Succession planning plays a critical role in the long-term success and sustainability of your organization.

Your plan provides you with a strategic initiative to proactively address talent gaps, minimize business disruptions, and foster a culture of career growth and development. Your succession plan is key for long-term business success.

Here are the top reasons why succession planning is important to your business:

• Provides a guideline for training and development
• Reduces costs to recruit and hire talent
• Identifies key leaders
• Promotes long-term planning
• Mitigates risk
• Establishes your legacy
• Shapes an exit strategy
• Promotes progression

While every organization is different, the recipe for a successful succession plan is similar no matter how complex your organization is. Here are the steps to creating a succession plan:

1. Identify critical roles to plan for
2. Define your succession criteria
3. Complete a talent assessment
4. Implement talent development and training
5. Scale your mentoring, coaching, and one-on-ones
6. Review and monitor your succession plan
7. Develop your knowledge transfer process
8. Continuously update your plan over time

Modern technology can take the pain out of the process and streamline your strategy. With the right succession planning tools, you can propel employee growth, guide change, and drive business success. We recommend you look for a handful of core features in succession planning tools including:

• Collaborative nomination process: request nominations and performance details from any leader or manager
• Readiness tracking: track candidate readiness by 12-month increments so you can easily see progress over time
• Integrated performance: see candidate performance ratings and development goals
• Diversity visibility: align succession plans with diversity goals
• Personalized, board-ready insights: share real-time insights with stakeholders

Navigating succession planning like a well-oiled machine requires a partner you can rely on. For the last 20+ years, our customers have trusted us to deliver reliable expertise, technology, service and results.

We help you uncover meaning.
Get a gauge for where your talent gaps lie at a glance. Understand the scope of each potential successor’s skill set and where they need continue developing.

We make action easy for everyone.
Building, adjusting, and reporting on succession plans needs to be easy for leadership and HR. Our solutions help reduce administrative burden and efficiently facilitate strategic leadership discussions.

We’re a partner you can rely on.
You’re on a journey – and we’re with you every step of the way. You can rely on our dedicated team to provide strategic guidance, ongoing coaching, timely tech support, and safe and secure practices your programs need to be successful.