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Practical Guidelines for Succession Planning

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Succession planning is a workforce strategy critical to ensuring long-term organizational health and success for the business. Developing future leaders, setting business goals and a plan to achieve them, and documenting the steps to take following various scenarios are all key components of a strong succession plan.

The Academy to Innovate HR shares best practices to succession planning that can help your organization put a plan in place.

The image is a one-pager titled "Succession Planning: An Essential Guide for HR." It outlines the importance of succession planning, best practices, and key metrics. The importance of succession planning is highlighted by: Minimizing risk and ensuring continuity. Reducing turnover and boosting preparation. Transferring key knowledge. Providing a clear career path. Enabling future planning. Facilitating talent growth. Offering a structured leadership approach. Preventing power struggles and fostering goals. A statistic notes that "21% of HR professionals say their organization had a formal succession plan in place," and "That means that over half of the organizations didn't have a plan." Succession planning best practices include: Adopting a long-term perspective. Ensuring structured development. Integrating succession planning with talent management. Measuring outcomes, not process. Being realistic and communicating clearly. 10 succession planning metrics are listed: Potential. Number of High Potentials identified for each critical role % of critical positions filled internally. Risk of loss. High Potential turnover. Bench strength. Career path ratio. Development activities. Pipeline utilization. Other operational metrics (e.g., number of succession promotions, % of promotions from "non-senior" roles).

About Specialized Recruiting Group

Specialized Recruiting Group (SRG) is in the business of people. SRG supports local business communities and professionals seeking new career opportunities by offering an individual approach to professional staffing placements. For more information, visit SRGPros.com.

Jessica is a Content Marketing Specialist at Express Employment International creating content for employers, leaders, and about the workplace of today. She is an accomplished former social media professional and award-winning writer. When Jessica isn’t writing about key leadership characteristics or best workplace practices, she’s spending time with her dog and planning her next road trip.

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