| Here in Boston and throughout Red Sox nation, | | | | This approach includes a formalized tracking |
| much nervous talk is focused on the Yankees | | | | system that guarantees process consistency and |
| making a run on our first-place team. Since the | | | | reduces subjectivity. This system creates a |
| All-Star break in July, the Yankees have been | | | | framework that combines the succession plan |
| coming on strong (don't they always?), while the | | | | concept with a more focused need for succession |
| Red Sox, some might say, could be loosing their | | | | development. |
| grip (don't they always?) | | | | Various issues should be considered when creating |
| To become a balanced, high performance | | | | an effective succession plan. |
| professional sports team like the Red Sox or the | | | | You should have a clear vision for the future of |
| Yankees, you have to rely not only on smart | | | | your organization. It's critical to have a solid grasp |
| trading and drafting (i.e., recruiting), but also on | | | | of your existing workforce. Identification of |
| talent development and "succession planning" (i.e., | | | | current employees who are already positioned to |
| retention, future growth). | | | | move up in the system is essential, as is |
| Do you ever compare your business to a | | | | identifying individuals in need of development. |
| balanced, high performance sports team? With | | | | Consider individuals not currently at the top of the |
| top management in the front office and on the | | | | list but who show promise. |
| field? And with talented, productive players who | | | | Part of the succession planning process includes |
| get along--and know where your stars of the | | | | the development of these individuals who, after |
| future are going to come from. | | | | the appropriate training, will be well prepared when |
| If you think succession planning means handing | | | | needed to step in and take charge of the |
| the business over to the kids or waiting for the | | | | targeted positions. This will involve a |
| best private equity deal, you're partly right. But | | | | well-conceived training and development program. |
| there's more to it than that. What is it, and is it | | | | Determine most efficient, cost effective method |
| something that your company should consider? | | | | to develop future workforce. |
| Succession planning is a component of a company | | | | This may include in-house training, coursework |
| business plan. | | | | from outside sources or special projects |
| It is often a formalized, systematic strategy | | | | specifically designed for the employee. Whichever |
| designed to identify talent for future leadership | | | | plans are chosen, the training should be aligned |
| roles in the organization. For a company to | | | | with the succession plan and the overall business |
| maintain its competitive advantage, a solid | | | | strategy to be successful. |
| succession plan is necessary. | | | | Stay focused on the future needs of key |
| Succession plans focus on positions most critical | | | | positions. |
| to your future needs. | | | | While concentrating on particular employees is |
| Therefore, current management employees are | | | | important, you should maintain focus on the |
| often identified. Non-management employees | | | | future needs of key positions. Since targeted |
| should also be considered, since their roles may | | | | individuals could leave you before the succession |
| become more critical to the company as they | | | | plan is implemented, various options should be in |
| move into leadership positions. | | | | place to adjust to a changing workforce. |
| Traditional succession planning is often a secret | | | | Don't underestimate the talent you already have. |
| process. | | | | Your people's soft skills are often overlooked. |
| Top-level executives identify those individuals who | | | | Don't concentrate only on hard technical skills. The |
| would be appropriate replacements for them as | | | | success of your team members, and |
| well as for other top-level employees. Your people | | | | consequently of the organization, is often |
| are generally unaware of the process. | | | | determined by your people's ability to master the |
| The traditional method does not usually include the | | | | soft skills along with hard skills. |
| use of performance appraisal results, and individual | | | | Consider the importance of a well-designed and |
| or team development is de-emphasized. This | | | | implemented succession plan. |
| approach could be a problem since these very | | | | Integrate the plan into your organization's |
| people may move on to better outside | | | | strategic plan. Not being prepared when it's time |
| opportunities without knowing about the future | | | | to replace those in key positions could severely |
| opportunity your company had planned for them. | | | | impact the future success of your business. |
| You may choose to use a hybrid method. | | | | |