Getting Your People to Step Up

CHAPTER 3PLAN A, B AND C: Coaching emerging leaders and developing your succession plan

Succession planning is a powerful tool for retaining key people.

People are more likely to stay with a business that offers clear paths for career advancement. Succession planning shows a commitment to people development and growth. People can then see a future for themselves within the business.

Succession planning identifies skills gaps within the business and provides a roadmap for people to get the necessary skills and competencies to move up the ladder. Investing in your people's training and development not only prepares them for future roles but also improves their current performance. When people know they are being considered for future leadership positions, they tend to be more engaged, committed and aligned with the business's goals.

Succession planning is used by businesses where there is a change of ownership. A succession plan involves identifying internal employees who would like a career advancement and training them to assume new roles within the company. Succession planning ensures that business knowledge is passed down from one person to the next. This knowledge retention is key to a business's success now and in the future. Senior managers and people may be more willing to stay on as mentors and advisors, knowing that their expertise is valued and needed.

Succession plans only work if companies take the steps necessary to prepare. One of the mistakes that I have made ...