• Employers should consider many factors when creating a succession plan.

A company’s commitment to develop talent in its workforce can lead to company longevity and prosperity. Several factors should be considered as leaders assess the company’s critical positions and the workforce that may be developed to be successors of those jobs. Here are tips to consider:

• Succession planning requires commitment and input from the top. After all, that’s where the future business direction comes from. The plan must be consistent with the overall business strategy.
• The plan must be anchored to the corporate culture. A plan that runs counter to the corporate culture is likely to meet resistance and fail.
• Succession planning is not just for the top of the organizational hierarchy; it is for any and all positions that are key to an organization’s success.
• Look at the position, not the person. Don’t get hung up on the traits of the incumbent and try to replicate him or her. Be open to other possibilities.
• It is the organization’s job to identify high potential employees, not the employees’ job to identify themselves. Limiting the plan only to those who self-identify might result in missing talent that is not readily apparent.
• Obtain buy-in from managers at all levels to identify and develop talent.
• Don’t limit the plan to thinking vertically. Consider lateral transfers as part of the training and development program to broaden employees’ skills, knowledge, and perspective.
• If the company can’t fill most of the top positions from within, it may suggest a need to improve the internal development system.
• When hiring employees from outside the organization, be aware that hiring quality candidates for lower-level positions can allow for later development into future leaders through the employee development program.