Your succession plan needs a bigger bench
Only 21% of HR professionals said their company has a formal succession plan in place, according to a SHRM survey. But even when organizations have a plan, it may amount to little more than identifying one replacement for each critical role.
Effective succession planning goes beyond replacement planning. It’s an ongoing process of identifying and developing internal talent so the organization can maintain continuity when key people retire, resign, or move into new roles.
And relying on a single successor for a branch manager, operations leader, sales director, or owner can create a false sense of security. If that person leaves, gets promoted, or isn’t ready when the time comes, the organization may find itself without a viable replacement.
The goal is to build a deeper leadership bench, with multiple potential successors for critical roles and a clear understanding of who’s ready now, who’s ready soon, and who’s still developing.
To see where your succession plan may need more depth, ask:
- Where are the same names appearing? Identify employees listed as potential successors for multiple critical roles.
- How many unique successors do you have? Look beyond the number of filled boxes on your succession chart to understand the actual depth of your bench.
- Where are you most vulnerable? If one person accepted a promotion or left the organization, which other roles would suddenly have no viable successor?
- Who else deserves consideration? Look across departments, branches, and functions for employees with leadership potential who may not have had the visibility or opportunities needed to make the list.
- What opportunities could help build bench strength? Consider stretch assignments, cross-functional projects, or temporary leadership responsibilities that give more employees a chance to develop and demonstrate their capabilities.
A strong succession plan gives high-potential employees a clearer path to contribute at a higher level, while giving your company qualified people and real options for the future.
“We identify the people we believe could be our successors, and then work with HR to determine what training they’ll need over the next year or two. We look at the skills, talents, and attitudes they’ll need and work to make sure they’re ready to step into those roles,” said Jason Talley, director of new business development, Würth Industry USA.
Building a strong succession plan takes more than identifying potential replacements. This SHRM article explores how to assess bench strength, identify leadership gaps, and gain executive buy-in to create a succession strategy that supports your organization’s future.
This "Tip of the Week" is provided by the Talent Development Council | Texas A&M University.
INDUSTRIAL SUPPLY MAGAZINE
The September/October issue of Industrial Supply magazine features an in-depth cover story about Rotator Products. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
