Succession planning is a strategy to identify and develop future leaders at your company and is used to plan ahead for expected or unexpected employee turnover.
Do you have a plan for when your star performer informs you she’s leaving the company? Succession planning is critical but is often overlooked in managing a business day to day. It’s important to be pro-active in preparing someone on your team to be the next rising star to ensure the smooth running of your business. Searching for a replacement can be costly to your business productivity.
Here are some key steps you can take now to prepare:
- Identify possible successors at different levels, not just the next person on the org chart. Look for people who are hungry for a growth opportunity and have strong interpersonal skills.
- Communicate to your team that you value employee development and are invested in their career.
- Performance management – make opportunities for development part of the performance discussions. Keep track of professional goals and ways that you are helping others to succeed.
- Recognize and reward achievements – get creative! Give a PTO day, a bonus, or send an email blast letting the company know when someone went above and beyond their job duties.
- Training and Development – good leaders develop over time; offer mentoring, job shadowing and training to prepare them for the next step.
BlueFire HR provides Leadership Coaching strategies designed to meet your business needs. Reach out today and see how we can help! For more information, please contact us at email@example.com, 773-793-1362 or at 888-892-9597.