“Succession planning is core business thinking – not something to be done when the last man leaving has turned off the lights.”

It seems to make common sense that a company’s overall business plan should contain an accurate programme with detailed objectives illustrating the path to succession – not only for senior management positions such as CEO, but also for middle-managerial positions.  Corporations must carefully and effectively manage through critical issues that could affect their ability to grow and compete profitably.

Identifying a healthy pipeline of new and usable talent should start as early as the recruitment process.  Qualities and skills needed for the future leadership of the business should be identified as early as possible.  Good planning and proactivity in choosing leaders and creating a state of readiness in the company reduces overall recruitment and development costs, increases confidence from both internal and external stakeholders, attracts the right people to the company in the first instance and reduces the possibility of the wrong person being allowed to stay in a job indefinitely. In addition, if succession planning forms part of a business strategy, it can help the organisation prepare for the future by identifying the skills it is currently lacking but might need to flourish in the future.

The key stages of succession planning include:

• Establishing the business case, ensuring that both internal and external stakeholders are bought into the process. 
• Setting out cost benefits of programme to senior management.
• Creating assessment processes.
• Developing feedback and development plans.
• Integrating development and recruitment policies and merging these into existing HR processes.