| By :
Joe Maldonado
Copyright (c) 2012 Joe Maldonado Succession planning actually comes in keeping in mind the departure of the key personnel from a company. This generally includes those in the key leadership roles like CFO, CEO, President, Executive Director and other top management people who are responsible for running a company. For keeping things simple, we will refer to all these top and key personnel as CEO throughout this article. Why is succession planning needed? Succession planning is needed to ensure that the organization continues to survive and perform. This planning ensures that when the key people leave the company, it can continue its day-to-day activities without or with minimal interruption. Thus, this planning facilitates a smooth transition of the leadership roles. The process of succession planning The process of succession planning begins with identification of the crucial roles within an organization along with the responsibilities which come with those roles. The next thing to do is to identify people within the organization who can fulfill this role either on a temporary basis or permanently. For this to be done, a recruitment process may be set by mentioning the desired qualities for the candidates. The objectives and the strategic vision of the organization needs to be taken account of during succession planning along with identification of the possibilities of how the vision and the objectives will continue to live in the event of the departure of the key personnel. It is necessary that the objectives and the goals of the organization must be reinforced by the succession plan and that they must be aligned with the business strategy. Succession planning: rationale Whether it is for-profit or non-profit organization, succession planning is necessary for a healthy future. For any organization, the pivotal point is the leadership transition and this can either break or make the organization. This planning needs to be done way ahead of actual departure of the key personnel because this can take huge amount of time which may not be anticipated. If the succession planning is not done properly, there can be a number of detrimental effects which are summarized below: - Interruption in productivity, production and services. - Critical projects can be stalled. - The morale of the employees can be decreased. - The direction of the organization becomes unclear. - Critical knowledge can be lost. - There can be competing ideas and interests which can stall replacement process which will simply put unexpected and additional strain on the whole organization. If succession planning is not there, it will mean loss of profit for the for-profit organizations and loss of funding for the non-profit organizations. Bottom line is that, the goals of the organization cannot be achieved without a succession plan and this is extremely detrimental for the organization which can go up to the level where the survival of the organization will be at stake. So, it is essential for any organization to put succession planning in progress ahead of time and this is one of the best practices for any organization.
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