Succession
Planning
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Guidelines and tips
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This document offers a practical guide to succession planning, emphasizing its role in risk mitigation. it outlines key steps involved in identifying potential successors, conducting a rigorous selection process, making informed decisions, and implementing comprehensive training programs. The guide highlights the importance of internal resource utilization and the benefits of developing existing employees for key roles. it also touches upon the importance of transparent communication and the potential consequences of neglecting succession planning, such as employee demotivation and a sense of unfairness.
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2024/2025
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Succession
Planning
A part of risk mitigation
Identify potential employees: To play key roles in the future Help them develop skills Why is it important: Companies can use their own internal resources Does not have to hire unknown outsider or un- equiped person Less cost and risk Researchers suggest that CEOs appointed internally tend to out perform external ones
Identify the
characteristics
01 Take a look at the job description
02 Develop a person specification for the person who wishes to occupy the job
03 Identify any new skills or traits that are required and irreplaceable by AI
Decide On Finding A Successor
Examining
abilities
A person working in company would be analyzed as a candidate to be promoted to higher rank. Personal abilities like language proficiency, leadership experience, and resilience quotient are examined for promotion.
Hire a Specialist
Companies would hire a specialist agency in order to find the right candidate outside the business. Specialists will analyze external candidates based on work experience, skills, and other traits that exist both in the CV and interview.
Make Decisions
Individuals responsible for evaluating candidates must carefully assess and judge each of their performance Consequences if not: Some candidates especially internal ones might feel unrecognized which leads to demotivation They may feel undervalued which leads to a sense of unfairness
Communicate Decisions
Once a decision has been made, it's important to share this info
with everyone who will be impacted by the position
Ensure transparency and avoid miscommunication/confusion
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