Analysts claim leadership retirements, staff departures and talent shortages will pose some of the greatest economic threats to businesses over the next 20 years. Yet, many organizations have not built out the career and succession planning infrastructure that will help mitigate the risks of losing leadership team members and top talent in other critical positions.
Successful businesses increasingly are embracing succession planning to deepen their employee bench strength, respond quickly to vacancies at C-Suite and other key positions, avoid operational disruption due to staff departures, and ensure top talent at every level of the company.
This course will explore a methodology for succession planning within the context of broader talent management and workforce planning strategies. It will offer best-practice approaches for successful implementation of this important methodology.
At the close of this session, participants will be able to:
- State what a succession plan is and why it is such an important strategic imperative for business sustainability, continuity and success today
- Explain how succession planning and talent development should be linked with strategic planning, workforce planning and performance management
- List and explain the steps involved in developing a succession plan, including developing competency profiles, identifying talent gaps, assessing current talent and succession candidates, and establishing development plans for successors and high potential candidates
- Utilize best practice strategies for managing common succession planning challenges, including managing change and resistance, measuring success and communication
- Practice techniques for evaluating the succession planning process and for keeping the succession plan current
- Encourage employee engagement and improve retention through career management and development opportunities