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Succession planning and strategic succession management
Succession planning and strategic succession management are most powerful when building upon an integrated set of talent management processes, where:
- competencies communicate the behavior characteristics required for success
- multi-rater feedback processes enable people to measure their competencies and prioritize development
- an assessment center enables the objective evaluation of competencies providing a 'blueprint for development', the identification of high potential talent and a strategic view of the talent pool
- experience profiles provide a clear development roadmap for individual, line manager and others to maximize development
- a high potential development or talent management program raises the bench strength and provide a higher quality talent pool and emerging pipeline for succession planning and succession management processes
Collectively, these talent management tools, programs and processes provide the foundation to ensuring the highest quality top leadership succession in an organization.
Common drivers behind succession planning and strategic succession management
- improve business performance by ensuring the best quality talent is identified and considered for every opportunity that emerges and thereby, maximize the utilization of an organization's existing talent
- enable organizations to round out the development of their highest potential people and build 'bench strength'
- break the cycle of cloning talent by ensuring successors possess the skills and experience required for leadership success in the future, rather than the possessing the skills and experience required for leadership success in the past
- better equips an organization to plan for and meet the changing demands of the business environment (e.g., global expansion, implementing a Web strategy or creating radically different value chains)
- growth and expansion could be hampered without the requisite quality and quantity of leaders (e.g., lack of leaders with international, strategic or operational experience)
- anticipate and develop new skills required of future leaders (e.g., e-commerce or globalization)
- more efficient response to change in management structure (e.g., reorganization, downsizing, merger or acquisition)
- Boards have a fiduciary responsibility to ensure that there are qualified successors to assume top leadership positions
- likewise, institutional investors and other stakeholders are demonstrating more interest in an organization's talent and succession management processes.
Building on significant best practice succession management experience and expertise, we will work in partnership with your organization to deliver a best practice operational succession planning and/or strategic succession management process to meet your specific business needs.
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