Business Succession Planning & Management Process

May 24

Business succession planning and management are critical components of the entire human resource planning process. It comprises a complete, systematic approach to identifying, developing, and retaining talented and competent employees in line with current and future corporate objectives.

Determine the most important area and location

The organization's operational operations and strategic goals are based on key areas and roles.

Determine which positions would make attaining current and future business goals exceedingly difficult if they were left vacant
Determine which responsibilities, if left unfilled, will compromise the organization's health, safety, or security

Determine key areas and positions Capabilities

Establish selection criteria, focus staff development initiatives, and create performance targets by determining the competences necessary for important areas and roles.

Determine what information, skills (including language), abilities, and competencies are needed to achieve the company's goals
Use the Key Leadership Competencies profile
Critical areas, roles, and key abilities should be communicated to employees

Determine the qualifications of potential employees

Determine who is interested in and capable of performing key roles and responsibilities.

Employees should be questioned about their job objectives and hobbies
Determine if essential sectors and jobs, as well as candidates who are ready to develop or whose talents and competencies may be improved in the period allocated, are in jeopardy
Make sure there are enough bilingual applicants and members of designated groups in feeder groups for essential industries and posts

Create and implement succession and knowledge transfer plans

Include activities for learning, training, development, and corporate knowledge transfer in your business succession planning and management.

Define the learning, training, and development experiences required for leadership and other essential roles in your firm
Connect workers' learning goals to the knowledge, skills (including language), and abilities required in their current and future positions
Talk to your employees about how they may share their knowledge about the organization

Assess the effectiveness

Evaluate and track your succession planning and management activities to ensure the following:

There are succession plans in place for all main sectors and posts
Key positions are quickly filled
In critical jobs, new employees perform excellently
In feeder groups for critical regions and positions, members of specified groups are well-represented