Three Important Elements of Succession Planning
Parklin Law Do we have suitable candidates available to fill important roles in the near future (three to five years) as well as the far future (five to 10 years)? is a question that more and more businesses are posing. When a candidate pool for future leadership positions is created using high performers, one or more successors for important positions are selected as part of the succession planning process. Each successor is prepared specifically for their upcoming duties. Simply put, succession planning is a highly specialized method of staff development that ensures the company’s future stability and growth. Planning for succession entails more than just having a strategy for internally promoting workers. The effort goes beyond staff development, too. Despite the importance of these sectors, successful succession plans contain three essential elements. 1. The creation of a succession plan is the first part. The following components are included in this step: The competency mod...