What if one of your key people suddenly left the position? If this person's role affects your business ventures, direction, and productivity, could you find the talent you need if you only had very little time to do it? Would you scramble trying to replace that person by placing ads, phoning contacts, and taking the first available suitable replacement? You can eliminate such scenarios through succession planning. This can also help you develop talent for your organization for key roles that impact business initiatives and productivity. An effective succession planning program involves seeking out talent from a broad range of sources, assessing leadership potential, involving others in planning for talent, and using various methods to develop and prepare people for advancement.
This course explains the importance of succession planning and building a leadership talent pool from within that motivates employees, increases retention of employees, and fortifies your business against the loss of vital people. It outlines the steps needed to create an effective succession planning program, focusing on the first step of the process, initiating the program. This involves learning how to align it with the business strategy and how to promote it internally to gain commitment throughout the organization. Learning Objectives
- Recognize the characteristics of succession planning
- Describe the role of internal promotion in succession planning
- Match stages of the succession planning process to examples
- Assess whether the succession planning process has been properly initiated