Succession Planning

Succession planning is a link between Talent Management, Recruitment and Organizational Effectiveness. While the Talent Management process determines the Talent needs of the organization, how to foster and develop the existing talent, and what talent needs to be resourced externally (Recruitment), the Succession Planning determines how to best plan and deploy the talent from present to the future in order to ensure optimal operation and minimal disruption. 

Good succession planning is vital for the longevity and success of any organization, whether a SME or a large multinational. The approaches to succession planning may vary, depending on the organization culture, industry, size and competitive environment. All those factors are considered in customizing a Succession Plan that best serves the customer performance aspirations.

The basic succession planning is an exercise whereby successors are identified in advance for roles in the organization. A basic Succession plan identifies potential successor for a few critical roles in the organization, while a comprehensive and strategic succession plan is a regularly updated and maintained map of potential successors for all the important roles in the organization, both for near and longer term. Many organizations neglect creating or maintaining a succession plan until they are hit with losing a critical contributor, when an expensive and ineffective scramble ensues to replace immediately.

A robust succession plan is an important strategic and risk mitigation exercise that is beneficial to any organization. P3A experts can provide the most suitable template for each customer based on organization size, culture, nature industry and historical turnover data. We can also help in executing and implementing the plan, as well as training its custodians to maintain and own it going forward.