How to develop your succession plan

develop succession plan

How to develop your succession plan

Succession planning is essential for any business, from small family-owned businesses to large corporates. A succession plan is a strategy for the future of your business, and it involves identifying and developing the future leaders of the company. Planning applies to all levels of the business, keep reading to find out how to develop your succession plan.

Be proactive with your succession plan

Most of the time in a business, you will be unaware that a team member is going to leave the company. There are some circumstances that you will have plenty of notice for, such as retirement. You need to be proactive in your succession planning and consider the impact that an employee leaving will have on your day-to-day operations.

Pinpoint succession candidates and let them know

If you understand each person’s impact, you can pinpoint other team members that could potentially step into these positions. It is important not just to consider the next person in the organisational chart, but also look at other promising employees in other areas.

Make sure that you discuss with each person – you can’t just assume that they would be interested in a more senior role. If they are interested, you need to establish that circumstances may change, and there are no guarantees.

Increase professional development

A business should invest in the professional development of its employees, especially those that have been identified as succession candidates. Provide them with training opportunities and ways to boost their knowledge and experience. You can also connect them with mentors to boost their soft skills, such as communication and empathy.

Have a trial run

You don’t want to wait until it’s too late to check whether a candidate is suitable. A great way to trial is by having the potential succession assume a few responsibilities of a manager who is on holiday. Employees will highly value the experience and opportunity to demonstrate their abilities.

Employee changes within your organisation are inevitable. You can’t predict the future, so you need to establish and develop your succession plan. Contact the team at The Farm Protectors to build your succession plan and pave the way for business continuity.

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