The Future Is Now: 7 Steps to Initiating a Company-Wide Succession Plan

The Future Is Now: 7 Steps to Initiating a Company-Wide Succession Plan
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Enduring businesses understand the importance of planning for the future. One of the key aspects of any forward-looking strategy is a succession plan to ensure a steady pipeline of qualified successors ready to fill positions when essential personnel leave.

The important thing to remember about succession planning is that it is a proactive HR strategy that has to be in place before role vacancies create a sense of urgency for filling positions. “When a sudden leadership void is experienced, it makes no sense to then start the development process,” writes David V. Day, Ph.D., for the Society for Human Resource Management. “It is too late, because proper development can take months or even years.”

That’s why chief human resources officers must start developing a succession planning strategy now. Here are seven key steps to initiating a company-wide succession plan. 

1. Evaluate the Company’s Vision and Plans for Growth

“Succession planning is a process, not an event,” write business advisors Nick Di Loreto and Omar Romman at Harvard Business Review. It’s a labor-intensive, never-ending process that requires a commitment from company leadership.

And it starts with their vision of the future.

Every organization should have a plan for growth or sustainability.

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