Are There Any Best Practices For Succession Planning?
There is research on what constitutes best practices in succession planning. Here are some of the findings from a study conducted by Peperdine University on executive succession planning.
Companies succeeding with succession planning tie in the process to business strategy
- Human resources is typically responsible for the tools and processes associated with successful succession planning. Business or line units are generally responsible for the "deliverables" -i.e., they use the system to manage their own staffing needs. Together, these two groups produce a comprehensive process.
- Technology is often used as a succession planning tool
- With respect to leadership and executive development best practices companies identify talent continously and cyclically (it's an ongoing process, and not a one shot deal), and they have a good sense of leadership and management competencies they will need, and need to develop.
- As with many corporate initiatives, senior management support is necessary for success. Since the grooming of talented individuals does require investment of time, energy and money, this isn't surprising.
You can access more information on best practices in succession planning here.