Transitions in leadership are loaded with risk. That is why effective succession planning is key for every organization. It promotes continuity of performance, reduces wasted time searching for a new leader, and sustains employee and client confidence. Although some business leaders view succession planning as a process only practiced by large organizations, succession planning can be of great value to smaller organizations with fewer resources.
20/20 Foresight has extensive experience creating customized succession plans for organizations of all sizes and types. Our approach is detailed and disciplined:
We work with you to create a core team for succession planning. The team generally includes C-suite executives and, if applicable, the board of directors.
We help you define the goals and objective of the process. Certainly, business continuity is like to be at the top of the list, but others are possible as well including talent retention, learning and development, decreasing talent acquisition costs, advancing diversity, and enhancing the employer brand in the market by demonstrating internal mobility.
We work with you to draft a succession plan which considers the full range of scenarios including both planned vacancies and unplanned ones. The plan identifies each key position in the organization and the relevant knowledge, skills, and competencies required.
We develop a list of potential internal candidates for each key role and assess their fit. Where necessary or appropriate, we explore the external market for successors.
We help you to develop strategies for learning, training, development, and the transfer of corporate knowledge.