How to Plan Your Business Management Succession

Planning for management succession is critical for the long-term success and sustainability of any organisation. A well-executed succession plan can help ensure that the company continues to thrive, even when key leaders retire, leave the company, or are promoted.

Here are some steps to consider when planning for management succession:

Identify key positions: Start by identifying the key positions in your organisation. These are the roles that are critical to the company’s success and would cause significant disruption if left unfilled.
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Define the skills and competencies needed: Once you have identified the key positions, define the skills and competencies needed to perform those roles effectively. This will help you identify potential successors who possess the required skills and competencies.
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Develop a talent pool: Create a talent pool of potential successors for each key position. This can include high-potential employees, individuals who have expressed an interest in the role, and external candidates who possess the necessary skills and experience.
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Assess potential successors: Evaluate each potential successor’s skills, competencies, and performance to determine their readiness for the role. This can be done through assessments, job simulations, and other evaluation methods.
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Develop individual development plans: Once you have identified potential successors, develop individual development plans to help them acquire the skills and experience needed to assume the role. This can include training, mentoring, coaching, and job rotations.
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Implement the succession plan: Once you have identified and developed potential successors, it’s time to implement the succession plan. This may involve promoting internal candidates, hiring external candidates, or a combination of both.
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Evaluate and adjust the plan: Finally, it’s important to evaluate the effectiveness of the succession plan and make adjustments as needed. This can include revising the plan to incorporate new skills and competencies, updating the talent pool, or making changes to the development plans.

In conclusion, planning for management succession is essential for the long-term success of any organisation. By following these steps, you can develop a robust succession plan that ensures the company’s continued success even in times of leadership transition.

The Australian Business and Leadership School can help you develop a management succession plan, and provide the training necessary for you to develop future managers.

We have 27 years experience in corporate training, professional development and vocational education, including with companies such as Procter & Gamble, Volvo-Geely, Symantec, Walmart, Syngenta, Maersk, Marposs, IBM and PetroChina.

Our trainers are all degree qualified in vocational education and business.

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