In summary the Five Core Principles that underpin Succession planning are:
- Succession planning is driven by strategy
- The goal of succession planning is to bring in the right leaders at the right time
- Succession planning is a team-driven collaborative process
- Succession planning is a continuous process
- Top leadership is responsible for developing and encouraging a talent-rich organization
Key points to success in succession planning include:
- Strategic needs that are matched by corresponding knowledge, skills and abilities
- Recognition of the internal and external forces that present challenges and opportunities
- Establishment of a small, high level team accountable for succession planning
- Ability to seek and respond to feedback on leadership experience
- Ability to fulfil mutual expectations for support and development
- A clear definition of roles and responsibilities
- Clear planning and time lines throughout the process
Succession planning is an essential business activity of any progressive, successful and growing organisation. In thinking about an organization’s growth stability and development, the next generation of leadership has to be continuously planned for and its’ future leaders prepared. Organizations that do not plan for succession risk the chance of stagnating and miss opportunities to recruit, retain and develop existing and new talent.
In today’s changing world with economic pressures, changing life demands, and individual expectations, volunteer organizations will need to think of creative and supportive ways to recruit and develop its’ future leaders. Clear visions, strategies and processes will support organizations undertaking this challenging but vital task. We hope this resource has been useful in providing you with useful information, guidance and tools and will be an ongoing reference in your succession planning.
Think of succession planning in terms of a business. Without succession planning, a business that has become successful can just as easily fail. The business grows partly because there is a leader with experience, drive and ability. Without proper succession planning, the future success of the business is not as secure once that leader has gone. With so much at stake, succession planning has to be a priority and should be part of every organization’s strategic plan.