Discover comprehensive insights into succession planning best practices through our analysis of 14 leading companies across multiple industries. This in-depth study examines the choices companies face when creating or improving their succession planning and management systems. It identifies several themes, including the role of human resources, the criteria for identifying high potential candidates, the relationship between performance and potential, and whether succession planning equals the promotional process. The research highlights essential strategies for minimizing operational risk while maximizing leadership development through strategic assignments. Organizations seeking to strengthen their succession planning processes will find actionable frameworks and industry-tested approaches in this detailed report.
There are five key findings that remain critical when planning succession in any organization:
- Role of Human Resources (HR)—the HR and people function is a key strategic resource to the C-suite when scaling a business.
- Criteria for Identifying High Potential Candidates—a performance management system must identify high potentials and their development path.
- Does succession planning equal the promotional process?—how an organization thinks about succession is critical to its success. Who is ready for promotion is not the same as who are the successors to key roles.
- What is the relationship between Performance and Potential?—we consider tools such as the “9-box” assessment as essential in considering where all of an organization’s talent sits in relation to performance and potential. Potential, the capacity to take on more in the future, is an often overlooked aspect of a person’s development.
- Back-up/replacement or development of a pool?—in scaling companies, resources need to be identified in terms of risk abatement, do I have someone to take on a key role in an emergency, and in terms of developing the organization. The latter requires a thoughtful performance management system to develop talent, especially in identified key roles.
Thoughtfully scale your organization and manage the risks of who succeeds who as you grow. Hoola Hoop will help you build the right performance management process and succession plans to manage risk and scale.