Succession Planning-Tip#5- Which of the Four stages is your company in?
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In order to be successful over the long term, any business has to plan for succession and manage talent. A company without succession planning tends to operate from a crisis mode, “winging” it. But, as they gain sophistication, they move through the stages shown below towards the ultimate goal of operating within a true talent management system.
Which stage best identifies with your company?
- Single position focus
- Address immediate needs
- Recruit from the outside Replacement Planning
- Key positions
- Replacement plans
- Plans to fill gaps through recruitment and rotation Succession Planning
Succession planning Mode
- Key people Identification of high potentials (leadership track)
- Identification of high producers
- Assessment, gap identification, gap closure program or experience
Talent Management Mode
• Talent pools for pivotal roles
• Regular talent reviews
• Planned and managed experiences and assignments
• Specialized development programs
When business exploded in the 1950s following World War II, most operated within clear hierarchies that provided defined career paths for their employees. There was comfort and predictability in that model which carried on for decades, but which began to change in the 1990s. Especially today, that “classic” model of succession planning from the 1950s no longer works. This era of deep, detailed talent pipelines with defined career paths and formal succession management plans no longer fit today’s reality.
At Key Corporate Services, we act as strategic partners with companies every day in filling those KEY succession-planning positions.
From The Key Corporate Services Blog Team