How to build an effective succession plan

According to the Society for Human Resource Management (SHRM)*, a comprehensive succession plan must integrate essential components to
drive long-term success.

_^✓	Identify critical roles: Evaluate which positions have the highest impact on organizational continuity and performance.
_^✓	Assess successor potential: Use qualitative metrics, leadership competency assessments, and performance data to determine readiness.
_^✓	Development programs: Implement stretch assignments, mentoring, and targeted training programs to build the necessary skills for future leaders.
_^✓	Focus on middle management: Target development efforts on critical “marzipan” layers of management, enhancing their upward mobility and readiness.
_^✓	Continuous monitoring: Regularly assess the succession framework and integrate feedback to ensure alignment with current goals.

79% of board members surveyed in the 2023 Gartner Board of Directors Talent Survey rated executive succession as a very or extremely important talent issue.

2023 Gartner Board of Directors Talent Survey, Executive Succession-Planning Results Board Presentation Template 2024

Taking these proactive measures ensures your organization is well-positioned for success in any leadership transition scenario.

* ‘Building Future Leaders: The Strategic Imperative of Succession Planning’ SHRM Advisor ‘Succession Planning: Preparing for Future Talent Needs’, November 2023, SHRM