The Basics of Succession Development

Posted by Rishil Babu

In one of my previous article i had written about Importance of leadership in an organisation. As a leader one has to ensure having an effective succession development plan in place. A good succession plan equips companies to handle such career progressions throughout their organization while ensuring that the performance and productivity of their organization does not take a backseat. Now lets try to understand what exacty is this succession development or succession planning.

Succession development is an ongoing process of identifying future leaders in an organisation and developing them so that they could move into the next leadership roles. A well thought-out succession plan is vital to the success of the organization because the individuals identified in the plan will eventually be responsible for ensuring the company is able to tackle future challenges.

These "high potential" candidates must be carefully selected and then provided training and development that gives them skills and competencies needed for tomorrow's business environment.

Here are a few simple steps to help guide you in developing your Succession plan.

1. Analise your key roles and duties - Identify what are the business critical tasks you do and also what skill set you have.

2. Identifying the potential Leader from an existing Talent Pool - remember the selection needs to be based on who has the best potential for being successful as he new leader

3. Mentor the potential Leader - Develop a time bound training program to mentor and clearly define roles, responsibilities and expectations so everyone is on the same page.

4. Let Them Lead While You Still Can - Letting go is a difficult thing to do but to ensure your company’s future. Empower your successor to make management decisions, and learn from their mistakes while you are still there to coach them through the transition.

Do share in your views and experiences about succession development

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