Building the Right Team - Your Succession Planning Advisory Board
Here is the second article in my series on succession planning.
Previously, I defined succession planning as a proactive talent planning strategy that involves thinking about who gives your company a competitive advantage and planning for departures so the business cannot only survive but thrive through adversity.
The first step to your talent strategy is clarifying the strategic direction of your business. However, before starting the planning process, you need to define who will be on the advisory team.
Succession planning needs to be a company-wide initiative, not the sole work of Human Resources. Management support and participation in the process are key to success.
The team should include senior leadership, a human resources representative, a few board members if applicable, and an outside consultant.
Key internal members to include:
CEO/COO: Provides overall direction and support for the process.
HRBP/Talent Management: Manages the administrative aspects and facilitates the development process for high-potential employees.
This core group will be responsible for establishing any assessments and learning modules necessary for the process as well as setting a meeting cadence and quarterly review process. Also of note, the advisory team needs to maintain confidentiality about these discussions.
A third-party consultant helps bring in diverse outside perspectives as you assess your talent against the business needs. A consultant is also key to maintaining objectivity and staying on target with regular reviews.
If your company does not have an HR department you will need to identify someone to document the process, maintain records, and ensure that deadlines and outcomes are met.
It is also essential to identify someone who will own internal communications. Transparency about the succession planning process is important to foster employee engagement and retention.
Succession planning can also be a selling point for candidates considering a role at your company.
A recent article by Clear Company shows that 86% of employees say they’d switch jobs for one with more chances to grow. Companies that invested in employee development saw a 58% increase in retention.
To learn more about Succession Planning and other talent topics, reach out or come to one of my events:
https://www.talent-advancement.com/events
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