Succession Planning: How Professional Development Can Ease the Transition

Understanding succession management is a key component of leadership development. A strategic plan should always be in place to keep operations moving forward smoothly. Understanding the succession planning process and knowing how to implement a succession planning strategy can ensure your organization has a constant stream of effective leaders to step into vacancies created by those leaving or retiring. 

Understanding Succession Planning

Employee succession planning is a type of business strategy that focuses on leadership transition within an organization. Organizations that value succession management recognize that leadership positions are dynamic, and most leaders will move on to new and advanced opportunities. It's essential for organizations of all sizes and across all industries to understand the importance of succession planning and to know how to create this type of business strategy.  Equally important to consider is that succession planning is not just for senior leadership positions: it is a culture and practice of developing employees at all levels of the organization to create resiliency and continuity throughout the organization.

Definition and Importance of Succession Planning

Investopedia defines succession planning as a business strategy that outlines how leadership roles will be passed down from one leader to another, with the goal of ensuring seamless operations during leadership transitions.

Succession planning is important because:

• it guarantees stability during a time of transition and change.
• it fosters leadership development within an organization.
• it showcases the fact that there is room for growth and development at the company.

Types of Succession Planning

According to Revathi V Gopal from iMocha, there are several key types of succession planning strategies, such as:

• Internal Employee Succession Planning—focuses on developing existing employees so that they can advance within the organization and take on leadership positions throughout their careers.
• External Succession Planning—designed to diversify the talent pool at an organization and attract talent from other organizations, people who may be interested in leadership opportunities.
• Executive Succession Planning—focuses solely on leadership positions in the C-suite and typically involves a blend of both internal and external employee succession planning.

The Role of Professional Development in Succession Planning

Professional development plays a key role in the succession planning process, particularly when it comes to internal succession management. Company leaders responsible for developing and enacting a succession plan should prioritize professional development to prepare employees to move into leadership roles as they become available.

Leadership Development and Its Impact

Investing in your employees and providing them with leadership development programs can help them enact an effective succession management strategy. Leadership development impacts succession planning by:

• equipping all employees with the practical and technical skills required to advance in the organization.
• providing aspiring leaders with training to help develop their managerial and leadership skills.
• encouraging the development of strategic and critical thinking skills—crucial to any leadership position in an organization.

Developing Future Leaders

By making an effort to attract talent and investing in the employees you hire, you can begin building a leadership pathway that will ensure that your organization thrives and grows throughout any transitional period. The key to managing organizational change is to have leaders in place who are willing to step up to the challenges of the time and who understand the organization's values and the direction it needs to take.

Succession Planning Best Practices

Knowing the best practices in succession planning can help you develop a comprehensive strategy that can be easily implemented in your organization.

Key Elements of a Successful Succession Plan

As executive coach Baz Porter puts it,  these are key elements to an effective succession plan:

• outlining the key leadership roles in the organization and identifying the roles that have a critical impact on organizational success.
• assessing talent within the organization to determine who may have the potential to take on leadership positions in the future.
• investing in candidates by offering them professional development opportunities and encouraging them to enroll in leadership development programs.
• nurturing a pool of talent to reduce the risk of leadership shortage in the future.

Succession Planning Framework

While individual succession plans will vary based on the organization's size and industry, the general succession planning framework remains the same. A solid succession management plan includes recruiting and hiring strategies designed to attract talent within the industry. Training and professional development opportunities that encourage leadership growth and development within the organization are also essential. 

Effective Succession Planning Strategies

Succession planning strategies cannot be developed and implemented quickly. This means that organizational leaders should invest their time and energy into developing an effective succession management strategy. The best strategies allow for improved talent acquisition and retention and increased investment in professional development programs.

Proactive Succession Planning

Proactive succession planning involves:

• planning several years in advance of any expected leadership transitions.
• assessing internal candidates by collecting data and monitoring their ongoing work to verify that they are the right candidate within a succession plan.
• beginning training as soon as possible to ensure an adequate transfer of knowledge.

Integrating Professional Development into Succession Plans

Professional development programs and leadership development training can be critical components of any proactive succession plan. They further develop existing talent within your organization and prepare them for advanced leadership positions. Choosing strategic, skills-based professional development programs can help your employees develop the practical and soft skills needed for managerial positions in your organization.

Tools and Resources for Succession Planning

Advanced tools and resources for succession planning can help you develop a strategic and impactful strategy that will ensure a seamless transition between leaders in your organization. Rather than manually creating and enacting a plan, you can use succession planning technology to guide you through the process effectively.

Succession Planning Tools

Succession planning software can help you collect relevant data about employee progress and productivity, effectively identify employees who may be candidates for leadership positions in the future, and develop precise professional development programs suited to the unique needs of your organization.

Utilizing External Resources

External resources can help you take an objective look at succession planning and, most importantly, allow you to prioritize diversity and inclusivity within your succession plan.

Building a Pathway to Leadership 

Building a pathway to leadership allows you and the rest of the organizational leadership team to feel confident, knowing that you always have qualified leaders available to assume positions, should the need arise. However, the process of developing a leadership bench takes time, effort, and advanced planning, so it's crucial to prioritize it as part of your overall succession planning process.

Creating Sustainable Leadership Pathways

Again, Baz Porter states you can cultivate future leaders by:

• investing in professional development opportunities for a diverse pool of qualified candidates within your organization.
• supporting their growth and development, both on professional and personal bases.
• acknowledging their career aspirations and professional goals, and creating opportunities for them that align with the company's organizational goals.

Tracking Progress and Measuring Success

The organizational leadership team should identify key metrics within the succession plan that can be used to identify potential candidates for succession, track their progress, and measure their overall success. Considering that succession planning is a long-term process, it is vital to track the progress of candidates over a long period to verify that they are truly up to the task of taking on advanced positions within the organization.

Challenges and Solutions in Succession Planning

Developing future leaders can be challenging at times. That said, being aware of the most common issues that arise during the succession planning process can help you effectively navigate these hurdles and develop the best possible plan for your organization.

Common Challenges in Succession Planning

These are considered to be some of the most common succession planning challenges for organizational leaders.

• The constant ebb and flow of talent within an organization. One of the most promising candidates may leave the organization unexpectedly, leaving you with a gap in your succession plan. In addition, your organization may acquire a candidate who is a better fit, forcing the team to reevaluate the existing succession plan.
• The need to balance talent acquisition with employee development. Each employee will have strengths, interests, and skills, making it difficult for some organizations to balance the various factors involved with succession planning.
• The humanity involved with succession planning. Far too often, organizational leaders assume that all employees aspire to take on advanced managerial roles, but that is not always the case. It is essential to develop a transparent succession plan that considers the personal needs and goals of each candidate.

Overcoming Succession Planning Obstacles

The most common succession planning challenges can be overcome by taking a proactive approach. Developing an agile succession plan years in advance can help your organization create a succession pool that will ensure a constant supply of qualified candidates for many years to come.