What is the best way to develop a leadership succession plan?

Leadership succession planning is a vital process for any organization that wants to ensure continuity, stability, and growth in the future. It involves identifying, developing, and retaining potential leaders who can fill key positions when the current ones retire, resign, or move on. However, many organizations struggle with this process, either because they lack a clear vision, a systematic approach, or a supportive culture. In this article, you will learn some best practices to develop a leadership succession plan that works for your organization.

1 Assess your current situation

The first step to develop a leadership succession plan is to assess your current situation. This means evaluating your organizational goals, strategy, values, and culture, as well as the skills, competencies, and performance of your current leaders. You should also identify the critical roles and functions that need to be filled in the short and long term, and the gaps and risks that exist in your leadership pipeline. By doing this, you will have a clear picture of where you are and where you want to go.

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Helly Torres

PC Security Response Leader @ HP | Co-Founder @ Making Millennium | Latina Leadership, Cybersecurity, Risk Management and Personal Development
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Letâ€™s add assess your current talents and abilities as well! Along with your current environment and situation itâ€™s clear that you need to be true and authentic to your abilities and talents! â€œYou got them, Grow them and Use them!â€ Letâ€™s be careful not to limit ourselves you can always learn more if wanted, but just donâ€™t forget to assess what you already have ready to help you develop your succession.

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2 Define your criteria and process

The next step is to define your criteria and process for selecting and developing your future leaders. You should establish the qualities, skills, and behaviors that you expect from your leaders, and how you will measure and evaluate them. You should also design a transparent and fair process for identifying, nominating, and selecting potential candidates, and how you will communicate and involve them in the succession plan. By doing this, you will ensure that you have a consistent and objective way of choosing and developing your leaders.

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Mina PopoviÄ‡

Managing Director @ NLB DigIT
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To begin, analyze industry trends to identify the skills and competencies needed for success. Align with your organization's strategic goals to determine the specific attributes required to achieve those objectives. Consider your organizational culture, ensuring leaders embody the values and behaviors that drive the desired culture. Assess qualities such as empowerment, adaptability, results-oriented thinking, effective communication, collaboration, continuous learning, and trust, which are essential for effective leadership. By evaluating your leadership needs comprehensively, you can establish the criteria and qualities essential for selecting and developing leaders who will excel in your organization's unique context.

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3 Develop your talent pool

The third step is to develop your talent pool of potential leaders. This means providing them with the opportunities, resources, and support they need to grow and succeed. You should offer them a variety of learning and development activities, such as coaching, mentoring, training, feedback, and exposure to different projects, roles, and challenges. You should also encourage them to network, collaborate, and share their ideas and insights with other leaders and stakeholders. By doing this, you will build their confidence, competence, and commitment.

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4 Monitor and review your plan

The fourth step is to monitor and review your leadership succession plan regularly. This means tracking and measuring the progress, performance, and potential of your candidates, and adjusting your plan accordingly. You should also solicit and provide feedback to your candidates, and recognize and reward their achievements and contributions. You should also review your organizational goals, strategy, values, and culture, and the external environment, and update your plan as needed. By doing this, you will ensure that your plan is relevant, effective, and responsive.

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5 Foster a culture of succession

The fifth step is to foster a culture of succession in your organization. This means creating a positive and supportive environment where succession planning is seen as a strategic priority, a shared responsibility, and a continuous process. You should communicate the vision, purpose, and benefits of succession planning to your leaders, employees, and stakeholders, and involve them in the process. You should also promote a culture of learning, innovation, and collaboration, where leaders are willing to share their knowledge, skills, and experiences with others, and where employees are motivated to pursue their career aspirations and potential. By doing this, you will create a culture of succession that sustains your organization's success.

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6 Hereâ€™s what else to consider

This is a space to share examples, stories, or insights that donâ€™t fit into any of the previous sections. What else would you like to add?

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What is the best way to develop a leadership succession plan?

1

2

3

4

5

6

1 Assess your current situation

2 Define your criteria and process

3 Develop your talent pool

4 Monitor and review your plan

5 Foster a culture of succession

6 Hereâ€™s what else to consider

Executive Management

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Directory

What is the best way to develop a leadership succession plan?

1

2

3

4

5

6

1 Assess your current situation

2 Define your criteria and process

3 Develop your talent pool

4 Monitor and review your plan

5 Foster a culture of succession

6 Hereâ€™s what else to consider

Executive Management

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