Key Steps in the Succession Planning Process

This guide outlines eight key steps in the succession planning process, emphasizing the importance of a structured approach to leadership transitions. The first step involves identifying key roles and future leadership needs, which includes assessing not only the CEO position but also other critical leadership roles within the organization. The second step focuses on developing a list of desired qualities for potential successors, distinguishing between non-negotiable traits aligned with company values and negotiable qualities that can be developed. The guide continues by advising organizations to assess internal talent and develop high-potential leaders through structured programs. It also recommends benchmarking against external talent to ensure a comprehensive evaluation of candidates. Engaging the board and leadership team is crucial for alignment with business strategy. The subsequent steps include testing candidates through development assignments, formalizing a transition plan, and providing post-transition support to new leaders. Each step is designed to ensure a smooth and effective succession process.