession Planning- Tip #3-It’s a process, not a one-time event
Succession Planning-Tip#4- Five Simple Succession Planning questions
Succession Planning-Tip#5-Which of the 4 stages is your company in?
Any company creating succession plans should consider some basic measurements. These include:
- Number of roles within the organization that have a successor in place.
- Percentage of candidates “ready now” compared to those still needing additional years of training. This metric reflects bench strength.
- Ratio of internal to external talent: This can also indicate the strength of an organization’s bench. If a high number of leaders are coming from external sources, it may be time to build a stronger bench
Employee attrition rates: Attrition rates can reflect how satisfied workers are with their jobs, and can serve as a barometer of the talent management system’s effectiveness.
• Length of time in roles of leadership.
• Leadership representative of workforce diversity- there is strength in diversity.
• Stakeholder buy-in: A balanced succession plan will be approved by a variety of sources.
• Coordination with risk-management teams to assess whether leadership decisions have decreased risk.
At Key Corporate Services, we play an important role in filling KEY positions within companies every day. Give us a call to see how we can help.
From The Key Corporate Services Blog Team