Fans of HBO’s hit show Succession will know that when it comes to executive leadership stepping down, things can get a bit messy. Succession planning is the practice of identifying future leaders within your organization who will rise to fill company roles in the event that a leader steps down. Does your organization have a succession plan in place for your business? Read more about our tips for succession planning below!

Why do you need succession planning?

When an executive leader steps down from their position due to a job change or retirement, it’s helpful to have a succession plan already in place. A succession plan is like a playbook for your organization that clearly establishes what happens when a position in upper management opens. A succession plan can help ensure that operations continue to run smoothly in the event of a leader stepping down. This helps to minimize disruptions in the workplace and ensures that your business can function in the face of change.

How to implement a succession plan

Now that you understand the importance of having a succession plan in place with your business, here are Prescott HR’s recommended strategies for success:

• Start early: Change is a constant in life, especially so in business. If a member of your executive team decides to move on to a different company or retire earlier than expected, you need to have a succession plan ready to go. Identifying who will step into certain roles early can help avoid making quick decisions without much thought behind them.

• Identify potential leaders: Because you are starting early, now is the time to identify key potential leaders on your team. Start by assessing your current leadership team’s skills and experience. It helps to have a good understanding of who does and does not have leadership potential. 

• Develop a leadership program: One way to help identify future leaders is to develop a leadership program. This can provide an opportunity for your current team members to build important skills. It’s also an opportunity to expose team members to different aspects of your business.

• Phase into any changes: Once you have an outline in place of who will step into certain leadership roles, you should consider phasing into any kind of changes. This allows future leaders to “shadow” current executives to learn the responsibilities and nuances of the job. 

• Work with a professional: Creating a succession plan from scratch can be a daunting task. Seek help from a human resources professional, so that you can create a succession plan with clarity and confidence.

Work with Prescott HR

Does your organization need help with creating a succession plan? We are here to help! Prescott HR offers a wide range of services to help your organization evaluate your current policies and incorporate new ones, as needed. Our unintimated HR practices allow us to be focused and effective, providing your business with precisely what you need. Give us a call today at 443-351-8818 or contact us online.