Using succession planning

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Using succession planning

Imagine that one of your key executives suddenly decides to leave your company, and you don't have anyone ready to step into their shoes. Or, what about a costly mistake you may have made in promoting the wrong person? It happens more frequently than you may think. Luckily, this is where succession planning comes in. This process allows you to identify high potential employees to fill critical positions. Succession planning also focuses on how quickly the individual will be ready to take on a new role, and what it will take to help prepare them.

It also helps you differentiate high performers from high potentials. Identifying successors for current and future roles starts with a review of existing talent. This is where the talent review comes in, a key component of succession planning. Talent reviews not only help you identify high potentials, they also help you understand the strengths and development opportunities for these key employees. One outcome of the succession planning and talent review process is a development plan.


Source: https://www.linkedin.com/learning/finding-and-retaining-high-potentials/using-succession-planning