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Can your workers answer the question, "What is the succession plan at your
company?" They can, if you've shared it. And you can, if you’ve built one for
your accounting department or organization.
It's a strategy for identifying and developing future leaders at your company — at all
levels. Succession plans are used to address the inevitable changes that occur when
employees resign, retire, are fired, get sick, or die. They make sure the business are
prepared for all contingencies by identifying and training high-potential workers for
advancement into key roles.
Succession planning as, “Any effort designed to ensure the continued effective
performance of an organization, division, department, or work group by making
provisions for the development, replacement and strategic application of key people
over time.”
Cont……………
It’s not about having people…it’s about having the right people, in the right place, at
the right time.
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Whenever size and resources permit, a succession plan should involve nurturing and
developing employees from within an organization. Employees who are perceived to
have the skills, knowledge, qualities, experience and the desire can be groomed to
move up to fill specific, key positions. Organizations should:
Assess their current and future needs based on either their strategic plan, goals
and objectives, or priority programs and projects.
Match these to the capabilities of the existing workforce.
Develop a plan to manage the gaps that will arise when individuals in key positions
leave or are promoted.
The plan will generally include a combination of training and developing existing
staff, and external recruitment.
suggestions to kick-start your succession planning,
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It can take time to find and prepare a promising candidate for a leadership role. As
such, don’t dawdle with this part of your plan. Even if you don’t think you’ll need a
replacement in the near future, prepping someone to assume an important role
creates an invaluable safety net.
Last but not least, a succession plan is an investment in your company's future. If you
are making plans to move up the ranks in the C-suite, bear in mind you’ll need a
successor, too, who’s enthusiastic about being a boss.
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Evaluate and monitor your succession planning and management efforts to ensure
the following:
Succession plans for all key areas and positions are developed;
Key positions are filled quickly;
New employees in key positions perform effectively; and
Members of designated groups are adequately represented in feeder groups for
key areas and positions
Advantages for Employers and Employees
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Effective succession planning brings advantages for both employers and employees
and it's definitely worth your time.
Knowing the organization's plans for your next potential opportunity—and that
there is one—reinforces your desire for career development and career
opportunities. This development is one of the areas that employees want most
from their employer.
You are able to identify the skills, experience, and development opportunities
necessary to help the employee become prepared for progression when the next
job opportunity turns up.
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The ability to work with their manager or supervisor to make sure that the
employee has a career plan that moves him or her in the direction of their next
opportunity. This person is key to an employee's ability to get the experience and
education needed for career progression.
The employee's value is shared with the rest of the organization so that if an
opportunity comes up, the managers can consider the employee to fill the role. In
an informal system, managers organization-wide may not know the value of the
employee and his or her skills. (Even if the current manager has shared this
information, in the world of busy, it's tough to remember.)
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You rely on staff to carry out the mission and the vision and to accomplish the
goals of the organization. The loss of a key employee can undermine your ability to
accomplish these important objectives.
You need prepared employees to step into roles as your company grows and
expands its offerings and services. Or, your lack of developed employees will
stymie your growth plans.
The Baby Boomer generation is in the process of retiring. They are taking with
them 30-40+ years of knowledge, experience, working relationships, and
information. You want to capture that knowledge before it walks out your door.
Effective, proactive succession planning leaves your organization well prepared for
all contingencies. Successful succession planning builds bench strength.
Succession Plan Best Practices
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Assessment
of Key
Positions
Development Identification
Monitoring of Key
and Review Talent
Generation Assessment
of of Key
Development Talent
Plans
Succession Plan Best Practices – Step 1
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Identification of
Who has leadership potential?
Key Talent
Who are your critical employees?
‒ Typically at the top 2 levels of the organization and high
potential employees one level below
Identified by management’s assessment of performance
and potential for advancement
‒ Performance evaluations – critical
‒ 360 Evaluations
‒ Personality Assessments
‒ Mentoring/Coaching
Succession Plan Best Practices – Step 3
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Assessment of
•Conduct Gap Analysis – what skills are needed vs. what skills
Key Talent are existing in your talent pool?
• Assess everyone in your organization for potential
Development ‒ Ensure Success plan still aligns with strategic goals and vision
Monitoring and
Review ‒ Reporting and tracking to evaluate progress
‒ Update development plan for individuals as needed
‒ Ensure Accountability to performance
‒ Measure success to plan
‒ Provide opportunity for on-going feedback
‒ Status check with candidates to confirm engagement