Succession Planning Process

Succession planning is the basis for a company dealing successfully with staffing changes such as retirements, transfers, promotions, and turnover. Succession planning is the process of preparing for inevitable vacancies in the organization hierarchy.

It involves more than simply replacement planning. Replacement planning usually involves creating a list of temporary replacements for important jobs, especially during crisis situations. Succession planning should include a well-designed development system for employees since it takes an average of two to three years to develop a qualified successor.

Succession planning follows five logical steps - Integrate with strategy, Involve top management, Assess key talent, Follow development practices and Monitor and evaluate.

The individuals identified as possible successors should be told what specific development they need and possible action steps to build their competencies.

[vdsilva]

This seems like a good strategy. Yet, there is no guarantee those employees will stay and not leave.

[chariemaerivera]

This would be new and might be a good strategy, but it would not be a technique nor a ways to keep to keep an employee to stay long in the company.