Organizational survival and success is contingent upon having the right people in the right places at the right time. Leaving the identification and development of future leaders to chance may have worked in the past, but given the demographic realities of today’s workforce, it is imperative that organizations engage in succession planning and succession management to systematically identify and prepare high potential candidates for key positions.
Effective succession planning requires organizations to define critical roles and requirements, identify high potential performers, assess their readiness to fill key roles, and provide learning and development opportunities to fill any gaps that are identified.
Effective succession planning pays off in innumerable ways, from recruiting and retaining top talent to ensuring stability and improving the bottom line. Research confirms that succession management has a positive correlation with employee retention, and that companies with succession plans in place benefit from more effective leaders by utilizing internal talent who posses knowledge about the company culture and internal processes.
At Ellis Locke & Associates, we can provide support by helping you to develop the infrastructure necessary to engage in effective succession planning and succession management, including:
- Competency mapping;
- Leadership Assessments to identify high potential;
- 360 Degree Feedback Programs; and,
- Coaching support to establish and implement Development Plans
Our approach to succession planning will allow you to assess your bench strength, indentify high potential performers, uncover talent gaps and identify qualified people who are high potential candidates for development. In addition, we can work with your high potential performers to structure development plans and provide training and coaching to help prepare them for future leadership requirements.