5 Succession Planning Best Practices Succession planning is one aspect of recruitment that every good company takes care of. It’s quite similar to replacement planning but not exactly the same. Even filling a top executive’s incumbent position in little time is also not succession planning, it’s crisis management. Succession planning is aimed at identifying and developing high performance leaders who may someday take the reins of a particular department of the company or the company itself. It requires a person to be extremely good at spotting talent, identifying an individual who could serve the interests of the company both in the present scenario as well as in the future. Employing best practices for succession planning is extremely important. We bring to you the best practices for succession planning. 1. Doing Risk Analysis Most organizations consider succession planning for only people who are holding the reins of the organization. They completely ignore the fact that they should also consider the ever evolving business scenarios. Doing a risk analysis is one of the best practices for succession planning. It’s one of the best practices for succession planning that ought to be implemented. 2. Identifying Suitable Competencies A very good HR management has an eye for spotting people who can step into the shoes of the company stalwarts. They ought to consider them whether the suitors of a particular position would remain relevant in the future. But the main question still remains whether they would be able to adapt themselves to changing circumstances. 3. Grooming Employees A good organization ensures/should ensure that it provides its employees cross-departmental exposure and allot them assignments that hone their skills. Grooming employees so that they can step into leadership positions must be ensured. The organization by analyzing the assignment also gets an idea of the individual capability of each employee to fill-in senior prospective positions. 4. Keeping Everyone Involved One thing that the HR management must ensure is to involve leaders and manages all throughout the company. These people bring in a better perspective to things. They are the ones who are aware of those hidden gems who at the present might be lurking in the corners but have proven their mettle time and again. 5. Evaluating Efficacy It is very important on the part of the HR personnel to monitor the performance of every employee and quantifying it so that the performance of each employee can be evaluated on equal parameters.
The above mentioned practices are the ​best practices for succession planning​ which should always be inculcated so as to fill in incumbent positions in a company or any other organization.