The constant changing landscape of the workplace, particularly since the pandemic and the
increased focus on social justice, has brought new issues to the forefront of succession planning.
Recent observations in the workplace show the need to place emphasis on developing future
leaders who are skilled in times of crisis management, including leadership and the ability to
align a more mobile and remote workforce. Planning can result in a significant competitive
edge in the market.
Most organizations are not prepared to replace CEO’s or other key positions as surveyed by the
SHRM in 2021, as many as 56% of HR professionals report that their organization did not have a
plan in place and only 21% had a formal plan in place. (Rothman, May 2022)
What you need to keep in mind when succession planning includes;
Diversity, Equity, and Inclusion measures- a focus in finding and developing diverse leaders. Holding leaders accountable for meeting DEI goals and providing mentorship opportunities for diverse succession candidates is a key component of DEI measures.
Strategic planning and coaching can and should be incorporated into your succession planning for this reason.
Adopting the needed changing economic and societal dynamics to be sure you equip your company with the increased environmental, social and government regulations.
Clarifying Roles and responsibilities in your organization and bringing diverse perspectives into positions such as CEO, Board of Directors, HR, C-Suite Executives.
Have a process around identifying high potential employees- an objective, defensible process is key to defining what portion of your population is high potential.
Implementing metrics around succession planning is a key component of the process to ensure the organization can document progress or needed improvements to goals.
Succession planning prepares a workforce for departures, retirements and promotions and
provides a process through which an employer can identify and develop internal staff with the
potential to fill key leadership and other critical roles. By engaging in succession planning,
you are able to place your organization in possessing a competitive edge over others both in
reputation, sustainability and future leadership.